Thermo Fisher Scientific (NYSE:TMO) Price Target Cut to $660.00 by Analysts at Bank of America

Thermo Fisher Scientific (NYSE:TMO) had its target price lowered by Bank of America from $675.00 to $660.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a buy rating on the medical research company’s stock.

A number of other analysts have also recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Thermo Fisher Scientific from $650.00 to $670.00 and gave the company an “overweight” rating in a research report on Friday, September 20th. UBS Group raised Thermo Fisher Scientific to a “strong-buy” rating in a research note on Monday, September 16th. Barclays cut their price target on Thermo Fisher Scientific from $620.00 to $610.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 23rd. Royal Bank of Canada lowered their price objective on shares of 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. Finally, Stifel Nicolaus reduced their price target on shares of Thermo Fisher Scientific from $680.00 to $665.00 and set a “buy” rating for the company in a report on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Thermo Fisher Scientific has an average rating of “Moderate Buy” and a consensus target price of $652.30.

Thermo Fisher Scientific Stock Performance

TMO opened at $526.89 on Friday. The stock has a market cap of $201.54 billion, a price-to-earnings ratio of 33.03, a PEG ratio of 3.59 and a beta of 0.77. 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 has a 12-month low of $493.30 and a 12-month high of $627.88. The business has a 50 day moving average of $550.39 and a 200-day moving average of $573.71.

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

Thermo Fisher Scientific Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.30%. The ex-dividend date is Friday, December 13th. Thermo Fisher Scientific’s payout ratio is currently 9.78%.

Thermo Fisher Scientific announced that its Board of Directors has approved a stock buyback plan on Friday, November 15th that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the medical research company to purchase up to 2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Thermo Fisher Scientific

In other Thermo Fisher Scientific news, SVP Michael A. Boxer sold 2,000 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $560.16, for a total value of $1,120,320.00. Following the completion of the sale, the senior vice president now owns 12,736 shares in the company, valued at $7,134,197.76. This represents a 13.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Marc N. Casper sold 10,000 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $554.29, for a total transaction of $5,542,900.00. Following the completion of the sale, the chief executive officer now directly owns 121,192 shares of the company’s stock, valued at $67,175,513.68. This represents a 7.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,150 shares of company stock worth $25,954,465. 0.34% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Triad Wealth Partners LLC purchased a new position in Thermo Fisher Scientific during the 2nd quarter valued at approximately $43,000. Blue Trust Inc. raised its stake in Thermo Fisher Scientific by 30.3% during the second quarter. Blue Trust Inc. now owns 829 shares of the medical research company’s stock valued at $482,000 after purchasing an additional 193 shares in the last quarter. Gradient Investments LLC grew its stake in shares of Thermo Fisher Scientific by 11.8% in the 2nd quarter. Gradient Investments LLC now owns 18,366 shares of the medical research company’s stock worth $10,156,000 after buying an additional 1,939 shares in the last quarter. Foster Victor Wealth Advisors LLC lifted its holdings in shares of Thermo Fisher Scientific by 8.2% in the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 525 shares of the medical research company’s stock valued at $292,000 after acquiring an additional 40 shares during the last quarter. Finally, Boomfish Wealth Group LLC grew its position in Thermo Fisher Scientific by 4.1% in the second quarter. Boomfish Wealth Group LLC now owns 4,002 shares of the medical research company’s stock worth $2,213,000 after acquiring an additional 159 shares in the last quarter. Institutional investors own 89.23% of the company’s stock.

About Thermo Fisher Scientific

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.