Chesapeake Wealth Management Acquires New Position in Waters Co. (WAT)

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Chesapeake Wealth Management bought a new stake in shares of Waters Co. (NYSE:WAT) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,365 shares of the medical instruments supplier’s stock, valued at approximately $271,000.

A number of other institutional investors have also recently made changes to their positions in the business. Suntrust Banks Inc. lifted its position in Waters by 31.9% during the 1st quarter. Suntrust Banks Inc. now owns 2,762 shares of the medical instruments supplier’s stock valued at $547,000 after acquiring an additional 668 shares during the period. Amalgamated Bank grew its position in Waters by 10.7% during the first quarter. Amalgamated Bank now owns 11,195 shares of the medical instruments supplier’s stock valued at $2,224,000 after buying an additional 1,082 shares during the period. Summit Trail Advisors LLC grew its position in Waters by 68,148.5% during the first quarter. Summit Trail Advisors LLC now owns 113,975 shares of the medical instruments supplier’s stock valued at $114,000 after buying an additional 113,808 shares during the period. Cypress Capital Group grew its position in Waters by 20.7% during the first quarter. Cypress Capital Group now owns 4,158 shares of the medical instruments supplier’s stock valued at $826,000 after buying an additional 712 shares during the period. Finally, Xact Kapitalforvaltning AB lifted its holdings in Waters by 7.8% during the first quarter. Xact Kapitalforvaltning AB now owns 9,092 shares of the medical instruments supplier’s stock valued at $1,806,000 after purchasing an additional 655 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director Joann A. Reed sold 2,090 shares of the company’s stock in a transaction that occurred on Tuesday, May 22nd. The stock was sold at an average price of $195.77, for a total transaction of $409,159.30. Following the completion of the sale, the director now owns 17,932 shares in the company, valued at $3,510,547.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael F. Silveira sold 3,521 shares of the company’s stock in a transaction on Thursday, May 17th. The shares were sold at an average price of $190.77, for a total value of $671,701.17. Following the completion of the sale, the vice president now directly owns 4,470 shares in the company, valued at approximately $852,741.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,689 shares of company stock valued at $7,130,365. 0.98% of the stock is owned by company insiders.

WAT has been the topic of several research analyst reports. Zacks Investment Research downgraded shares of Waters from a “buy” rating to a “hold” rating in a report on Tuesday, March 20th. ValuEngine raised shares of Waters from a “hold” rating to a “buy” rating in a research note on Monday, March 19th. Morgan Stanley cut their price objective on shares of Waters from $237.00 to $218.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 11th. Cleveland Research cut shares of Waters from a “neutral” rating to an “underperform” rating in a report on Thursday, June 14th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $200.00 price objective on shares of Waters in a research note on Wednesday, April 25th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $207.31.

Shares of NYSE:WAT opened at $193.59 on Friday. The stock has a market cap of $15.18 billion, a P/E ratio of 25.85, a price-to-earnings-growth ratio of 2.26 and a beta of 0.94. The company has a debt-to-equity ratio of 0.59, a current ratio of 6.44 and a quick ratio of 5.87. Waters Co. has a 12-month low of $171.32 and a 12-month high of $220.20.

Waters (NYSE:WAT) last released its earnings results on Tuesday, April 24th. The medical instruments supplier reported $1.59 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.04. Waters had a return on equity of 25.80% and a net margin of 1.14%. The company had revenue of $530.70 million during the quarter, compared to the consensus estimate of $534.17 million. During the same period in the previous year, the company posted $1.46 EPS. Waters’s revenue was up 6.6% compared to the same quarter last year. sell-side analysts forecast that Waters Co. will post 8.21 EPS for the current year.

Waters declared that its board has authorized a stock buyback program on Tuesday, April 24th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the medical instruments supplier to purchase up to 18.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Waters Profile

Waters Corporation, a specialty measurement company, provides analytical workflow solutions in the United States, Europe, Asia, and internationally. It designs, manufactures, sells, and services high and ultra performance liquid chromatography technology, as well as mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products, and post-warranty service plans.

Institutional Ownership by Quarter for Waters (NYSE:WAT)

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