Cornerstone Investment Partners LLC Invests $41.39 Million in Thermo Fisher Scientific Inc. $TMO

Cornerstone Investment Partners LLC bought a new stake in Thermo Fisher Scientific Inc. (NYSE:TMO) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 85,342 shares of the medical research company’s stock, valued at approximately $41,393,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TMO. Norges Bank purchased a new position in shares of Thermo Fisher Scientific during the second quarter worth about $2,264,615,000. Soundwatch Capital LLC purchased a new position in Thermo Fisher Scientific during the 2nd quarter worth approximately $807,713,000. Flossbach Von Storch SE increased its position in Thermo Fisher Scientific by 93.0% during the second quarter. Flossbach Von Storch SE now owns 2,727,021 shares of the medical research company’s stock worth $1,105,698,000 after buying an additional 1,314,182 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Thermo Fisher Scientific by 54.7% in the third quarter. Bank of New York Mellon Corp now owns 3,571,857 shares of the medical research company’s stock valued at $1,732,422,000 after acquiring an additional 1,262,967 shares during the period. Finally, EdgePoint Investment Group Inc. grew its position in shares of Thermo Fisher Scientific by 282.5% during the second quarter. EdgePoint Investment Group Inc. now owns 1,323,065 shares of the medical research company’s stock worth $536,450,000 after acquiring an additional 977,127 shares during the last quarter. 89.23% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Thermo Fisher Scientific

In related news, COO Michel Lagarde sold 32,000 shares of the business’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $583.39, for a total value of $18,668,480.00. Following the sale, the chief operating officer directly owned 65,480 shares in the company, valued at $38,200,377.20. The trade was a 32.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Frederick M. Lowery sold 6,913 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $597.68, for a total transaction of $4,131,761.84. Following the transaction, the executive vice president owned 14,367 shares of the company’s stock, valued at $8,586,868.56. This trade represents a 32.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 108,996 shares of company stock valued at $63,355,935. Company insiders own 0.33% of the company’s stock.

Thermo Fisher Scientific Stock Performance

Shares of TMO opened at $526.56 on Thursday. The company has a market capitalization of $197.83 billion, a PE ratio of 29.68, a P/E/G ratio of 3.11 and a beta of 0.93. Thermo Fisher Scientific Inc. has a 52-week low of $385.46 and a 52-week high of $643.99. The company has a 50-day simple moving average of $588.09 and a 200-day simple moving average of $544.22. The company has a quick ratio of 1.53, a current ratio of 1.89 and a debt-to-equity ratio of 0.67.

Thermo Fisher Scientific (NYSE:TMO) last issued its earnings results on Thursday, January 29th. The medical research company reported $6.57 earnings per share for the quarter, topping the consensus estimate of $6.45 by $0.12. Thermo Fisher Scientific had a net margin of 15.05% and a return on equity of 16.92%. The company had revenue of $12.22 billion for the quarter, compared to analyst estimates of $11.95 billion. During the same period in the prior year, the business posted $6.10 earnings per share. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. Equities research analysts predict that Thermo Fisher Scientific Inc. will post 23.28 earnings per share for the current fiscal year.

Thermo Fisher Scientific declared that its Board of Directors has initiated a stock buyback program on Thursday, November 6th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the medical research company to purchase up to 2.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TMO. The Goldman Sachs Group initiated coverage on shares of Thermo Fisher Scientific in a research note on Tuesday, December 9th. They set a “buy” rating and a $685.00 price target for the company. TD Cowen decreased their target price on shares of Thermo Fisher Scientific from $696.00 to $683.00 and set a “buy” rating for the company in a research note on Friday, January 30th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Thermo Fisher Scientific in a research report on Thursday, October 23rd. Wells Fargo & Company set a $683.00 price objective on Thermo Fisher Scientific in a research report on Friday, January 30th. Finally, Argus upped their price target on Thermo Fisher Scientific from $580.00 to $610.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Thermo Fisher Scientific currently has an average rating of “Moderate Buy” and an average target price of $633.68.

About Thermo Fisher Scientific

Thermo Fisher Scientific (NYSE: TMO) is a global provider of scientific instrumentation, reagents and consumables, software, and services that support research, clinical, and industrial laboratories. The company supplies analytical instruments and laboratory equipment, life sciences reagents and kits, specialty diagnostics, and a broad range of consumables used by researchers, clinicians, and manufacturers. Its offerings also include laboratory information management and data-analysis software, as well as service solutions such as instrument maintenance, validation, and logistics that help customers run complex workflows efficiently.

Thermo Fisher operates through multiple business areas that broadly cover life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services, including contract development and manufacturing for pharmaceutical and biotechnology companies.