Verdence Capital Advisors LLC has significantly increased its investment in Thermo Fisher Scientific Inc. by 83.7% during the third quarter of 2023. According to the firm’s latest Form 13F filing with the Securities and Exchange Commission, Verdence now holds 8,232 shares of the medical research company, following the acquisition of an additional 3,751 shares. The total value of Verdence’s holdings in Thermo Fisher Scientific is approximately $3,993,000 as of the most recent filing.
Other institutional investors have also adjusted their positions in Thermo Fisher. Notably, TIAA Trust National Association increased its stake by 10.5% in the second quarter, now owning 123,948 shares valued at $50,256,000 after acquiring an additional 11,817 shares. Similarly, Lombard Odier Asset Management Switzerland SA raised its position by 8.4%, bringing its total to 14,490 shares worth $5,875,000.
In another significant move, Caledonia Investments PLC increased its stake by 11.5%, now owning 111,767 shares valued at $45,299,000. Meanwhile, Weaver Capital Management LLC entered a new position valued at approximately $506,000 in the third quarter. Heritage Investors Management Corp also raised its stake by 9.6%, acquiring an additional 4,971 shares and now holding 56,587 shares worth $22,944,000. Overall, institutional investors and hedge funds own about 89.23% of the company’s stock.
Stock Performance and Corporate Actions
As of October 31, 2023, Thermo Fisher Scientific’s stock opened at $619.16. The company has experienced a 52-week range with a low of $385.46 and a high of $629.87. With a market capitalization of $232.62 billion, the company reports a price-to-earnings ratio of 35.77 and a PEG ratio of 4.07.
On November 6, 2023, Thermo Fisher’s Board of Directors approved a $5 billion stock buyback plan, allowing the company to repurchase up to 2.4% of its outstanding shares. These repurchase plans often indicate that company leadership believes the stock is undervalued.
The company also declared a quarterly dividend of $0.43 per share, which was paid on January 15, 2024. Shareholders on record as of December 15, 2023, received this dividend, representing an annualized total of $1.72 and a dividend yield of 0.3%. Currently, Thermo Fisher’s payout ratio stands at 9.94%.
Insider Transactions and Analyst Ratings
In recent insider activity, CEO Marc N. Casper sold 7,250 shares on October 27, 2023, at an average price of $566.10, totaling approximately $4,104,225. Following this transaction, Casper’s direct ownership in the company decreased to 113,762 shares, valued at around $64,400,668.20. Similarly, Michael D. Shafer, Executive Vice President, sold 10,725 shares at an average price of $600.00 on November 25, 2023, resulting in a total transaction value of $6,435,000. Following this sale, Shafer owned 18,731 shares valued at $11,238,600, which marked a 36.41% decrease in his ownership.
Over the past 90 days, insiders have sold a total of 149,271 shares worth $86,507,282. Currently, corporate insiders hold 0.33% of the company’s stock.
Analysts have also been active in providing insights on Thermo Fisher. Barclays recently raised its target price from $585.00 to $625.00 with an “overweight” rating. JPMorgan Chase & Co. similarly increased its target from $600.00 to $650.00, retaining an “overweight” rating. The company has received a range of ratings, including one Strong Buy, nineteen Buy ratings, and three Hold ratings. The average rating is categorized as a “Moderate Buy” with a price target of $625.47, according to data from MarketBeat.com.
Thermo Fisher Scientific, listed on the NYSE under the ticker symbol TMO, is a leading global provider of scientific instrumentation, reagents, and consumables. The company’s diverse offerings support research, clinical, and industrial laboratories, providing essential tools for researchers, clinicians, and manufacturers across various sectors.
