Oppenheimer Asset Management Inc. decreased its position in West Pharmaceutical Services (NYSE:WST) by 3.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,810 shares of the medical instruments supplier’s stock after selling 1,126 shares during the period. Oppenheimer Asset Management Inc.’s holdings in West Pharmaceutical Services were worth $3,074,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in WST. Bank of Montreal Can boosted its stake in West Pharmaceutical Services by 214.3% in the 4th quarter. Bank of Montreal Can now owns 8,788 shares of the medical instruments supplier’s stock worth $867,000 after purchasing an additional 5,992 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in West Pharmaceutical Services by 4.3% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 302,973 shares of the medical instruments supplier’s stock worth $29,895,000 after purchasing an additional 12,352 shares in the last quarter. State of Alaska Department of Revenue bought a new position in West Pharmaceutical Services in the 4th quarter worth about $532,000. SG Americas Securities LLC boosted its stake in West Pharmaceutical Services by 59.3% in the 4th quarter. SG Americas Securities LLC now owns 24,335 shares of the medical instruments supplier’s stock worth $2,401,000 after purchasing an additional 9,058 shares in the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD boosted its stake in West Pharmaceutical Services by 73.0% in the 4th quarter. Sumitomo Mitsui Asset Management Company LTD now owns 24,755 shares of the medical instruments supplier’s stock worth $2,442,000 after purchasing an additional 10,445 shares in the last quarter. Institutional investors own 94.48% of the company’s stock.
In other West Pharmaceutical Services news, CFO William J. Federici sold 52,000 shares of the business’s stock in a transaction dated Wednesday, May 9th. The stock was sold at an average price of $87.14, for a total value of $4,531,280.00. Following the completion of the transaction, the chief financial officer now owns 247,019 shares of the company’s stock, valued at approximately $21,525,235.66. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.90% of the stock is currently owned by insiders.
West Pharmaceutical Services (NYSE:WST) last issued its earnings results on Thursday, April 26th. The medical instruments supplier reported $0.62 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.64 by ($0.02). West Pharmaceutical Services had a return on equity of 14.40% and a net margin of 8.20%. The business had revenue of $415.70 million during the quarter, compared to analysts’ expectations of $403.87 million. During the same period last year, the firm posted $0.60 EPS. West Pharmaceutical Services’s quarterly revenue was up 7.2% compared to the same quarter last year. sell-side analysts forecast that West Pharmaceutical Services will post 2.81 earnings per share for the current year.
West Pharmaceutical Services declared that its Board of Directors has authorized a share buyback program on Thursday, February 15th that allows the company to repurchase 800,000 shares. This repurchase authorization allows the medical instruments supplier to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 1st. Shareholders of record on Wednesday, July 18th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date of this dividend is Tuesday, July 17th. West Pharmaceutical Services’s dividend payout ratio (DPR) is 20.14%.
A number of equities analysts recently issued reports on the stock. Zacks Investment Research cut shares of West Pharmaceutical Services from a “hold” rating to a “sell” rating in a research note on Saturday, May 5th. Bank of America cut shares of West Pharmaceutical Services from a “neutral” rating to an “underperform” rating and set a $85.00 price target on the stock. in a research note on Wednesday, April 25th. Finally, ValuEngine cut shares of West Pharmaceutical Services from a “hold” rating to a “sell” rating in a research note on Saturday, April 7th. Four analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $106.00.
About West Pharmaceutical Services
West Pharmaceutical Services, Inc manufactures and sells containment and delivery systems for injectable drugs and healthcare products in the United States, Germany, France, Other European countries, and internationally. The company operates through two segments, Proprietary Products and Contract-Manufactured Products.
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