Bank of America Has Lowered Expectations for Thermo Fisher Scientific (NYSE:TMO) Stock Price

Thermo Fisher Scientific (NYSE:TMO - Get Free Report) had its target price decreased by analysts at Bank of America from $675.00 to $660.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the medical research company's stock. Bank of America's price target indicates a potential upside of 25.26% from the company's previous close.

Other equities research analysts also recently issued research reports about the stock. Robert W. Baird lowered their price objective on shares of Thermo Fisher Scientific from $632.00 to $622.00 and set an "outperform" rating on the stock in a research note on Thursday, October 24th. Evercore ISI dropped their price objective on shares of Thermo Fisher Scientific from $630.00 to $620.00 and set an "outperform" rating on the stock in a report on Thursday, October 24th. Barclays reduced their target price on shares of Thermo Fisher Scientific from $620.00 to $610.00 and set an "equal weight" rating for the company in a research note on Wednesday, October 23rd. Wells Fargo & Company cut their price target on Thermo Fisher Scientific from $670.00 to $660.00 and set an "overweight" rating for the company in a report on Thursday, October 24th. Finally, Bernstein Bank lifted their price objective on Thermo Fisher Scientific from $565.00 to $625.00 and gave the stock a "market perform" rating in a report on Tuesday, October 22nd. Four investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $652.30.

Thermo Fisher Scientific Stock Performance

Shares of Thermo Fisher Scientific stock traded up $2.28 on Friday, reaching $526.89. The stock had a trading volume of 1,553,525 shares, compared to its average volume of 1,539,563. Thermo Fisher Scientific has a fifty-two week low of $493.30 and a fifty-two week high of $627.88. The business's 50-day moving average price is $550.39 and its two-hundred day moving average price is $573.71. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.26 and a current ratio of 1.63. The stock has a market cap of $201.54 billion, a P/E ratio of 33.03, a price-to-earnings-growth ratio of 3.59 and a beta of 0.77.

Thermo Fisher Scientific (NYSE:TMO - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The medical research company reported $5.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.25 by $0.03. Thermo Fisher Scientific had a return on equity of 17.49% and a net margin of 14.48%. The company had revenue of $10.60 billion for the quarter, compared to the consensus estimate of $10.63 billion. During the same period last year, the business posted $5.69 earnings per share. The firm's revenue was up .2% compared to the same quarter last year. On average, sell-side analysts forecast that Thermo Fisher Scientific will post 21.68 EPS for the current year.

Thermo Fisher Scientific announced that its Board of Directors has approved a stock repurchase program on Friday, November 15th that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the medical research company to buy up to 2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Insider Activity

In related news, CEO Marc N. Casper sold 10,000 shares of the firm's stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $554.29, for a total value of $5,542,900.00. Following the transaction, the chief executive officer now owns 121,192 shares in the company, valued at $67,175,513.68. This trade represents a 7.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael A. Boxer sold 2,000 shares of the business's stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $560.16, for a total value of $1,120,320.00. Following the sale, the senior vice president now directly owns 12,736 shares of the company's stock, valued at $7,134,197.76. This represents a 13.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,150 shares of company stock worth $25,954,465. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Thermo Fisher Scientific

A number of institutional investors and hedge funds have recently modified their holdings of the business. Lafayette Investments Inc. raised its position in shares of Thermo Fisher Scientific by 2.1% during the 2nd quarter. Lafayette Investments Inc. now owns 830 shares of the medical research company's stock valued at $459,000 after acquiring an additional 17 shares during the last quarter. IFG Advisors LLC boosted its stake in Thermo Fisher Scientific by 3.3% during the 3rd quarter. IFG Advisors LLC now owns 532 shares of the medical research company's stock worth $329,000 after acquiring an additional 17 shares during the last quarter. Drive Wealth Management LLC increased its stake in Thermo Fisher Scientific by 0.9% in the second quarter. Drive Wealth Management LLC now owns 2,123 shares of the medical research company's stock valued at $1,175,000 after purchasing an additional 18 shares in the last quarter. Worth Financial Advisory Group LLC raised its holdings in Thermo Fisher Scientific by 3.6% in the second quarter. Worth Financial Advisory Group LLC now owns 544 shares of the medical research company's stock worth $301,000 after purchasing an additional 19 shares during the period. Finally, Founders Financial Securities LLC boosted its position in shares of Thermo Fisher Scientific by 0.9% during the second quarter. Founders Financial Securities LLC now owns 2,058 shares of the medical research company's stock worth $1,138,000 after purchasing an additional 19 shares in the last quarter. 89.23% of the stock is owned by institutional investors.

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.