These 5 Companies Just Increased Their Dividends By Over 10%

1. Thermo Fisher Scientific Inc. (NYSE:TMO)

Number of Hedge Fund Holders: 95

Percentage of Dividend Increase: 15%

Based in Waltham, Massachusetts, Thermo Fisher Scientific Inc. (NYSE:TMO) supplies analytical equipment and instruments, laboratory reagents, consumables, science software, and technical services. 

On February 23, Thermo Fisher Scientific Inc. (NYSE:TMO) reported a $0.30 per share quarterly dividend, a 15% increase from its earlier dividend of $0.26. The dividend will be distributed on April 14 to shareholders of record on March 16. 

Thermo Fisher Scientific Inc. (NYSE:TMO) announced exceptional Q4 results on February 2. The company posted earnings per share of $6.54, topping estimates by $1.27. Revenue for the period was $10.70 billion, surpassing the market consensus by $1.45 billion. 

Nonetheless, Wells Fargo analyst Dan Leonard lowered his price target on Thermo Fisher Scientific Inc. (NYSE:TMO) to $605 from $700 on February 3, though he did keep an ‘Equal Weight’ rating on the shares. The rating comes in the wake of strong quarterly results and high post-pandemic expectations.

According to the Q4 database of Insider Monkey, 95 hedge funds held long positions in Thermo Fisher Scientific Inc. (NYSE:TMO) on December 31, up from 94 funds three  months earlier. David Blood and Al Gore’s Generation Investment Management is a prominent shareholder of the company, with 1.20 million shares worth $803 million. 

Here is what L1 Capital had to say about Thermo Fisher Scientific Inc. (NYSE:TMO) in its Q3 2021 investor letter:

“Included in these adjustments, in early July 2021, we divested our remaining small investment in Thermo Fisher Scientific (Thermo Fisher), the world leader in the provision of equipment, consumables, and services to the Life Sciences industry. Thermo Fisher has benefited from elevated demand for its products and services associated with COVID-19 and we sold our residual investment at a gain of more than 70% compared to our average investment cost. Thermo Fisher subsequently held an Investor Day and positively surprised many people, including us, with very strong medium-term growth targets, notwithstanding a headwind from normalization of COVID-19-related business. Thermo Fisher is a high-quality business and remains on our ‘Bench’ for potential reinvestment.”

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