West Pharmaceutical Services (NYSE:WST) Sets New 1-Year High – Here’s Why

Shares of West Pharmaceutical Services, Inc. (NYSE:WST) hit a new 52-week high during trading on Wednesday. The stock traded as high as $402.50 and last traded at $399.7950, with a volume of 57,498 shares. The stock had previously closed at $398.29.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on WST. Citigroup raised their price objective on West Pharmaceutical Services from $400.00 to $412.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Barclays boosted their target price on West Pharmaceutical Services from $400.00 to $440.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. KeyCorp increased their price target on West Pharmaceutical Services from $350.00 to $390.00 and gave the company an “overweight” rating in a research note on Thursday, July 2nd. UBS Group lifted their price objective on West Pharmaceutical Services from $340.00 to $415.00 and gave the stock a “buy” rating in a research note on Wednesday, September 9th. Finally, TD Cowen lifted their price objective on West Pharmaceutical Services from $410.00 to $420.00 and gave the stock a “buy” rating in a research note on Tuesday, October 13th. Twelve analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $391.17.

West Pharmaceutical Services Trading Up 0.5%

The firm’s 50-day moving average price is $364.15 and its 200-day moving average price is $311.15. The stock has a market capitalization of $28.16 billion, a PE ratio of 51.22 and a beta of 1.13.

West Pharmaceutical Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 18th. Shareholders of record on Wednesday, November 11th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.3%. This is a boost from West Pharmaceutical Services’s previous quarterly dividend of $0.22. The ex-dividend date is Tuesday, November 10th. West Pharmaceutical Services’s dividend payout ratio (DPR) is currently 13.32%.

Insider Activity

In related news, VP Annette Favorite sold 2,524 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $365.00, for a total transaction of $921,260.00. Following the sale, the vice president owned 21,818 shares in the company, valued at approximately $7,963,570. This represents a 10.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 15,659 shares of company stock valued at $5,443,749. 0.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in West Pharmaceutical Services during the second quarter valued at $2,387,990,000. State Street Corp lifted its holdings in shares of West Pharmaceutical Services by 1.7% in the 2nd quarter. State Street Corp now owns 3,348,698 shares of the medical instruments supplier’s stock worth $1,202,183,000 after acquiring an additional 54,920 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of West Pharmaceutical Services during the 2nd quarter worth about $733,733,000. Generation Investment Management LLP purchased a new position in shares of West Pharmaceutical Services during the 2nd quarter worth about $728,168,000. Finally, Findlay Park Partners LLP purchased a new position in shares of West Pharmaceutical Services during the second quarter valued at approximately $214,196,000. 93.90% of the stock is owned by hedge funds and other institutional investors.

West Pharmaceutical Services Company Profile

West Pharmaceutical Services, Inc develops and manufactures components and delivery systems used in the administration and packaging of injectable medicines and other healthcare products. Its offerings include elastomer closures, seals, syringe components, drug-delivery systems, and other specialized packaging components designed to support the safety, quality, and performance of pharmaceutical products.

The company also provides contract-manufacturing services for pharmaceutical, biotechnology, and medical-device customers.