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

Thermo Fisher Scientific (NYSE:TMO) had its price target reduced by equities research analysts at Bank of America from $675.00 to $660.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the medical research company’s stock. Bank of America‘s target price suggests a potential upside of 25.65% from the stock’s current price.

Other research analysts have also issued research reports about the company. UBS Group raised Thermo Fisher Scientific to a “strong-buy” rating in a research report on Monday, September 16th. Stephens initiated coverage on Thermo Fisher Scientific in a research note on Tuesday, October 1st. They issued an “overweight” rating and a $680.00 price target for the company. TD Cowen upped their price objective on shares of Thermo Fisher Scientific from $656.00 to $686.00 in a report on Tuesday, October 22nd. Bernstein Bank increased their price target on shares of Thermo Fisher Scientific from $565.00 to $625.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 22nd. Finally, Royal Bank of Canada reduced their target price on Thermo Fisher Scientific from $767.00 to $718.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Four analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $648.62.

Thermo Fisher Scientific Trading Up 0.1 %

NYSE:TMO traded up $0.66 during trading hours on Friday, reaching $525.27. The company’s stock had a trading volume of 445,889 shares, compared to its average volume of 1,535,198. The firm has a 50-day simple moving average of $551.83 and a 200-day simple moving average of $574.11. Thermo Fisher Scientific has a 1 year low of $493.30 and a 1 year high of $627.88. The firm has a market capitalization of $200.92 billion, a price-to-earnings ratio of 32.83, a PEG ratio of 3.59 and a beta of 0.77. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.26 and a current ratio of 1.63.

Thermo Fisher Scientific (NYSE:TMO) last announced its quarterly earnings results on Wednesday, October 23rd. The medical research company reported $5.28 EPS for the quarter, topping 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 business had revenue of $10.60 billion for the quarter, compared to analysts’ expectations of $10.63 billion. During the same period in the previous year, the firm earned $5.69 EPS. The business’s quarterly revenue was up .2% on a year-over-year basis. Research analysts expect that Thermo Fisher Scientific will post 21.68 EPS for the current fiscal year.

Thermo Fisher Scientific declared that its Board of Directors has initiated a share repurchase plan on Friday, November 15th that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the medical research company to purchase up to 2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Thermo Fisher Scientific

In other news, SVP Michael A. Boxer sold 2,000 shares of Thermo Fisher Scientific stock in a transaction on Friday, October 25th. The shares were sold at an average price of $560.16, for a total transaction of $1,120,320.00. Following the transaction, the senior vice president now owns 12,736 shares in the company, valued at $7,134,197.76. This trade represents a 13.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Marc N. Casper sold 10,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $554.29, for a total value of $5,542,900.00. Following the completion of the transaction, the chief executive officer now directly owns 121,192 shares in the company, valued at approximately $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. Insiders have sold 47,150 shares of company stock valued at $25,954,465 over the last ninety days. Insiders own 0.34% of the company’s stock.

Institutional Trading of Thermo Fisher Scientific

Several institutional investors and hedge funds have recently modified their holdings of TMO. Lafayette Investments Inc. grew its position in shares of Thermo Fisher Scientific by 2.1% during the second quarter. Lafayette Investments Inc. now owns 830 shares of the medical research company’s stock valued at $459,000 after purchasing an additional 17 shares in the last quarter. IFG Advisors LLC increased its position in shares of Thermo Fisher Scientific by 3.3% during the third quarter. IFG Advisors LLC now owns 532 shares of the medical research company’s stock worth $329,000 after acquiring an additional 17 shares during the period. Drive Wealth Management LLC grew its stake in Thermo Fisher Scientific by 0.9% in the second quarter. Drive Wealth Management LLC now owns 2,123 shares of the medical research company’s stock worth $1,175,000 after purchasing an additional 18 shares in the last quarter. Worth Financial Advisory Group LLC increased its holdings in Thermo Fisher Scientific by 3.6% during the 2nd quarter. Worth Financial Advisory Group LLC now owns 544 shares of the medical research company’s stock worth $301,000 after purchasing an additional 19 shares during the period. Finally, Founders Financial Securities LLC lifted its holdings in shares of Thermo Fisher Scientific by 0.9% in the 2nd quarter. Founders Financial Securities LLC now owns 2,058 shares of the medical research company’s stock worth $1,138,000 after buying an additional 19 shares during the period. 89.23% of the stock is currently owned by institutional investors.

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.