Massachusetts Financial Services Co. has reduced its stake in Danaher Corporation (NYSE:DHR) by 5.3% during the second quarter of 2023. According to Holdings Channel, the firm now holds 2,252,843 shares after selling 125,734 shares during this period. The value of Massachusetts Financial Services’ holdings in Danaher stood at approximately $445 million at the end of the latest reporting period.
Several other institutional investors have also adjusted their positions in Danaher recently. Vanguard Group Inc. increased its stake by 0.4% during the first quarter, acquiring an additional 230,966 shares. Vanguard now owns a total of 59,981,088 shares valued at roughly $12.3 billion. Similarly, Price T. Rowe Associates Inc. raised its holdings by 3.2%, now owning 19,592,211 shares valued at about $4 billion after acquiring an additional 612,154 shares.
Geode Capital Management LLC also increased its holding by 0.6%, bringing its total to 13,726,194 shares worth approximately $2.7 billion. Generation Investment Management LLP significantly boosted its stake by 56.2%, now owning 4,965,646 shares valued at around $981 million. Invesco Ltd. raised its holdings by 44.5%, owning 4,708,578 shares valued at approximately $965 million. Overall, hedge funds and other institutional investors now own 79.05% of Danaher’s stock.
In terms of insider trading, Director Teri List sold 2,778 shares on August 22, 2023, at an average price of $211.06, resulting in a transaction worth $586,325. Post-sale, she holds 20,751 shares valued at about $4.4 million, representing an 11.81% decrease in her position. Furthermore, Georgeann Couchara, Senior Vice President, sold 5,174 shares on November 10, 2023, for $1.1 million, a reduction of 66.34% in her holdings.
During the last ninety days, insiders have sold 29,728 shares valued at approximately $6.4 million. Currently, insiders own 11.10% of the company’s stock.
Danaher’s Recent Financial Performance
Danaher Corporation released its quarterly earnings results on October 20, 2023, reporting earnings per share (EPS) of $1.89. This figure exceeds the consensus estimate of $1.72 by $0.17. The company’s revenue for the quarter reached $6.05 billion, slightly above analyst expectations of $6 billion. The net margin stood at 14.44%, with a return on equity of 10.92%. This performance reflects a year-over-year revenue increase of 4.4% compared to the same quarter last year.
Analysts project that Danaher will achieve an EPS of $7.63 for the current fiscal year.
Dividend Announcements and Market Predictions
Danaher also declared a quarterly dividend of $0.32, which was paid on October 31, 2023. Shareholders of record as of September 26, 2023, received the dividend, translating to an annualized dividend of $1.28 and a yield of 0.6%. The company’s dividend payout ratio is 26.39%.
Looking ahead, several analysts have shared their predictions for Danaher’s stock. Redburn Partners has set a price target of $220.00, while Deutsche Bank Aktiengesellschaft increased its target from $235.00 to $250.00, assigning a “buy” rating. Robert W. Baird has set a target of $247.00, and JPMorgan Chase & Co. raised its price objective to $270.00, maintaining an “overweight” rating.
Eighteen analysts have rated Danaher with a “buy” rating, while five have issued a “hold” rating. According to MarketBeat.com, Danaher holds an average rating of “Moderate Buy” with a consensus price target of $243.39.
Danaher Corporation specializes in designing, manufacturing, and marketing a wide range of professional, medical, industrial, and commercial products and services globally. The company’s diverse offerings play a critical role in advancing healthcare and bioprocessing technologies, among other sectors.
