LMR Partners LLP Makes New $2.33 Million Investment in Penumbra, Inc. (NYSE:PEN)

LMR Partners LLP bought a new position in Penumbra, Inc. (NYSE:PEN) during the 3rd quarter, HoldingsChannel reports. The firm bought 11,992 shares of the company’s stock, valued at approximately $2,330,000.

Several other hedge funds also recently bought and sold shares of PEN. Envestnet Portfolio Solutions Inc. acquired a new stake in Penumbra in the first quarter worth $241,000. Vanguard Group Inc. raised 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 acquiring an additional 32,557 shares during the period. Seven Eight Capital LP acquired a new stake in shares of Penumbra during the first quarter worth $680,000. CANADA LIFE ASSURANCE Co raised its holdings in shares of Penumbra by 2.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 29,054 shares of the company’s stock worth $6,490,000 after acquiring an additional 559 shares during the period. Finally, EntryPoint Capital LLC raised its holdings in shares of Penumbra by 562.8% during the first quarter. EntryPoint Capital LLC now owns 517 shares of the company’s stock worth $115,000 after acquiring an additional 439 shares during the period. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PEN has been the topic of a number of research analyst reports. Leerink Partners initiated coverage on shares of Penumbra in a report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price objective on the stock. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a report on Thursday, October 31st. Canaccord Genuity Group raised 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. BTIG Research raised their price objective on shares of Penumbra from $224.00 to $234.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Finally, Citigroup raised their target price on shares of Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Penumbra has an average rating of “Moderate Buy” and a consensus target price of $226.67.

Penumbra Stock Performance

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

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $297.36 million. During the same quarter last year, the firm posted $0.67 EPS. The company’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, equities analysts forecast that Penumbra, Inc. will post 2.79 earnings per share for the current year.

Penumbra announced that its Board of Directors has approved a stock repurchase program on Tuesday, August 13th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total transaction of $123,732.00. Following the completion of the sale, the executive vice president now owns 61,088 shares of the company’s stock, valued at approximately $12,597,567.36. The trade was a 0.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Adam Elsesser sold 1,620 shares of Penumbra stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total transaction of $324,000.00. Following the sale, the chief executive officer now directly owns 925,962 shares of the company’s stock, valued at $185,192,400. The trade was a 0.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,768 shares of company stock valued at $6,787,530. 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.