Waters Corp (WAT)

• Market cap: $24B
• 1 day: -0.35%
• 5 days: 5.98%
• 1 month: 8.10%
• 3 months: 16.32%
• 6 months: 28.51%
• Year to date: 9.71%
• 1 year: 33.55%
• 5 years: 68.61%
• 10 years: 254.51%
• Sector: Industrials
• Industry: Laboratory Analytical Instruments

About: Water sells liquid chromatography, mass spectrometry, and thermal analysis tools. These analytical instruments provide essential information on various products, such as their molecular structures and physical properties, to help clients enhance the health and well-being of end users. As a percentage of sales in 2023, Waters generated 57% from biopharmaceutical customers, 31% from industrial clients, and 12% from academic/government institutions.

Employees: 7,900

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

125% more call options, than puts

Call options by funds: $59.7M | Put options by funds: $26.6M

20% more capital invested

Capital invested by funds: $16.7B [Q2] → $20.1B (+$3.38B) [Q3]

9% more first-time investments, than exits

New positions opened: 76 | Existing positions closed: 70

0% more funds holding in top 10

Funds holding in top 10: 8 [Q2] → 8 (+0) [Q3]

0% less funds holding

Funds holding: 685 [Q2] → 682 (-3) [Q3]

3% less repeat investments, than reductions

Existing positions increased: 231 | Existing positions reduced: 238

2.82% less ownership

Funds ownership: 97.27% [Q2] → 94.45% (-2.82%) [Q3]

Research analyst outlook

9 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $325 20% downside
• Avg. target: $386 5% downside
• High target: $430 6% upside

9 analyst ratings

• positive: 1 11%
• neutral: 7 78%
• negative: 1 11%

Scotiabank Sung Ji Nam 60% 1-year accuracy 12 / 20 met price target	6% upside $430	Sector Perform Initiated	23 Dec 2024
B of A Securities Derik De Bruin 68% 1-year accuracy 13 / 19 met price target	6% upside $430	Neutral Maintained	13 Dec 2024
Deutsche Bank Justin Bowers 33% 1-year accuracy 2 / 6 met price target	20% downside $325	Hold Maintained	4 Nov 2024
Bernstein Eve Burstein 57% 1-year accuracy 4 / 7 met price target	11% downside $360	Market Perform Maintained	4 Nov 2024
TD Cowen Dan Brennan 41% 1-year accuracy 12 / 29 met price target	1% upside $410	Hold Maintained	4 Nov 2024