Thermo Fisher Scientific Inc (TMO) Hits New 52-Week High After Earnings Beat

Thermo Fisher Scientific Inc (NYSE:TMO) reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $200.24 and last traded at $200.44, with a volume of 1,106,411 shares traded. The stock had previously closed at $194.38.

The medical research company reported $2.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.24 by $0.07. The business had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.03 billion. Thermo Fisher Scientific had a return on equity of 15.97% and a net margin of 11.80%. Thermo Fisher Scientific’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.03 earnings per share.

TMO has been the subject of a number of analyst reports. Bank of America Corporation reissued a “buy” rating and set a $210.00 price objective (up previously from $200.00) on shares of Thermo Fisher Scientific in a research note on Friday, July 21st. Cleveland Research raised Thermo Fisher Scientific from a “neutral” rating to a “buy” rating in a research note on Thursday, July 20th. Citigroup Inc. reissued a “buy” rating and set a $201.00 price objective (up previously from $182.00) on shares of Thermo Fisher Scientific in a research note on Monday, July 10th. BidaskClub lowered Thermo Fisher Scientific from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 27th. Finally, Zacks Investment Research raised Thermo Fisher Scientific from a “hold” rating to a “buy” rating and set a $199.00 price objective for the company in a research note on Tuesday, July 11th. One equities research analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $203.64.

In related news, Director Jim P. Manzi sold 11,318 shares of the company’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $172.94, for a total transaction of $1,957,334.92. Following the completion of the transaction, the director now owns 38,757 shares in the company, valued at $6,702,635.58. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Gregory J. Herrema sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $176.02, for a total value of $5,280,600.00. Following the transaction, the senior vice president now owns 67,016 shares of the company’s stock, valued at approximately $11,796,156.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,738 shares of company stock valued at $9,302,112. 0.49% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in TMO. Waldron LP raised its holdings in shares of Thermo Fisher Scientific by 48.1% during the first quarter. Waldron LP now owns 4,455 shares of the medical research company’s stock valued at $661,000 after acquiring an additional 1,447 shares in the last quarter. Empire Life Investments Inc. raised its holdings in shares of Thermo Fisher Scientific by 132.0% during the first quarter. Empire Life Investments Inc. now owns 52,504 shares of the medical research company’s stock valued at $7,861,000 after acquiring an additional 29,875 shares in the last quarter. CIBC World Markets Inc. raised its holdings in shares of Thermo Fisher Scientific by 1,688.0% during the first quarter. CIBC World Markets Inc. now owns 154,414 shares of the medical research company’s stock valued at $23,718,000 after acquiring an additional 145,778 shares in the last quarter. Grand Jean Capital Management Inc. raised its holdings in shares of Thermo Fisher Scientific by 31.8% during the first quarter. Grand Jean Capital Management Inc. now owns 111,924 shares of the medical research company’s stock valued at $17,192,000 after acquiring an additional 26,981 shares in the last quarter. Finally, State of Wisconsin Investment Board raised its holdings in shares of Thermo Fisher Scientific by 11.6% during the first quarter. State of Wisconsin Investment Board now owns 504,723 shares of the medical research company’s stock valued at $77,525,000 after acquiring an additional 52,549 shares in the last quarter. Institutional investors own 83.47% of the company’s stock.

The firm has a market capitalization of $78.20 billion, a P/E ratio of 34.92 and a beta of 1.05. The company’s 50-day moving average price is $191.00 and its 200 day moving average price is $177.51.

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Thermo Fisher Scientific Company Profile

Thermo Fisher Scientific Inc develops, manufactures and sells a range of products. The Company provides analytical instruments, equipment, reagents and consumables, software and services for research, manufacturing, analysis, discovery and diagnostics. It operates through four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Services.

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