Jefferies Group LLC Reiterates “Hold” Rating for Waters Corporation (NYSE:WAT)
Waters Corporation (NYSE:WAT)‘s stock had its “hold” rating reiterated by investment analysts at Jefferies Group LLC in a report issued on Thursday. They presently have a $175.00 price objective on the medical instruments supplier’s stock. Jefferies Group LLC’s price target would suggest a potential upside of 1.02% from the company’s previous close. Jefferies Group also issued estimates for Waters Corporation’s Q3 2017 earnings at $1.75 EPS, Q4 2017 earnings at $2.43 EPS, FY2017 earnings at $7.40 EPS, Q1 2018 earnings at $1.74 EPS, Q2 2018 earnings at $1.97 EPS, Q3 2018 earnings at $1.97 EPS, Q4 2018 earnings at $2.33 EPS, FY2018 earnings at $8.00 EPS and FY2019 earnings at $8.55 EPS.
A number of other research firms have also recently commented on WAT. Bank of America Corporation restated a “neutral” rating and issued a $192.00 price objective (up previously from $180.00) on shares of Waters Corporation in a research report on Friday, July 21st. Deutsche Bank AG cut shares of Waters Corporation from a “buy” rating to a “hold” rating and upped their price objective for the company from $183.00 to $194.00 in a research report on Monday, July 10th. Cowen and Company restated a “hold” rating and issued a $190.00 price objective on shares of Waters Corporation in a research report on Friday, July 14th. Zacks Investment Research cut shares of Waters Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 28th. Finally, Wells Fargo & Company restated an “outperform” rating and issued a $205.00 price objective (up previously from $195.00) on shares of Waters Corporation in a research report on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company’s stock. Waters Corporation currently has a consensus rating of “Hold” and an average price target of $181.46.
Shares of Waters Corporation (WAT) traded up 0.38% during mid-day trading on Thursday, hitting $173.23. The stock had a trading volume of 678,835 shares. The stock has a market capitalization of $13.86 billion, a price-to-earnings ratio of 26.34 and a beta of 0.85. Waters Corporation has a 12-month low of $133.35 and a 12-month high of $187.65. The stock’s 50-day moving average price is $183.45 and its 200-day moving average price is $164.90.
Waters Corporation (NYSE:WAT) last released its quarterly earnings data on Tuesday, July 25th. The medical instruments supplier reported $1.76 EPS for the quarter, beating the Zacks’ consensus estimate of $1.71 by $0.05. Waters Corporation had a net margin of 24.26% and a return on equity of 23.91%. The business had revenue of $558.30 million during the quarter, compared to analysts’ expectations of $553.22 million. During the same quarter in the prior year, the company earned $1.58 EPS. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. On average, equities analysts anticipate that Waters Corporation will post $7.38 EPS for the current fiscal year.
Waters Corporation declared that its board has approved a share buyback program on Thursday, May 11th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical instruments supplier to repurchase up to 7.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
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In other news, SVP Rohit Khanna sold 23,000 shares of the stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $186.90, for a total transaction of $4,298,700.00. Following the completion of the transaction, the senior vice president now directly owns 27,077 shares in the company, valued at approximately $5,060,691.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Michael F. Silveira sold 620 shares of the stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $172.27, for a total transaction of $106,807.40. Following the transaction, the vice president now owns 1,688 shares of the company’s stock, valued at $290,791.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 142,078 shares of company stock valued at $25,233,423. Company insiders own 5.07% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Watermark Asset Management Inc. acquired a new position in Waters Corporation during the first quarter worth approximately $106,000. Creative Planning increased its position in Waters Corporation by 1.6% in the first quarter. Creative Planning now owns 744 shares of the medical instruments supplier’s stock worth $116,000 after buying an additional 12 shares in the last quarter. Quadrant Capital Group LLC increased its position in Waters Corporation by 4.4% in the first quarter. Quadrant Capital Group LLC now owns 822 shares of the medical instruments supplier’s stock worth $124,000 after buying an additional 35 shares in the last quarter. Advisory Services Network LLC acquired a new position in Waters Corporation during the first quarter worth approximately $169,000. Finally, Van ECK Associates Corp increased its position in Waters Corporation by 7.4% in the first quarter. Van ECK Associates Corp now owns 1,129 shares of the medical instruments supplier’s stock worth $176,000 after buying an additional 78 shares in the last quarter. Institutional investors own 91.79% of the company’s stock.
Waters Corporation Company Profile
Waters Corporation is an analytical instrument manufacturer. The Company operates through two segments: Waters and TA. It designs, manufactures, sells and services high performance liquid chromatography (HPLC), ultra performance liquid chromatography (UPLC and together with HPLC, referred to as LC) and mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products and post-warranty service plans.
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