M&T Bank Corp Acquires 179 Shares of Penumbra, Inc. (NYSE:PEN)

M&T Bank Corp raised its holdings in Penumbra, Inc. (NYSE:PEN) by 14.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,445 shares of the company’s stock after buying an additional 179 shares during the quarter. M&T Bank Corp’s holdings in Penumbra were worth $281,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC bought a new position in Penumbra during the second quarter worth $233,000. Fifth Third Wealth Advisors LLC bought a new position in shares of Penumbra during the 2nd quarter worth about $223,000. Bank of New York Mellon Corp raised its position in shares of Penumbra by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 327,312 shares of the company’s stock valued at $58,906,000 after buying an additional 4,814 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Penumbra by 11.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 210,140 shares of the company’s stock valued at $37,819,000 after buying an additional 21,741 shares during the period. Finally, Argonautica Private Wealth Management Inc. acquired a new stake in Penumbra during the second quarter worth about $730,000. 88.88% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $190.76, for a total value of $114,456.00. Following the completion of the sale, the executive vice president now owns 60,488 shares in the company, valued at approximately $11,538,690.88. This trade represents a 0.98 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Harpreet Grewal sold 166 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total transaction of $31,677.78. Following the transaction, the director now owns 8,697 shares in the company, valued at $1,659,648.51. The trade was a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,418 shares of company stock worth $7,659,323 in the last 90 days. Corporate insiders own 5.00% of the company’s stock.

Penumbra Stock Performance

NYSE PEN opened at $243.52 on Friday. The firm has a market cap of $9.35 billion, a price-to-earnings ratio of 283.16, a PEG ratio of 2.47 and a beta of 0.51. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. Penumbra, Inc. has a 1-year low of $148.00 and a 1-year high of $277.34. The company has a 50 day moving average of $231.36 and a 200-day moving average of $203.22.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.16. The firm had revenue of $301.04 million during the quarter, compared to the consensus estimate of $297.36 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.67 EPS. On average, equities analysts forecast that Penumbra, Inc. will post 2.81 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on PEN. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a report on Thursday, October 31st. Citigroup upped their target price on Penumbra from $220.00 to $245.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Oppenheimer assumed coverage on shares of Penumbra in a research note on Tuesday. They set an “outperform” rating and a $275.00 price target on the stock. Royal Bank of Canada increased their price objective on shares of Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Finally, Stifel Nicolaus began coverage on shares of Penumbra in a research report on Tuesday, September 17th. They set a “buy” rating and a $238.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Penumbra has a consensus rating of “Moderate Buy” and a consensus price target of $258.00.

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.