KeyCorp Cuts Thermo Fisher Scientific (NYSE:TMO) Price Target to $640.00

Thermo Fisher Scientific (NYSE:TMO – Get Rating) had its target price cut by KeyCorp from $710.00 to $640.00 in a research report released on Thursday morning, The Fly reports. KeyCorp also issued estimates for Thermo Fisher Scientific’s Q2 2023 earnings at $5.40 EPS, Q3 2023 earnings at $6.15 EPS and Q4 2023 earnings at $7.10 EPS.

A number of other analysts have also commented on the company. Evercore ISI cut their price target on Thermo Fisher Scientific from $615.00 to $610.00 and set an outperform rating on the stock in a research note on Tuesday, April 4th. SVB Leerink lifted their target price on Thermo Fisher Scientific from $620.00 to $630.00 and gave the stock an outperform rating in a report on Thursday, February 2nd. Cowen raised their price objective on Thermo Fisher Scientific from $690.00 to $711.00 and gave the company an outperform rating in a research note on Thursday, February 2nd. Morgan Stanley cut their target price on Thermo Fisher Scientific from $670.00 to $620.00 in a research report on Thursday, April 27th. Finally, Citigroup reduced their price objective on Thermo Fisher Scientific from $700.00 to $650.00 in a research note on Thursday, April 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Thermo Fisher Scientific has a consensus rating of Moderate Buy and an average target price of $631.31.

Thermo Fisher Scientific Price Performance

Shares of TMO opened at $520.64 on Thursday. Thermo Fisher Scientific has a 52-week low of $475.77 and a 52-week high of $611.06. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.92 and a current ratio of 1.27. The stock has a 50 day simple moving average of $553.32 and a 200 day simple moving average of $554.74. The firm has a market capitalization of $200.82 billion, a PE ratio of 33.94, a P/E/G ratio of 2.54 and a beta of 0.79.

Thermo Fisher Scientific (NYSE:TMO – Get Rating) last posted its quarterly earnings data on Wednesday, April 26th. The medical research company reported $5.03 earnings per share for the quarter, hitting the consensus estimate of $5.03. The firm had revenue of $10.71 billion for the quarter, compared to analysts’ expectations of $10.67 billion. Thermo Fisher Scientific had a return on equity of 19.16% and a net margin of 13.75%. The company’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter last year, the business earned $7.25 EPS. Sell-side analysts predict that Thermo Fisher Scientific will post 23.7 EPS for the current fiscal year.

Thermo Fisher Scientific Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Thursday, June 15th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.27%. Thermo Fisher Scientific’s payout ratio is 9.13%.

Insider Activity

In other Thermo Fisher Scientific news, CEO Marc N. Casper sold 10,000 shares of Thermo Fisher Scientific stock in a transaction on Friday, May 5th. The stock was sold at an average price of $545.22, for a total transaction of $5,452,200.00. Following the completion of the transaction, the chief executive officer now owns 141,330 shares in the company, valued at $77,055,942.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Thermo Fisher Scientific news, CEO Marc N. Casper sold 1,600 shares of the business’s stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $534.82, for a total transaction of $855,712.00. Following the completion of the sale, the chief executive officer now owns 141,330 shares of the company’s stock, valued at $75,586,110.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Marc N. Casper sold 10,000 shares of the business’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $545.22, for a total value of $5,452,200.00. Following the completion of the transaction, the chief executive officer now owns 141,330 shares in the company, valued at $77,055,942.60. The disclosure for this sale can be found here. Insiders sold a total of 19,100 shares of company stock worth $10,391,587 in the last quarter. 0.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Thermo Fisher Scientific

Large investors have recently made changes to their positions in the business. Silicon Valley Capital Partners purchased a new stake in shares of Thermo Fisher Scientific in the first quarter worth about $29,000. OLD Mission Capital LLC bought a new position in shares of Thermo Fisher Scientific during the fourth quarter valued at approximately $31,000. Richard W. Paul & Associates LLC bought a new position in shares of Thermo Fisher Scientific during the fourth quarter valued at approximately $34,000. Live Oak Investment Partners bought a new position in shares of Thermo Fisher Scientific during the fourth quarter valued at approximately $36,000. Finally, Grey Fox Wealth Advisors LLC bought a new position in shares of Thermo Fisher Scientific during the fourth quarter valued at approximately $43,000. 85.92% of the stock is currently owned by hedge funds and other institutional investors.

Thermo Fisher Scientific Company Profile

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Thermo Fisher Scientific, Inc engages in the provision of analytical instruments, equipment, reagents and consumables, software, and services for research, analysis, discovery, and diagnostics. It operates through the following segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Services.