Thomasville National Bank has increased its investment in shares of Thermo Fisher Scientific Inc. (NYSE:TMO) by 4.6% during the third quarter of 2023. Recent filings with the Securities and Exchange Commission (SEC) reveal that the bank acquired an additional 1,592 shares, bringing its total holdings to 36,121 shares, valued at approximately $17.5 million at the end of the reporting period.
The trend of institutional investment in Thermo Fisher Scientific has been notable, with several hedge funds adjusting their positions. Tilia Fiduciary Partners Inc. increased its stake by 3.3%, now holding 4,685 shares worth $2.27 million after acquiring 151 shares. Similarly, Sarasin & Partners LLP raised its holdings by 4.6%, owning 268,407 shares valued at $124 million following the purchase of 11,818 shares.
Increases were also seen from Douglas Lane & Associates LLC, which raised its position in Thermo Fisher by 8.4%, now holding 216,276 shares. Other firms, such as Orrstown Financial Services Inc. and Wedge Capital Management L L P NC, also boosted their stakes, highlighting a strong institutional interest in the company. Overall, institutional investors now hold approximately 89.23% of Thermo Fisher’s stock.
Analysts Update Price Targets
Several research analysts have recently provided updates on Thermo Fisher Scientific, reflecting a positive outlook. The Goldman Sachs Group initiated coverage with a “buy” rating and a price target of $685.00. HSBC Global Research upgraded the stock from “hold” to “strong buy,” while Argus raised its price target from $580.00 to $610.00, maintaining a “buy” rating.
Other analysts, including KeyCorp and TD Cowen, have also adjusted their target prices upwards, indicating a consensus that favors a “Moderate Buy” rating with an average target price of $616.60.
Thermo Fisher’s stock price opened at $567.01 recently, reflecting a 0.8% increase. The company boasts a market capitalization of approximately $213.03 billion, with a P/E ratio of 32.76 and a PEG ratio of 4.21. The stock has seen a 52-week range from a low of $385.46 to a high of $610.97.
Company Performance and Future Outlook
In its latest quarterly earnings report released on October 22, 2023, Thermo Fisher Scientific reported earnings per share (EPS) of $5.79, exceeding analysts’ expectations of $5.50. Revenue for the quarter reached $11.12 billion, surpassing the consensus estimate of $10.90 billion. The company also displayed a return on equity of 16.97% and a net margin of 15.02%, with revenue growth of 4.9% year-over-year.
Looking ahead, Thermo Fisher has set its fiscal year 2025 guidance at an EPS range of $22.600 to $22.860, while analysts project an EPS of $23.28 for the current year.
The company has announced a quarterly dividend of $0.43 per share, payable on January 15, 2024, to shareholders of record on December 15, 2023. This dividend represents an annualized payout of $1.72 and a yield of 0.3%. Additionally, Thermo Fisher’s board has authorized a stock buyback program allowing for the repurchase of up to $5 billion in outstanding shares, signifying management’s belief in the company’s strong valuation.
In insider activity, Frederick M. Lowery, the Executive Vice President, sold 6,913 shares at an average price of $597.68, resulting in a transaction valued at over $4.13 million. This sale decreased his holdings by 32.49%. Furthermore, Lisa P. Britt, Vice President, sold 10,225 shares for a total of $5.84 million, reducing her stake by 41.96%.
As Thermo Fisher Scientific continues to attract institutional investment and analyst attention, it appears well-positioned for future growth and profitability in the dynamic field of scientific research and medical technologies.
