BidaskClub Upgrades Waters Corporation (WAT) to Strong-Buy
Waters Corporation (NYSE:WAT) was upgraded by BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Wednesday.
Several other brokerages have also issued reports on WAT. Zacks Investment Research upgraded Waters Corporation from a “hold” rating to a “buy” rating and set a $178.00 price target for the company in a report on Monday, April 24th. Bank of America Corporation reiterated a “neutral” rating and set a $192.00 price target (up from $180.00) on shares of Waters Corporation in a report on Friday, July 21st. Wells Fargo & Company reiterated an “outperform” rating and set a $205.00 price target (up from $195.00) on shares of Waters Corporation in a report on Thursday, July 13th. Jefferies Group LLC reiterated a “hold” rating and set a $170.00 price target on shares of Waters Corporation in a report on Friday, July 14th. Finally, Deutsche Bank AG reiterated a “buy” rating and set a $183.00 price target (up from $166.00) on shares of Waters Corporation in a report on Saturday, April 29th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Waters Corporation presently has a consensus rating of “Hold” and a consensus target price of $186.00.
Shares of Waters Corporation (NYSE WAT) opened at 180.22 on Wednesday. The firm has a market cap of $14.39 billion, a P/E ratio of 27.16 and a beta of 0.84. Waters Corporation has a 12 month low of $133.35 and a 12 month high of $187.65. The firm has a 50-day moving average of $179.95 and a 200 day moving average of $168.63.
Waters Corporation (NYSE:WAT) last announced its quarterly earnings results on Tuesday, July 25th. The medical instruments supplier reported $1.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.71 by $0.05. The business had revenue of $558.30 million during the quarter, compared to analyst estimates of $553.22 million. Waters Corporation had a return on equity of 23.91% and a net margin of 24.26%. The firm’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.58 EPS. On average, equities research analysts anticipate that Waters Corporation will post $7.38 EPS for the current fiscal year.
Waters Corporation announced that its board has authorized a stock buyback program on Thursday, May 11th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical instruments supplier to purchase up to 7.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.
In other Waters Corporation news, SVP Eugene G. Cassis sold 3,000 shares of Waters Corporation stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $177.81, for a total value of $533,430.00. Following the transaction, the senior vice president now directly owns 25,027 shares of the company’s stock, valued at approximately $4,450,050.87. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Christopher A. Kuebler sold 3,500 shares of Waters Corporation stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $179.67, for a total value of $628,845.00. Following the completion of the transaction, the director now directly owns 17,849 shares in the company, valued at $3,206,929.83. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,780 shares of company stock valued at $10,914,011. Corporate insiders own 5.07% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Oppenheimer Asset Management Inc. increased its position in shares of Waters Corporation by 0.4% in the second quarter. Oppenheimer Asset Management Inc. now owns 573 shares of the medical instruments supplier’s stock valued at $105,000 after buying an additional 2 shares in the last quarter. Watermark Asset Management Inc. acquired a new position in shares of Waters Corporation during the first quarter valued at approximately $106,000. ETF Managers Group LLC acquired a new position in shares of Waters Corporation during the second quarter valued at approximately $106,000. Creative Planning increased its position in shares of Waters Corporation by 1.6% in the first quarter. Creative Planning now owns 744 shares of the medical instruments supplier’s stock valued at $116,000 after buying an additional 12 shares in the last quarter. Finally, Intellectus Partners LLC increased its position in shares of Waters Corporation by 4.9% in the second quarter. Intellectus Partners LLC now owns 667 shares of the medical instruments supplier’s stock valued at $123,000 after buying an additional 31 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors.
Waters Corporation Company Profile
Waters Corporation is an analytical instrument manufacturer. The Company operates through two segments: Waters and TA. It designs, manufactures, sells and services high performance liquid chromatography (HPLC), ultra performance liquid chromatography (UPLC and together with HPLC, referred to as LC) and mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products and post-warranty service plans.
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