The Manufacturers Life Insurance Company Acquires 3,683 Shares of Penumbra, Inc. (NYSE:PEN)

The Manufacturers Life Insurance Company raised its holdings in shares of Penumbra, Inc. (NYSE:PEN) by 3.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 106,815 shares of the company’s stock after purchasing an additional 3,683 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Penumbra were worth $19,223,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Penumbra by 0.9% in the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after purchasing an additional 32,557 shares during the last quarter. Champlain Investment Partners LLC grew its position in shares of Penumbra by 131.8% during the 1st quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock worth $242,060,000 after buying an additional 616,700 shares during the period. William Blair Investment Management LLC increased its stake in shares of Penumbra by 12.2% in the 1st quarter. William Blair Investment Management LLC now owns 833,703 shares of the company’s stock valued at $186,066,000 after acquiring an additional 90,444 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Penumbra by 1.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 327,312 shares of the company’s stock valued at $58,906,000 after acquiring an additional 4,814 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Penumbra by 96.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock valued at $46,257,000 after acquiring an additional 126,392 shares during the period. Institutional investors and hedge funds own 88.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PEN shares. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research report on Wednesday, July 31st. Citigroup raised their price objective on Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, August 22nd. Truist Financial reissued a “buy” rating and issued a $200.00 target price (down from $230.00) on shares of Penumbra in a research note on Wednesday, July 31st. Finally, Royal Bank of Canada dropped their price target on Penumbra from $289.00 to $205.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Penumbra currently has an average rating of “Moderate Buy” and a consensus price target of $208.00.

Penumbra Stock Performance

Shares of PEN opened at $191.56 on Wednesday. The stock has a market capitalization of $7.43 billion, a price-to-earnings ratio of 80.83, a PEG ratio of 2.18 and a beta of 0.54. Penumbra, Inc. has a 12 month low of $148.00 and a 12 month high of $277.34. The firm has a fifty day simple moving average of $190.17 and a 200 day simple moving average of $196.38. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The company had revenue of $299.40 million during the quarter, compared to the consensus estimate of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The company’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.43 EPS. Research analysts forecast that Penumbra, Inc. will post 2.59 EPS for the current fiscal year.

Penumbra declared that its Board of Directors has authorized a share repurchase program on Tuesday, August 13th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Penumbra

In other news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the sale, the chief executive officer now owns 882,582 shares in the company, valued at approximately $174,495,287.22. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total value of $123,732.00. Following the completion of the transaction, the executive vice president now owns 61,088 shares of the company’s stock, valued at approximately $12,597,567.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the transaction, the chief executive officer now owns 882,582 shares in the company, valued at $174,495,287.22. The disclosure for this sale can be found here. Insiders sold a total of 33,602 shares of company stock worth $6,716,384 over the last ninety days. 5.00% of the stock is currently owned by corporate insiders.

Penumbra Company Profile

Penumbra, Inc, together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers peripheral products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX.