Connor Clark & Lunn Investment Management Ltd. Sells 72,810 Shares of Thermo Fisher Scientific Inc. (NYSE:TMO)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of Thermo Fisher Scientific Inc. (NYSE:TMO) by 65.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 38,276 shares of the medical research company’s stock after selling 72,810 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Thermo Fisher Scientific were worth $23,676,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in shares of Thermo Fisher Scientific by 1.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 10,054,621 shares of the medical research company’s stock valued at $5,843,848,000 after purchasing an additional 156,675 shares during the period. Ameriprise Financial Inc. raised its holdings in Thermo Fisher Scientific by 32.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,481,257 shares of the medical research company’s stock valued at $1,372,157,000 after acquiring an additional 604,895 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Thermo Fisher Scientific by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,740,482 shares of the medical research company’s stock worth $962,482,000 after acquiring an additional 20,075 shares during the period. Unisphere Establishment increased its stake in shares of Thermo Fisher Scientific by 7.1% during the second quarter. Unisphere Establishment now owns 1,500,000 shares of the medical research company’s stock worth $829,500,000 after purchasing an additional 100,000 shares during the period. Finally, International Assets Investment Management LLC boosted its stake in Thermo Fisher Scientific by 76,051.4% in the 3rd quarter. International Assets Investment Management LLC now owns 1,416,416 shares of the medical research company’s stock valued at $876,152,000 after purchasing an additional 1,414,556 shares during the period. 89.23% of the stock is owned by institutional investors and hedge funds.

Thermo Fisher Scientific Stock Performance

TMO stock opened at $512.86 on Thursday. The business has a 50 day moving average of $579.63 and a 200-day moving average of $580.98. The firm has a market cap of $196.17 billion, a PE ratio of 32.15, a P/E/G ratio of 3.37 and a beta of 0.79. Thermo Fisher Scientific Inc. has a 12-month low of $476.45 and a 12-month high of $627.88. The company has a quick ratio of 1.26, a current ratio of 1.63 and a debt-to-equity ratio of 0.64.

Thermo Fisher Scientific (NYSE:TMO) last released its earnings results on Wednesday, October 23rd. The medical research company reported $5.28 earnings per share for the quarter, beating analysts’ consensus estimates of $5.25 by $0.03. Thermo Fisher Scientific had a net margin of 14.48% and a return on equity of 17.49%. The firm had revenue of $10.60 billion for the quarter, compared to analysts’ expectations of $10.63 billion. During the same period in the previous year, the company earned $5.69 earnings per share. The company’s quarterly revenue was up .2% on a year-over-year basis. As a group, sell-side analysts expect that Thermo Fisher Scientific Inc. will post 21.67 earnings per share for the current year.

Thermo Fisher Scientific announced that its board has initiated a stock buyback program on Friday, November 15th that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the medical research company to repurchase up to 2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Thermo Fisher Scientific Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.30%. Thermo Fisher Scientific’s dividend payout ratio is presently 9.78%.

Insider Buying and Selling

In other Thermo Fisher Scientific news, EVP Gianluca Pettiti sold 300 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $560.16, for a total transaction of $168,048.00. Following the sale, the executive vice president now owns 16,663 shares of the company’s stock, valued at $9,333,946.08. The trade was a 1.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Marc N. Casper sold 10,000 shares of Thermo Fisher Scientific stock in a transaction on Monday, October 28th. The shares were sold at an average price of $554.29, for a total value of $5,542,900.00. Following the completion of the transaction, the chief executive officer now owns 121,192 shares of the company’s stock, valued at approximately $67,175,513.68. This trade represents a 7.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,150 shares of company stock valued at $20,651,865. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Bank of America boosted their target price on shares of Thermo Fisher Scientific from $600.00 to $675.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Royal Bank of Canada cut their price target on Thermo Fisher Scientific from $767.00 to $718.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. TD Cowen lifted their price objective on Thermo Fisher Scientific from $656.00 to $686.00 in a report on Tuesday, October 22nd. Bernstein Bank boosted their price target on Thermo Fisher Scientific from $565.00 to $625.00 and gave the company a “market perform” rating in a research note on Tuesday, October 22nd. Finally, UBS Group upgraded shares of Thermo Fisher Scientific to a “strong-buy” rating in a research report on Monday, September 16th. Four investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $649.33.

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 North America, Europe, Asia-Pacific, 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, and bio production to pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.