Covenant Asset Management LLC Reduces Stock Holdings in Thermo Fisher Scientific Inc. (NYSE:TMO)

Covenant Asset Management LLC decreased its holdings in Thermo Fisher Scientific Inc. (NYSE:TMO) by 0.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,789 shares of the medical research company’s stock after selling 21 shares during the quarter. Covenant Asset Management LLC’s holdings in Thermo Fisher Scientific were worth $1,455,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TMO. Silicon Valley Capital Partners bought a new position in Thermo Fisher Scientific in the first quarter worth $29,000. OLD Mission Capital LLC bought a new position in Thermo Fisher Scientific in the fourth quarter worth $31,000. Live Oak Investment Partners bought a new position in Thermo Fisher Scientific in the fourth quarter worth $36,000. Grey Fox Wealth Advisors LLC bought a new position in Thermo Fisher Scientific in the fourth quarter worth $43,000. Finally, Barrett & Company Inc. bought a new position in Thermo Fisher Scientific in the first quarter worth $43,000. Hedge funds and other institutional investors own 87.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Royal Bank of Canada increased their price objective on Thermo Fisher Scientific from $662.00 to $698.00 in a report on Thursday, July 27th. Credit Suisse Group upgraded Thermo Fisher Scientific from a “neutral” rating to an “outperform” rating and set a $620.00 price target for the company in a report on Thursday, July 13th. Citigroup started coverage on Thermo Fisher Scientific in a report on Wednesday, September 6th. They set a “buy” rating and a $625.00 price target for the company. StockNews.com upgraded Thermo Fisher Scientific from a “hold” rating to a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. raised their price target on Thermo Fisher Scientific from $660.00 to $670.00 in a report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Thermo Fisher Scientific presently has an average rating of “Moderate Buy” and a consensus target price of $631.71.

Insiders Place Their Bets

In other Thermo Fisher Scientific news, CEO Marc N. Casper sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $549.00, for a total value of $5,490,000.00. Following the transaction, the chief executive officer now directly owns 141,330 shares of the company’s stock, valued at $77,590,170. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Stephen Williamson sold 14,100 shares of Thermo Fisher Scientific stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $550.00, for a total transaction of $7,755,000.00. Following the transaction, the chief financial officer now directly owns 27,393 shares of the company’s stock, valued at approximately $15,066,150. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Marc N. Casper sold 10,000 shares of Thermo Fisher Scientific stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $549.00, for a total value of $5,490,000.00. Following the transaction, the chief executive officer now directly owns 141,330 shares in the company, valued at $77,590,170. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,700 shares of company stock valued at $15,799,270. Insiders own 0.32% of the company’s stock.

Thermo Fisher Scientific Stock Performance

Shares of Thermo Fisher Scientific stock traded down $1.83 during trading on Tuesday, hitting $505.90. 238,491 shares of the company’s stock traded hands, compared to its average volume of 1,492,964. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.42 and a quick ratio of 1.02. Thermo Fisher Scientific Inc. has a 1 year low of $475.77 and a 1 year high of $609.85. The stock has a market capitalization of $195.25 billion, a P/E ratio of 34.72, a PEG ratio of 2.43 and a beta of 0.77. The business has a 50-day simple moving average of $540.37 and a 200-day simple moving average of $541.53.

Thermo Fisher Scientific (NYSE:TMO) last announced its earnings results on Wednesday, July 26th. The medical research company reported $5.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.43 by ($0.28). The firm had revenue of $10.69 billion during the quarter, compared to analysts’ expectations of $10.99 billion. Thermo Fisher Scientific had a return on equity of 18.59% and a net margin of 13.14%. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period in the previous year, the business posted $5.51 earnings per share. As a group, analysts forecast that Thermo Fisher Scientific Inc. will post 22.37 EPS for the current year.

Thermo Fisher Scientific Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 15th will be given a $0.35 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.40 annualized dividend and a yield of 0.28%. Thermo Fisher Scientific’s payout ratio is 9.57%.

Thermo Fisher Scientific Company Profile

Thermo Fisher Scientific Inc provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services in the United States and internationally. The company's Life Sciences Solutions segment offers reagents, instruments, and consumables for biological and medical research, discovery, and production of drugs and vaccines, as well as diagnosis of infections and diseases; and solutions include biosciences, genetic sciences, clinical next-generation sequencing, bio production to pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.