LMR Partners LLP Purchases Shares of 11,992 Penumbra, Inc. (NYSE:PEN)

LMR Partners LLP acquired a new position in shares of Penumbra, Inc. (NYSE:PEN) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 11,992 shares of the company’s stock, valued at approximately $2,330,000.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Penumbra by 0.9% during the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock worth $823,681,000 after purchasing an additional 32,557 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Penumbra by 3,832.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock valued at $71,564,000 after acquiring an additional 358,932 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Penumbra by 1.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 327,312 shares of the company’s stock valued at $58,906,000 after acquiring an additional 4,814 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Penumbra by 96.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock worth $46,257,000 after purchasing an additional 126,392 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Penumbra by 1.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 214,113 shares of the company’s stock worth $41,604,000 after purchasing an additional 3,973 shares during the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Penumbra Price Performance

Shares of PEN stock opened at $240.38 on Tuesday. Penumbra, Inc. has a 1 year low of $148.00 and a 1 year high of $277.34. The firm’s 50 day moving average is $207.29 and its 200-day moving average is $195.98. The firm has a market capitalization of $9.23 billion, a price-to-earnings ratio of 279.51, a PEG ratio of 2.41 and a beta of 0.51. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last announced its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. During the same period in the prior year, the business earned $0.67 earnings per share. Penumbra’s quarterly revenue was up 11.1% on a year-over-year basis. Sell-side analysts forecast that Penumbra, Inc. will post 2.79 EPS for the current fiscal year.

Penumbra declared that its Board of Directors has authorized a stock buyback plan on Tuesday, August 13th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PEN. Robert W. Baird boosted their price target on Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Canaccord Genuity Group boosted their price objective on shares of Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $289.00 to $150.00 in a research note on Wednesday, July 31st. Leerink Partners initiated coverage on shares of Penumbra in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 target price on the stock. Finally, Piper Sandler increased their price objective on shares of Penumbra from $225.00 to $235.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Penumbra presently has a consensus rating of “Moderate Buy” and a consensus price target of $226.67.

Insider Activity at Penumbra

In related news, CEO Adam Elsesser sold 1,620 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total value of $324,000.00. Following the transaction, the chief executive officer now directly owns 925,962 shares in the company, valued at $185,192,400. This represents a 0.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Harpreet Grewal sold 782 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total transaction of $159,614.02. Following the completion of the transaction, the director now owns 8,863 shares in the company, valued at $1,809,026.93. This represents a 8.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,768 shares of company stock worth $6,787,530 over the last ninety days. Company insiders own 5.00% of the company’s stock.

About Penumbra

Penumbra, Inc, together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers peripheral products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX.