Cornerstone Investment Partners LLC Makes New Investment in Thermo Fisher Scientific Inc. $TMO

Cornerstone Investment Partners LLC purchased a new stake in Thermo Fisher Scientific Inc. (NYSE:TMO) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 85,342 shares of the medical research company’s stock, valued at approximately $41,393,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TMO. Vanguard Group Inc. raised its holdings in shares of Thermo Fisher Scientific by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 33,789,164 shares of the medical research company’s stock worth $13,700,154,000 after acquiring an additional 309,207 shares during the period. Norges Bank purchased a new position in Thermo Fisher Scientific during the second quarter worth about $2,264,615,000. Franklin Resources Inc. boosted its holdings in Thermo Fisher Scientific by 11.3% in the 2nd quarter. Franklin Resources Inc. now owns 4,897,546 shares of the medical research company’s stock valued at $1,985,759,000 after purchasing an additional 498,238 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Thermo Fisher Scientific by 54.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,571,857 shares of the medical research company’s stock worth $1,732,422,000 after buying an additional 1,262,967 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Thermo Fisher Scientific by 2.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,000,562 shares of the medical research company’s stock valued at $1,216,612,000 after buying an additional 74,971 shares during the period. Institutional investors and hedge funds own 89.23% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. KeyCorp raised Thermo Fisher Scientific from a “sector weight” rating to an “overweight” rating and set a $750.00 target price for the company in a research note on Sunday, December 7th. Stifel Nicolaus raised their price objective on Thermo Fisher Scientific from $583.00 to $700.00 and gave the stock a “buy” rating in a research report on Friday, January 9th. Leerink Partners upped their target price on shares of Thermo Fisher Scientific from $545.00 to $580.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. Evercore reiterated an “outperform” rating and set a $650.00 price target on shares of Thermo Fisher Scientific in a research report on Monday, January 5th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Thermo Fisher Scientific in a report on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $633.68.

Insider Activity

In related news, EVP Frederick M. Lowery sold 6,912 shares of Thermo Fisher Scientific stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $581.94, for a total value of $4,022,369.28. Following the completion of the transaction, the executive vice president owned 14,367 shares in the company, valued at $8,360,731.98. The trade was a 32.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael D. Shafer sold 10,725 shares of the stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $600.00, for a total transaction of $6,435,000.00. Following the completion of the sale, the executive vice president directly owned 18,731 shares in the company, valued at approximately $11,238,600. This represents a 36.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 108,996 shares of company stock worth $63,355,935 in the last ninety days. 0.33% of the stock is owned by insiders.

Thermo Fisher Scientific Stock Performance

NYSE:TMO opened at $526.56 on Thursday. Thermo Fisher Scientific Inc. has a 52 week low of $385.46 and a 52 week high of $643.99. The company has a fifty day simple moving average of $588.09 and a two-hundred day simple moving average of $544.22. The company has a quick ratio of 1.53, a current ratio of 1.89 and a debt-to-equity ratio of 0.67. The company has a market cap of $197.83 billion, a price-to-earnings ratio of 29.68, a price-to-earnings-growth ratio of 3.11 and a beta of 0.93.

Thermo Fisher Scientific (NYSE:TMO) last announced its quarterly earnings data on Thursday, January 29th. The medical research company reported $6.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.45 by $0.12. Thermo Fisher Scientific had a return on equity of 16.92% and a net margin of 15.05%.The business had revenue of $12.22 billion for the quarter, compared to analysts’ expectations of $11.95 billion. During the same period last year, the firm earned $6.10 earnings per share. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, equities analysts anticipate that Thermo Fisher Scientific Inc. will post 23.28 earnings per share for the current fiscal year.

Thermo Fisher Scientific announced that its board has authorized a stock repurchase program on Thursday, November 6th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the medical research company to reacquire up to 2.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

About Thermo Fisher Scientific

Thermo Fisher Scientific (NYSE: TMO) is a global provider of scientific instrumentation, reagents and consumables, software, and services that support research, clinical, and industrial laboratories. The company supplies analytical instruments and laboratory equipment, life sciences reagents and kits, specialty diagnostics, and a broad range of consumables used by researchers, clinicians, and manufacturers. Its offerings also include laboratory information management and data-analysis software, as well as service solutions such as instrument maintenance, validation, and logistics that help customers run complex workflows efficiently.

Thermo Fisher operates through multiple business areas that broadly cover life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services, including contract development and manufacturing for pharmaceutical and biotechnology companies.