The Manufacturers Life Insurance Company Sells 65,658 Shares of Penumbra, Inc. $PEN

The Manufacturers Life Insurance Company trimmed its stake in Penumbra, Inc. (NYSE:PEN) by 76.6% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 20,047 shares of the company’s stock after selling 65,658 shares during the period. The Manufacturers Life Insurance Company’s holdings in Penumbra were worth $6,583,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Larson Financial Group LLC increased its position in shares of Penumbra by 4,100.0% during the fourth quarter. Larson Financial Group LLC now owns 84 shares of the company’s stock worth $26,000 after acquiring an additional 82 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in shares of Penumbra by 2,700.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 84 shares of the company’s stock valued at $26,000 after purchasing an additional 81 shares during the period. Motiv8 Investments LLC purchased a new stake in shares of Penumbra in the fourth quarter valued at approximately $27,000. Morse Asset Management Inc purchased a new stake in shares of Penumbra in the fourth quarter valued at approximately $39,000. Finally, Farther Finance Advisors LLC grew its stake in Penumbra by 27.1% in the fourth quarter. Farther Finance Advisors LLC now owns 178 shares of the company’s stock worth $55,000 after purchasing an additional 38 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PEN shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Penumbra in a research report on Friday, July 17th. Royal Bank Of Canada reissued a “sector perform” rating and set a $374.00 price target on shares of Penumbra in a research report on Thursday, June 11th. Citigroup cut their price target on Penumbra from $374.00 to $350.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Evercore restated an “outperform” rating and issued a $320.00 price objective on shares of Penumbra in a report on Monday, July 6th. Finally, Zacks Research lowered shares of Penumbra from a “hold” rating to a “strong sell” rating in a research note on Monday, June 29th. Three investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Penumbra presently has a consensus rating of “Hold” and an average price target of $367.07.

Penumbra Stock Performance

Shares of NYSE:PEN opened at $323.13 on Thursday. The company has a market capitalization of $12.73 billion, a price-to-earnings ratio of 79.39, a price-to-earnings-growth ratio of 2.01 and a beta of 0.70. Penumbra, Inc. has a 52 week low of $221.26 and a 52 week high of $362.41. The company has a quick ratio of 3.86, a current ratio of 5.75 and a debt-to-equity ratio of 0.01. The firm has a 50 day moving average of $318.60 and a 200 day moving average of $330.13.

Penumbra (NYSE:PEN) last announced its earnings results on Thursday, July 30th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.28). Penumbra had a net margin of 10.67% and a return on equity of 10.50%. The company had revenue of $390.05 million for the quarter, compared to the consensus estimate of $389.64 million. During the same period last year, the business posted $0.86 EPS. The firm’s revenue was up 14.9% compared to the same quarter last year. On average, sell-side analysts predict that Penumbra, Inc. will post 5.02 earnings per share for the current fiscal year.

Penumbra Company Profile

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra’s technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra’s portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.