Renaissance Investment Group Reduces Stake in Thermo Fisher Scientific
Renaissance Investment Group LLC has decreased its stake in **Thermo Fisher Scientific Inc.** (NYSE:TMO) by **1.6%** during the first quarter of 2023. According to a recent filing with the **Securities and Exchange Commission**, the investment group now holds **26,297 shares** of the medical research company after selling **435 shares** in the period. This adjustment represents **3.2%** of Renaissance’s portfolio, positioning Thermo Fisher as its ninth largest investment, with a value of approximately **$13,085,000**.
Several other institutional investors have similarly adjusted their positions in Thermo Fisher. **Capital World Investors** increased its holdings by **1.1%** in the fourth quarter, acquiring an additional **104,343 shares** for a total of **9,430,120 shares**, valued at **$4.91 billion**. Additionally, **Geode Capital Management LLC** raised its stake by **2.6%**, adding **197,442 shares** to reach a total of **7,857,385 shares**, worth about **$4.08 billion**. **Northern Trust Corp** and **T. Rowe Price Investment Management Inc.** also reported significant increases in their shares, reflecting growing institutional interest in the company.
As of now, institutional investors collectively own **89.23%** of Thermo Fisher’s stock. Following the recent trading activity, shares of Thermo Fisher opened at **$484.90** on the New York Stock Exchange, marking a **1.4%** increase. The company boasts a market capitalization of **$183.04 billion**, with a price-to-earnings ratio of **28.05** and a price-to-earnings growth ratio of **2.56**. Over the past year, the stock has fluctuated between a low of **$385.46** and a high of **$627.88**.
Dividend Announcement and Insider Activity
Thermo Fisher Scientific has scheduled a quarterly dividend of **$0.43** per share, set to be paid on **October 15, 2023**. Stockholders of record on **September 15, 2023** will receive this dividend, representing an annualized payout of **$1.72** and a yield of **0.35%**. The company’s current dividend payout ratio stands at **9.95%**.
In related news, **Gianluca Pettiti**, the Executive Vice President, sold **400 shares** of the company on **July 25, 2023**, at an average price of **$479.98**, totaling **$191,992**. With this transaction, Pettiti now holds **22,367 shares** valued at approximately **$10.74 million**. This sale constitutes a **1.76%** reduction in his holdings, as disclosed in a filing with the SEC.
Market Analysts’ Perspectives
Research firms have provided various insights into Thermo Fisher’s stock performance. **Wells Fargo & Company** recently adjusted its price target from **$570.00** to **$565.00**, maintaining an “overweight” rating. Similarly, **UBS Group** raised its target from **$460.00** to **$500.00**, assigning a “neutral” rating. In contrast, **Goldman Sachs Group** set a price target of **$610.00** with a “buy” rating, while **Robert W. Baird** increased its target from **$553.00** to **$567.00**.
Currently, **six analysts** have rated the stock as a hold, while **sixteen** have given it a buy recommendation. According to **MarketBeat**, the average rating for Thermo Fisher Scientific is categorized as a “Moderate Buy” with a consensus target price of **$593.00**.
Thermo Fisher Scientific Inc. operates globally, providing life sciences solutions, analytical instruments, and biopharma services. Its offerings support a wide range of industries, including pharmaceuticals, biotechnology, and healthcare, making it a significant player in the market.
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