M&T Bank Corp Has $377,000 Stake in Penumbra, Inc. (NYSE:PEN)

M&T Bank Corp reduced its position in Penumbra, Inc. (NYSE:PEN) by 9.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,411 shares of the company’s stock after selling 149 shares during the quarter. M&T Bank Corp’s holdings in Penumbra were worth $377,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of PEN. Synergy Investment Management LLC bought a new position in Penumbra during the first quarter worth $27,000. First Horizon Advisors Inc. raised its stake in Penumbra by 404.8% during the first quarter. First Horizon Advisors Inc. now owns 106 shares of the company’s stock worth $28,000 after buying an additional 85 shares during the last quarter. Hurley Capital LLC bought a new position in Penumbra during the fourth quarter worth $56,000. Huntington National Bank raised its stake in Penumbra by 138.7% during the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock worth $63,000 after buying an additional 154 shares during the last quarter. Finally, Versant Capital Management Inc raised its stake in Penumbra by 893.5% during the first quarter. Versant Capital Management Inc now owns 308 shares of the company’s stock worth $82,000 after buying an additional 277 shares during the last quarter. Institutional investors own 88.88% of the company’s stock.

Penumbra Price Performance

NYSE:PEN opened at $234.24 on Thursday. The stock has a fifty day moving average of $260.79 and a 200 day moving average of $268.08. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.68 and a current ratio of 6.30. The firm has a market capitalization of $9.07 billion, a price-to-earnings ratio of 220.98, a P/E/G ratio of 2.11 and a beta of 0.47. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $310.00.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.17. Penumbra had a net margin of 3.41% and a return on equity of 11.14%. The company had revenue of $324.14 million during the quarter, compared to analysts’ expectations of $315.72 million. During the same quarter in the prior year, the company earned $0.41 EPS. The firm’s revenue was up 16.3% on a year-over-year basis. On average, research analysts expect that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

Insider Activity

In related news, EVP Johanna Roberts sold 900 shares of Penumbra stock in a transaction on Monday, May 12th. The shares were sold at an average price of $298.55, for a total value of $268,695.00. Following the transaction, the executive vice president directly owned 65,314 shares of the company’s stock, valued at $19,499,494.70. The trade was a 1.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Arani Bose sold 12,000 shares of Penumbra stock in a transaction on Friday, April 25th. The stock was sold at an average price of $298.73, for a total transaction of $3,584,760.00. Following the completion of the transaction, the director directly owned 302,819 shares in the company, valued at approximately $90,461,119.87. The trade was a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 114,185 shares of company stock valued at $31,073,762 in the last three months. Corporate insiders own 4.20% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Citigroup lowered their price objective on shares of Penumbra from $320.00 to $285.00 and set a “neutral” rating for the company in a research note on Wednesday, July 9th. UBS Group reiterated a “buy” rating and issued a $330.00 price objective (up previously from $320.00) on shares of Penumbra in a research note on Thursday, April 24th. Robert W. Baird lifted their price objective on shares of Penumbra from $316.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. Royal Bank Of Canada increased their target price on Penumbra from $315.00 to $330.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Finally, BTIG Research reiterated a “buy” rating on shares of Penumbra in a report on Thursday, April 24th. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Penumbra has a consensus rating of “Moderate Buy” and a consensus price target of $305.07.

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.