Bank of Nova Scotia Acquires 210,402 Shares of Penumbra, Inc. $PEN

Bank of Nova Scotia boosted its stake in Penumbra, Inc. (NYSE:PEN) by 14,837.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 211,820 shares of the company’s stock after purchasing an additional 210,402 shares during the quarter. Bank of Nova Scotia owned about 0.54% of Penumbra worth $69,555,000 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 recently modified their holdings of PEN. Larson Financial Group LLC raised its position in Penumbra by 4,100.0% in the 4th quarter. Larson Financial Group LLC now owns 84 shares of the company’s stock worth $26,000 after purchasing an additional 82 shares during the period. CIBC Private Wealth Group LLC lifted its stake in shares of Penumbra by 2,700.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 84 shares of the company’s stock valued at $26,000 after purchasing an additional 81 shares during the period. Motiv8 Investments LLC purchased a new stake in shares of Penumbra in the 4th quarter worth about $27,000. Morse Asset Management Inc bought a new position in shares of Penumbra during the fourth quarter valued at approximately $39,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of Penumbra by 27.1% during the fourth quarter. Farther Finance Advisors LLC now owns 178 shares of the company’s stock valued at $55,000 after acquiring an additional 38 shares in the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Penumbra Stock Up 0.2%

PEN stock opened at $318.60 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.95 and a current ratio of 6.02. Penumbra, Inc. has a one year low of $221.26 and a one year high of $362.41. The firm’s fifty day moving average is $319.45 and its 200 day moving average is $329.92. The firm has a market cap of $12.53 billion, a PE ratio of 73.41, a P/E/G ratio of 1.97 and a beta of 0.70.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.24). Penumbra had a return on equity of 10.87% and a net margin of 11.76%.The business had revenue of $374.76 million for the quarter, compared to analysts’ expectations of $370.47 million. During the same quarter in the prior year, the company posted $0.83 EPS. The business’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, research analysts forecast that Penumbra, Inc. will post 5.02 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Royal Bank Of Canada reissued a “sector perform” rating and set a $374.00 price target on shares of Penumbra in a report on Thursday, June 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Penumbra in a research report on Friday, July 17th. Wall Street Zen upgraded Penumbra to a “hold” rating in a report on Saturday, May 9th. Zacks Research downgraded shares of Penumbra from a “hold” rating to a “strong sell” rating in a report on Monday, June 29th. Finally, Evercore reissued an “outperform” rating and issued a $320.00 target price on shares of Penumbra in a research note on Monday, July 6th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Penumbra currently has a consensus rating of “Hold” and a consensus target price of $360.33.

Penumbra Profile

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra’s technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra’s portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.