Thermo Fisher Scientific (NYSE:TMO) Price Target Cut to $570.00 by Analysts at Citigroup

Thermo Fisher Scientific (NYSE:TMO) had its price target reduced by equities researchers at Citigroup from $650.00 to $570.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the medical research company’s stock. Citigroup’s price target suggests a potential upside of 10.38% from the stock’s previous close.

TMO has been the subject of several other reports. Bank of America decreased their price objective on shares of Thermo Fisher Scientific from $675.00 to $660.00 and set a “buy” rating for the company in a research report on Friday, December 13th. Sanford C. Bernstein raised Thermo Fisher Scientific from a “market perform” rating to an “outperform” rating and set a $630.00 price objective on the stock in a report on Friday, January 10th. Morgan Stanley lifted their price objective on shares of Thermo Fisher Scientific from $647.00 to $678.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Raymond James restated an “outperform” rating and issued a $667.00 target price (up previously from $650.00) on shares of Thermo Fisher Scientific in a research note on Monday, February 3rd. Finally, StockNews.com upgraded Thermo Fisher Scientific from a “hold” rating to a “buy” rating in a research report on Tuesday, January 14th. Four research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $653.23.

Thermo Fisher Scientific Trading Down 1.4 %

TMO traded down $7.25 during trading hours on Tuesday, reaching $516.40. 902,255 shares of the company’s stock traded hands, compared to its average volume of 2,013,046. The firm has a 50-day moving average price of $549.32 and a 200 day moving average price of $564.35. The company has a quick ratio of 1.29, a current ratio of 1.66 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $194.82 billion, a PE ratio of 31.24, a PEG ratio of 2.99 and a beta of 0.77. Thermo Fisher Scientific has a 52-week low of $493.30 and a 52-week high of $627.88.

Thermo Fisher Scientific (NYSE:TMO) last posted its earnings results on Thursday, January 30th. The medical research company reported $6.10 earnings per share for the quarter, topping analysts’ consensus estimates of $5.94 by $0.16. Thermo Fisher Scientific had a return on equity of 17.51% and a net margin of 14.78%. As a group, sell-side analysts predict that Thermo Fisher Scientific will post 23.28 EPS for the current fiscal year.

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

Insider Buying and Selling

In related news, EVP Gianluca Pettiti sold 300 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $585.59, for a total transaction of $175,677.00. Following the transaction, the executive vice president now directly owns 16,363 shares of the company’s stock, valued at approximately $9,582,009.17. The trade was a 1.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Stephen Williamson sold 9,825 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $585.59, for a total value of $5,753,421.75. Following the sale, the chief financial officer now owns 27,296 shares of the company’s stock, valued at $15,984,264.64. This represents a 26.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Thermo Fisher Scientific

Several large investors have recently modified their holdings of TMO. Bernard Wealth Management Corp. bought a new stake in shares of Thermo Fisher Scientific in the 4th quarter valued at approximately $25,000. Legacy Investment Solutions LLC bought a new stake in Thermo Fisher Scientific during the third quarter valued at $26,000. Peterson Financial Group Inc. bought a new position in shares of Thermo Fisher Scientific in the 3rd quarter worth about $27,000. Barrett & Company Inc. bought a new position in Thermo Fisher Scientific in the fourth quarter worth about $28,000. Finally, FPC Investment Advisory Inc. bought a new position in Thermo Fisher Scientific during the 4th quarter worth $28,000. Institutional investors own 89.23% of the company’s stock.

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.