Corebridge Financial Inc. Reduces Holdings in Penumbra, Inc. (NYSE:PEN)

Corebridge Financial Inc. lessened its stake in Penumbra, Inc. (NYSE:PEN) by 5.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,840 shares of the company’s stock after selling 2,514 shares during the period. Corebridge Financial Inc. owned 0.11% of Penumbra worth $10,411,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. True Wealth Design LLC acquired a new stake in shares of Penumbra during the third quarter worth $26,000. UMB Bank n.a. raised its position in Penumbra by 57.4% during the 4th quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after buying an additional 70 shares during the last quarter. Mather Group LLC. lifted its stake in shares of Penumbra by 208.0% in the 4th quarter. Mather Group LLC. now owns 308 shares of the company’s stock worth $73,000 after acquiring an additional 208 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Penumbra by 11.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock worth $81,000 after acquiring an additional 43 shares during the period. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Penumbra by 25.0% in the fourth quarter. Jones Financial Companies Lllp now owns 375 shares of the company’s stock valued at $89,000 after acquiring an additional 75 shares in the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Adam Elsesser sold 61,600 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $283.59, for a total value of $17,469,144.00. Following the sale, the chief executive officer now directly owns 16,376 shares of the company’s stock, valued at approximately $4,644,069.84. This trade represents a 79.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Lambert Shiu sold 501 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $282.88, for a total transaction of $141,722.88. Following the completion of the sale, the chief accounting officer now owns 32,969 shares of the company’s stock, valued at approximately $9,326,270.72. The trade was a 1.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 81,518 shares of company stock valued at $22,994,979. Insiders own 5.00% of the company’s stock.

Analyst Upgrades and Downgrades

PEN has been the subject of a number of recent analyst reports. UBS Group raised their price objective on shares of Penumbra from $305.00 to $320.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Oppenheimer assumed coverage on Penumbra in a report on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 price target for the company. Citigroup upped their price objective on Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Royal Bank of Canada raised their target price on Penumbra from $285.00 to $313.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $330.00 price target (up from $250.00) on shares of Penumbra in a research note on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Penumbra presently has a consensus rating of “Moderate Buy” and an average price target of $294.47.

Penumbra Stock Performance

NYSE:PEN opened at $275.14 on Thursday. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25. The firm has a market cap of $10.60 billion, a PE ratio of 809.24, a P/E/G ratio of 2.83 and a beta of 0.51. The firm has a 50 day simple moving average of $274.34 and a 200-day simple moving average of $241.94. Penumbra, Inc. has a 1-year low of $148.00 and a 1-year high of $310.00.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.09. The company had revenue of $315.52 million during the quarter, compared to the consensus estimate of $311.63 million. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. On average, equities analysts expect that Penumbra, Inc. will post 3.67 EPS for the current year.

Penumbra Company Profile

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.