State Board of Administration of Florida Retirement System boosted its holdings in West Pharmaceutical Services, Inc. (NYSE:WST) by 16.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 88,252 shares of the medical instruments supplier’s stock after purchasing an additional 12,609 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.12% of West Pharmaceutical Services worth $8,342,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in WST. Harfst & Associates Inc. purchased a new stake in West Pharmaceutical Services in the 1st quarter valued at $186,000. Tyers Asset Management LLC raised its position in West Pharmaceutical Services by 17.6% in the 1st quarter. Tyers Asset Management LLC now owns 2,464 shares of the medical instruments supplier’s stock valued at $201,000 after purchasing an additional 368 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in West Pharmaceutical Services by 1.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 2,569 shares of the medical instruments supplier’s stock valued at $210,000 after purchasing an additional 40 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in West Pharmaceutical Services in the 2nd quarter valued at $223,000. Finally, Koch Industries Inc. purchased a new stake in West Pharmaceutical Services in the 1st quarter valued at $225,000. Hedge funds and other institutional investors own 91.25% of the company’s stock.
Shares of West Pharmaceutical Services, Inc. (WST) traded up 4.61% during trading on Friday, reaching $95.91. 761,446 shares of the company’s stock were exchanged. The stock has a market capitalization of $7.10 billion, a PE ratio of 41.16 and a beta of 1.13. West Pharmaceutical Services, Inc. has a 52 week low of $70.17 and a 52 week high of $99.91. The company’s 50-day moving average is $87.41 and its 200 day moving average is $89.29.
West Pharmaceutical Services (NYSE:WST) last posted its quarterly earnings data on Thursday, July 27th. The medical instruments supplier reported $0.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.01. The firm had revenue of $397.60 million for the quarter, compared to the consensus estimate of $406.00 million. West Pharmaceutical Services had a return on equity of 14.02% and a net margin of 11.42%. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.59 EPS. On average, analysts forecast that West Pharmaceutical Services, Inc. will post $2.68 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Wednesday, October 18th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 0.58%. The ex-dividend date is Tuesday, October 17th. This is an increase from West Pharmaceutical Services’s previous quarterly dividend of $0.13. West Pharmaceutical Services’s payout ratio is presently 22.22%.
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A number of brokerages have commented on WST. Zacks Investment Research upgraded shares of West Pharmaceutical Services from a “hold” rating to a “buy” rating and set a $108.00 price objective for the company in a research report on Friday, June 23rd. BidaskClub downgraded shares of West Pharmaceutical Services from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Jefferies Group LLC upgraded shares of West Pharmaceutical Services from a “hold” rating to a “buy” rating and upped their price objective for the stock from $96.00 to $115.00 in a research report on Friday. Two analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. West Pharmaceutical Services presently has a consensus rating of “Hold” and a consensus price target of $98.52.
About West Pharmaceutical Services
West Pharmaceutical Services, Inc is a manufacturer of packaging components and delivery systems for injectable drugs and healthcare products. The Company’s products include vial containment solutions, prefillable systems, self-injection platforms, cartridge systems and components, reconstitution and transfer systems, intradermal delivery solutions, specialty components, and contract manufacturing and analytical services.
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