TD Asset Management Inc. cut its stake in Waters Corporation (NYSE:WAT) by 7.1% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 31,649 shares of the medical instruments supplier’s stock after selling 2,419 shares during the period. TD Asset Management Inc.’s holdings in Waters Corporation were worth $5,819,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fundsmith LLP boosted its position in Waters Corporation by 11.3% in the first quarter. Fundsmith LLP now owns 3,432,535 shares of the medical instruments supplier’s stock valued at $536,540,000 after buying an additional 349,178 shares during the last quarter. TIAA CREF Investment Management LLC boosted its position in Waters Corporation by 42.7% in the first quarter. TIAA CREF Investment Management LLC now owns 375,413 shares of the medical instruments supplier’s stock valued at $58,681,000 after buying an additional 112,335 shares during the last quarter. State Street Corp boosted its position in Waters Corporation by 1.7% in the first quarter. State Street Corp now owns 3,446,000 shares of the medical instruments supplier’s stock valued at $538,641,000 after buying an additional 58,746 shares during the last quarter. OppenheimerFunds Inc. boosted its position in Waters Corporation by 2.0% in the first quarter. OppenheimerFunds Inc. now owns 1,750 shares of the medical instruments supplier’s stock valued at $274,000 after buying an additional 35 shares during the last quarter. Finally, Lowe Brockenbrough & Co. Inc. boosted its position in Waters Corporation by 1.1% in the first quarter. Lowe Brockenbrough & Co. Inc. now owns 1,516 shares of the medical instruments supplier’s stock valued at $237,000 after buying an additional 16 shares during the last quarter. 92.06% of the stock is owned by institutional investors.
Shares of Waters Corporation (NYSE:WAT) opened at 179.70 on Friday. Waters Corporation has a one year low of $133.35 and a one year high of $187.65. The stock has a 50 day moving average price of $179.86 and a 200 day moving average price of $168.91. The firm has a market cap of $14.34 billion, a price-to-earnings ratio of 27.08 and a beta of 0.84.
Waters Corporation (NYSE:WAT) last posted its earnings results on Tuesday, July 25th. The medical instruments supplier reported $1.76 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.71 by $0.05. The firm had revenue of $558.30 million for the quarter, compared to analyst estimates of $553.22 million. Waters Corporation had a return on equity of 23.91% and a net margin of 24.26%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.58 earnings per share. On average, equities research analysts forecast that Waters Corporation will post $7.38 EPS for the current year.
Waters Corporation declared that its board has authorized a stock buyback program on Thursday, May 11th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the medical instruments supplier to purchase up to 7.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
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Several research analysts have recently issued reports on WAT shares. Zacks Investment Research cut Waters Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. BidaskClub cut Waters Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Morgan Stanley reissued an “underweight” rating and issued a $183.00 price target (up previously from $174.00) on shares of Waters Corporation in a research note on Wednesday, July 26th. Bank of America Corporation restated a “neutral” rating and issued a $192.00 price objective (up previously from $180.00) on shares of Waters Corporation in a report on Friday, July 21st. Finally, Deutsche Bank AG restated a “buy” rating and issued a $183.00 price objective (up previously from $166.00) on shares of Waters Corporation in a report on Saturday, April 29th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Waters Corporation currently has an average rating of “Hold” and an average target price of $186.00.
In other Waters Corporation news, SVP Rohit Khanna sold 23,000 shares of Waters Corporation stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $186.90, for a total transaction of $4,298,700.00. Following the transaction, the senior vice president now directly owns 27,077 shares in the company, valued at $5,060,691.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Christopher A. Kuebler sold 3,500 shares of Waters Corporation stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $179.67, for a total value of $628,845.00. Following the transaction, the director now owns 17,849 shares in the company, valued at $3,206,929.83. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,780 shares of company stock worth $10,914,011. Corporate insiders own 5.07% of the company’s stock.
About Waters Corporation
Waters Corporation is an analytical instrument manufacturer. The Company operates through two segments: Waters and TA. It designs, manufactures, sells and services high performance liquid chromatography (HPLC), ultra performance liquid chromatography (UPLC and together with HPLC, referred to as LC) and mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products and post-warranty service plans.
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