Schmidt P J Investment Management Sells Shares in Thermo Fisher

Schmidt P J Investment Management Inc. has significantly reduced its stake in Thermo Fisher Scientific Inc. (NYSE: TMO) by selling 3,138 shares during the third quarter of 2023. According to the firm’s latest 13F filing with the Securities and Exchange Commission (SEC), the investment management company now holds 1,248 shares valued at approximately $605,000.

Several other institutional investors have also made notable adjustments to their positions in Thermo Fisher. For instance, Highline Wealth Partners LLC increased its stake by 126.9% in the same quarter, acquiring an additional 33 shares to reach a total of 59 shares valued at $29,000. Similarly, Capital A Wealth Management LLC grew its holdings by 825.0%, bringing its total to 74 shares worth $30,000, after purchasing an additional 66 shares.

In addition, DiNuzzo Private Wealth Inc. increased its stake by 406.7%, while HighMark Wealth Management LLC raised its holdings by 140.6%. Additionally, Howard Hughes Medical Institute entered the market by purchasing a new stake valued at around $33,000. Collectively, hedge funds and institutional investors now own 89.23% of Thermo Fisher’s stock.

Insider Transactions and Company Performance

Recent insider transactions indicate significant activity within Thermo Fisher. CEO Marc N. Casper sold 17,104 shares on October 24 for an average price of $573.54, totaling approximately $9.81 million. Following this transaction, he retains 113,762 shares valued at about $65.25 million, marking a 13.07% decrease in his ownership.

On December 1, Executive Vice President Frederick M. Lowery sold 6,913 shares at an average price of $597.68, resulting in a total value of approximately $4.13 million. After this sale, Lowery holds 14,367 shares valued at around $8.59 million, reflecting a 32.49% reduction in his position. Over the last 90 days, insiders have offloaded a total of 149,271 shares valued at approximately $86.51 million, with insiders collectively owning 0.33% of the company’s stock.

Thermo Fisher Scientific recently reported its earnings for the third quarter, revealing earnings per share (EPS) of $5.79, surpassing analysts’ expectations of $5.50 by $0.29. The company’s revenue was $11.12 billion, exceeding projections of $10.90 billion. Compared to the same quarter last year, revenue increased by 4.9%, up from $5.28 EPS.

Future Outlook and Strategic Moves

For the fiscal year 2025, Thermo Fisher has outlined guidance of $22.600 to $22.860 EPS, with analysts predicting an EPS of $23.28 for the current fiscal year. Furthermore, the company’s Board of Directors has approved a stock repurchase program worth $5.00 billion, allowing Thermo Fisher to repurchase up to 2.4% of its shares through open market transactions. Such programs often signal that leadership believes the stock is undervalued.

Additionally, Thermo Fisher announced a quarterly dividend of $0.43 per share, scheduled for payment on January 15, 2024, to shareholders of record as of December 15, 2023. This dividend reflects an annualized payout of $1.72 and a yield of 0.3%, with a dividend payout ratio of 9.94%.

The stock has garnered attention from analysts, with Deutsche Bank Aktiengesellschaft reaffirming a “buy” rating. Morgan Stanley increased its price target from $656.00 to $670.00 while maintaining an “overweight” rating. Other firms, including KeyCorp and Hsbc Global Res, have also issued positive outlooks, contributing to a consensus rating of “Moderate Buy” and a price target of $625.47.

Thermo Fisher Scientific Inc. continues to be a vital player in the global scientific instrumentation and laboratory services market, providing essential tools and resources for researchers, clinicians, and manufacturers across various sectors.