Thermo Fisher Scientific (NYSE:TMO) Sets New 12-Month High – Here’s What Happened

Shares of Thermo Fisher Scientific Inc. (NYSE:TMO) hit a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $710.84 and last traded at $707.4220, with a volume of 232,237 shares traded. The stock had previously closed at $693.02.

Analyst Ratings Changes

A number of analysts have issued reports on TMO shares. Piper Sandler initiated coverage on Thermo Fisher Scientific in a research note on Wednesday, September 9th. They issued an “overweight” rating on the stock. Morgan Stanley increased their target price on Thermo Fisher Scientific from $650.00 to $730.00 and gave the company an “overweight” rating in a research report on Monday, October 12th. Jefferies Financial Group reissued a “buy” rating and issued a $630.00 target price on shares of Thermo Fisher Scientific in a report on Thursday, July 23rd. TD Cowen boosted their price target on shares of Thermo Fisher Scientific from $760.00 to $810.00 and gave the stock a “buy” rating in a research report on Thursday, October 22nd. Finally, Royal Bank Of Canada upped their price target on shares of Thermo Fisher Scientific from $580.00 to $730.00 and gave the company a “sector perform” rating in a research note on Thursday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $681.00.

Thermo Fisher Scientific Stock Performance

The company has a market capitalization of $259.60 billion, a P/E ratio of 37.03 and a beta of 0.87. The company’s fifty day simple moving average is $649.32 and its 200-day simple moving average is $551.60.

Thermo Fisher Scientific (NYSE:TMO) last released its quarterly earnings results on Wednesday, October 21st. The medical research company reported $6.68 earnings per share for the quarter, beating analysts’ consensus estimates of $6.40 by $0.28. The firm had revenue of $12.14 billion during the quarter, compared to the consensus estimate of $11.95 billion. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.79 earnings per share. On average, sell-side analysts predict that Thermo Fisher Scientific Inc. will post 25.23 EPS for the current year.

Insiders Place Their Bets

In other Thermo Fisher Scientific news, EVP Michael Shafer sold 25,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $600.00, for a total value of $15,300,000.00. Following the sale, the executive vice president directly owned 20,994 shares of the company’s stock, valued at approximately $12,596,400. This trade represents a 54.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Joseph Holmes sold 420 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $584.81, for a total value of $245,620.20. Following the completion of the sale, the chief accounting officer owned 2,966 shares of the company’s stock, valued at $1,734,546.46. This trade represents a 12.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 73,368 shares of company stock worth $43,896,820. 0.33% of the stock is owned by company insiders.

Hedge Funds Weigh In On Thermo Fisher Scientific

Several hedge funds have recently bought and sold shares of the company. Polaris Financial Partners acquired a new stake in shares of Thermo Fisher Scientific in the 3rd quarter valued at $32,000. Laurel Wealth Advisors LLC purchased a new stake in Thermo Fisher Scientific in the third quarter valued at approximately $32,000. Kilter Group LLC purchased a new stake in Thermo Fisher Scientific in the 2nd quarter valued at $25,000. Legacy Wealth Managment LLC ID grew its position in Thermo Fisher Scientific by 78.6% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 50 shares of the medical research company’s stock worth $25,000 after purchasing an additional 22 shares during the last quarter. Finally, Allied Private Wealth LLC acquired a new position in Thermo Fisher Scientific in the second quarter valued at $26,000. Institutional investors and hedge funds own 89.23% of the company’s stock.

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc is a global supplier of laboratory products, analytical instruments, reagents, consumables, software and services used in scientific research, healthcare, pharmaceuticals, biotechnology and industrial applications. The company serves customers ranging from academic institutions and government agencies to hospitals, clinical laboratories and pharmaceutical manufacturers.

Its offerings include instruments and systems for genetic analysis, mass spectrometry, chromatography, electron microscopy and materials science, as well as molecular biology reagents, cell culture products, laboratory plastics and research chemicals.