Balyasny Asset Management LLC Cuts Holdings in Koninklijke Philips N.V. (PHG)
Balyasny Asset Management LLC reduced its position in shares of Koninklijke Philips N.V. (NYSE:PHG) by 93.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,416 shares of the technology company’s stock after selling 671,530 shares during the period. Balyasny Asset Management LLC’s holdings in Koninklijke Philips N.V. were worth $1,663,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of the business. BlackRock Inc. increased its stake in Koninklijke Philips N.V. by 54.6% during the 2nd quarter. BlackRock Inc. now owns 4,111,212 shares of the technology company’s stock worth $147,264,000 after buying an additional 1,452,699 shares in the last quarter. Renaissance Technologies LLC increased its stake in Koninklijke Philips N.V. by 9.3% during the 2nd quarter. Renaissance Technologies LLC now owns 897,870 shares of the technology company’s stock worth $32,161,000 after buying an additional 76,556 shares in the last quarter. Northern Trust Corp increased its stake in Koninklijke Philips N.V. by 0.3% during the 2nd quarter. Northern Trust Corp now owns 784,039 shares of the technology company’s stock worth $28,085,000 after buying an additional 2,547 shares in the last quarter. Steadfast Capital Management LP purchased a new stake in Koninklijke Philips N.V. during the 1st quarter worth approximately $24,872,000. Finally, Quantitative Investment Management LLC increased its stake in Koninklijke Philips N.V. by 135.0% during the 2nd quarter. Quantitative Investment Management LLC now owns 672,200 shares of the technology company’s stock worth $24,078,000 after buying an additional 386,200 shares in the last quarter. Institutional investors own 7.56% of the company’s stock.
Koninklijke Philips N.V. (NYSE PHG) opened at 41.08 on Friday. Koninklijke Philips N.V. has a one year low of $28.19 and a one year high of $42.25. The firm has a market capitalization of $38.49 billion, a PE ratio of 21.74 and a beta of 1.36. The stock’s 50 day moving average price is $40.45 and its 200 day moving average price is $36.77.
Koninklijke Philips N.V. (NYSE:PHG) last issued its quarterly earnings data on Monday, July 24th. The technology company reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.18). Koninklijke Philips N.V. had a return on equity of 8.92% and a net margin of 6.39%. The business had revenue of $4.29 billion for the quarter, compared to analysts’ expectations of $4.38 billion. During the same period last year, the business earned $0.46 earnings per share. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. Analysts expect that Koninklijke Philips N.V. will post $1.95 EPS for the current year.
Koninklijke Philips N.V. declared that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that allows the company to buyback shares. This buyback authorization allows the technology company to purchase up to 4.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
Several research firms have commented on PHG. Zacks Investment Research upgraded Koninklijke Philips N.V. from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a research note on Tuesday, September 26th. Deutsche Bank AG lowered Koninklijke Philips N.V. from a “buy” rating to a “hold” rating in a research note on Tuesday, June 20th. BidaskClub lowered Koninklijke Philips N.V. from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Natixis lowered Koninklijke Philips N.V. from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 21st. Finally, J P Morgan Chase & Co reiterated a “buy” rating on shares of Koninklijke Philips N.V. in a research note on Monday, July 24th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Koninklijke Philips N.V. presently has a consensus rating of “Buy” and a consensus target price of $37.67.
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About Koninklijke Philips N.V.
Koninklijke Philips N.V. is the Netherlands-based health technology company. The Company’s segments include Personal Health businesses, Diagnosis & Treatment businesses, Connected Care & Health Informatics businesses, HealthTech Other and Legacy Items. The Personal Health businesses segment is engaged in the health continuum, delivering integrated, connected solutions that support healthier lifestyles and those living with chronic disease.
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