Jennison Associates LLC has significantly increased its holdings in Thermo Fisher Scientific Inc. (NYSE: TMO), raising its stake by 51.5% during the third quarter of 2023. According to a recent disclosure filed with the Securities and Exchange Commission (SEC), the fund now owns 251,467 shares of the medical research company, following the acquisition of an additional 85,475 shares during this period. As of the latest filing, Jennison Associates holds shares valued at $121.97 million, representing 0.07% of the company’s total stock.
Other institutional investors have also adjusted their stakes in Thermo Fisher Scientific. Highline Wealth Partners LLC grew its holdings by 126.9% in the same quarter, now owning 59 shares worth $29,000 after purchasing an additional 33 shares. Capital A Wealth Management LLC saw a remarkable increase of 825.0% in the second quarter, acquiring 74 shares valued at $30,000 after adding 66 shares to its portfolio. Similarly, DiNuzzo Private Wealth Inc. and HighMark Wealth Management LLC reported increases of 406.7% and 140.6%, respectively.
As of now, institutional investors own approximately 89.23% of Thermo Fisher Scientific’s stock, reflecting strong confidence in the company’s future.
Thermo Fisher Scientific Stock Performance
On Friday, Thermo Fisher Scientific’s share price opened at $625.42, down 2.2% from previous trading sessions. The stock has experienced a 12-month low of $385.46 and a high of $643.99. Current averages indicate a 50-day moving average of $590.88 and a 200-day moving average of $530.87. The company boasts a market capitalization of $234.98 billion, a PE ratio of 36.13, and a dividend yield of 0.3%.
Recently, the company declared a quarterly dividend of $0.43 per share, which was paid on January 15, 2024. Shareholders of record on December 15, 2023 received this dividend. Thermo Fisher’s payout ratio currently stands at 9.94%. In a move indicating confidence in its valuation, the board approved a share buyback program on November 6, 2023, allowing for repurchases of up to $5 billion worth of shares.
Recent Analyst Ratings
Several financial institutions have recently provided updates regarding Thermo Fisher Scientific’s stock. HSBC Global Research upgraded the stock from a “hold” rating to a “strong buy” on December 1, 2023. Citigroup also raised its rating from “neutral” to “buy,” increasing its price target from $580.00 to $660.00 on December 11, 2023. Additionally, Wells Fargo & Company lifted its price target from $635.00 to $675.00, assigning an “overweight” rating in a report released on December 15, 2023.
Currently, consensus ratings indicate one analyst has assigned a “strong buy” rating, with eighteen others recommending a “buy,” and three suggesting a “hold.” According to MarketBeat.com, the average target price is $625.47, corresponding to a “Moderate Buy” consensus.
In insider trading news, Michael D. Shafer, Executive Vice President, sold 10,725 shares on November 25, 2023, at an average price of $600.00, totaling $6,435,000.00. Following this transaction, Shafer retains 18,731 shares valued at approximately $11.24 million. Similarly, Marc N. Casper, the Chief Executive Officer, sold 7,250 shares on October 27, 2023, realizing $4,104,225.00. Together, insiders have sold 131,767 shares valued at $76,467,793.00 over the last 90 days.
Thermo Fisher Scientific continues to be a leading provider of scientific instrumentation, reagents, and consumables, supporting various research and clinical laboratories globally. As the company navigates its growth trajectory, its strong institutional backing and proactive financial strategies position it well for future developments.
