Canandaigua National Bank & Trust Co. Trims Stock Position in Thermo Fisher Scientific Inc. (NYSE:TMO)

Canandaigua National Bank & Trust Co. lowered its position in Thermo Fisher Scientific Inc. (NYSE:TMO) by 3.3% during the 4th quarter, Holdings Channel reports. The firm owned 8,109 shares of the medical research company’s stock after selling 274 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Thermo Fisher Scientific were worth $4,219,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Legacy Investment Solutions LLC bought a new stake in shares of Thermo Fisher Scientific in the third quarter valued at about $26,000. Peterson Financial Group Inc. bought a new stake in shares of Thermo Fisher Scientific in the 3rd quarter valued at about $27,000. HWG Holdings LP bought a new position in shares of Thermo Fisher Scientific during the second quarter valued at approximately $50,000. RPg Family Wealth Advisory LLC purchased a new position in Thermo Fisher Scientific during the third quarter valued at approximately $50,000. Finally, Teachers Insurance & Annuity Association of America purchased a new stake in Thermo Fisher Scientific during the third quarter worth $65,000. 89.23% of the stock is owned by institutional investors.

Thermo Fisher Scientific Stock Performance

TMO stock traded up $4.45 during midday trading on Monday, hitting $536.47. 1,951,916 shares of the stock traded hands, compared to its average volume of 1,651,959. The stock’s fifty day simple moving average is $530.72 and its 200-day simple moving average is $568.67. The firm has a market cap of $205.20 billion, a P/E ratio of 33.63, a PEG ratio of 3.54 and a beta of 0.76. Thermo Fisher Scientific Inc. has a 1-year low of $493.30 and a 1-year high of $627.88. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.63 and a quick ratio of 1.26.

Thermo Fisher Scientific (NYSE:TMO) last issued its quarterly earnings results on Wednesday, October 23rd. The medical research company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.25 by $0.03. The company had revenue of $10.60 billion for the quarter, compared to the consensus estimate of $10.63 billion. Thermo Fisher Scientific had a return on equity of 17.49% and a net margin of 14.48%. Thermo Fisher Scientific’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.69 earnings per share. On average, analysts expect that Thermo Fisher Scientific Inc. will post 21.68 earnings per share for the current year.

Thermo Fisher Scientific Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date of this dividend is Friday, December 13th. Thermo Fisher Scientific’s dividend payout ratio is presently 9.78%.

Thermo Fisher Scientific declared that its board has approved a stock repurchase program on Friday, November 15th that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the medical research company to buy up to 2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Evercore ISI reduced their price target on Thermo Fisher Scientific from $630.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Redburn Atlantic began coverage on shares of Thermo Fisher Scientific in a research report on Monday, October 14th. They set a “buy” rating and a $680.00 price target for the company. TD Cowen boosted their price objective on shares of Thermo Fisher Scientific from $656.00 to $686.00 in a research note on Tuesday, October 22nd. Stifel Nicolaus lowered their target price on shares of Thermo Fisher Scientific from $680.00 to $665.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Finally, Royal Bank of Canada decreased their price objective on Thermo Fisher Scientific from $767.00 to $718.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Five investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Thermo Fisher Scientific has an average rating of “Moderate Buy” and a consensus target price of $650.05.

Insider Buying and Selling

In other Thermo Fisher Scientific news, 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 transaction of $5,542,900.00. Following the sale, the chief executive officer now owns 121,192 shares of the company’s stock, valued at $67,175,513.68. The trade was a 7.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Gianluca Pettiti sold 300 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $560.16, for a total transaction of $168,048.00. Following the completion of the transaction, the executive vice president now directly owns 16,663 shares in the company, valued at approximately $9,333,946.08. This represents a 1.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,150 shares of company stock worth $25,954,465. Insiders own 0.34% of the company’s stock.

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.