3. Agilent Technologies, Inc. (NYSE:A)
Number of Hedge Fund Holders: 41
Agilent Technologies, Inc. (NYSE:A) was incorporated in 1999 and is headquartered in Santa Clara, California. The company provides application-focused solutions to the life sciences, diagnostics, and applied chemical markets worldwide. The Diagnostics and Genomics segment offers arrays for DNA mutation detection, genotyping, gene copy number determination, identification of gene rearrangements, DNA methylation profiling, gene expression profiling, next generation sequencing, target enrichment, and genetic data management. Agilent Technologies, Inc. (NYSE:A) is one of the best gene editing stocks to monitor.
On September 21, Agilent Technologies, Inc. (NYSE:A) declared a $0.21 per share quarterly dividend, in line with previous. The dividend is payable on October 26, to shareholders of record on October 4. The forward yield was 0.66%.
Credit Suisse analyst Dan Leonard on August 24 initiated coverage of Agilent Technologies, Inc. (NYSE:A) with an Outperform rating and a $165 price target. The analyst believes that the Street “underappreciates its ability to grow toward the top end of the industry in multiple macro environments”. The analyst believes a premium multiple to its peers is appropriate for Agilent Technologies, Inc. (NYSE:A) due to its quick growth prospects.
According to Insider Monkey’s Q2 data, 41 hedge funds were bullish on Agilent Technologies, Inc. (NYSE:A), compared to 43 funds in the earlier quarter. Ian Simm’s Impax Asset Management is the biggest stakeholder of the company, with 4.16 million shares worth $495 million.
Here is what Pershing Square Holdings has to say about Agilent Technologies, Inc. (NYSE:A) in its Q2 2021 investor letter:
“Our large commitment to UMG required that we raise cash from the sale of one of our other investments. In light of the high quality of companies in our portfolio, this was a difficult decision to make. Ultimately, we chose to sell Agilent, as its current share price approached our conservative estimate of intrinsic value. If we did not need the capital, we would not have sold the stock.
Agilent has been a highly successful investment since our original purchase nearly two years ago, compounded by our additional investment in the company in the Covid market decline last year. Agilent’s stock price has increased 2.2 times since our initial purchase as a result of the company’s acceleration in revenue growth and profitability. Agilent has been a critical supplier of technology and services to labs around the world fighting the Covid pandemic. The company’s management team led by Mike McMullen deserves enormous credit for the company’s success and for its important contribution to science and the fight against Covid for which we all should be extremely grateful.”
