Danaher (DHR) completes the offering of common and convertible preferred shares. It intends on using the funds raised to pay for its corporate needs.
By Geoffrey Smith
Danaher Corporation (NYSE:DHR) ("Danaher") announced today that it has commenced concurrent offerings of $1.25 billion of shares of common stock and $1.25 billion of shares of Series B Mandatory Convertible Preferred Stock, subject to market and other conditions (the offerings). Danaher expects to grant the underwriters separate 30-day options to purchase up to an additional $187.5 million of shares of common stock, and up to an additional $187.5 million of shares of mandatory convertible preferred stock.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Danaher Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Health-care stocks that were popular in ESG funds tended to score better on ESG issues than other stocks in the sector in conventional funds, according to a study.
Shares of Danaher Corp. dropped 2.4% in premarket trading Thursday, after the medical and industrial products company said it launched offerings of $2.5 billion in equity securities. The offerings include $1.25 billion in shares of common stock and $1.25 billion in convertible preferred stock. The company expects to use the proceeds for general corporate purposes. Danaher's market capitalization was $114.28 billion as of Wednesday's stock closing price of $163.98. The stock, which closed at a record $169.51 on April 27, has gained 6.8% year to date through Wednesday, while the SPDR Health Care Select Sector ETF , of which Danaher is a component, has slipped 2.9% and the S&P 500 has declined 11.8%.
Danaher (DHR) delivered earnings and revenue surprises of 5.00% and -0.16%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Q1 2020 Danaher Corp Earnings Call
Danaher's (DHR) Q1 results reflect healthy growth in organic sales and the impacts of forex woes. Core sales in Q2 are expected to reflect the pandemic woes and gains from Cytiva.
Danaher Corporation (NYSE:DHR) ("Danaher") announced today that it has priced concurrent offerings of 9,509,203 shares of common stock at a price to the public of $163.00 per share and 1,550,000 shares of 5.00% Series B Mandatory Convertible Preferred Stock at a price to the public of $1,000 per share (the offerings). The underwriters have separate 30-day options to purchase up to an additional 1,426,379 shares of common stock, and up to an additional 167,500 shares of mandatory convertible preferred stock. The offerings are scheduled to be completed on May 12, 2020, subject to customary closing conditions.
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At this time, I would like to welcome everyone to Danaher Corporation's First Quarter 2020 Earnings Conference Call. With us today are Tom Joyce, our President and Chief Executive Officer; and Matt McGrew, our Executive Vice President and Chief Financial Officer.
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Danaher Corporation (NYSE: DHR) ("Danaher") announced today that it has closed concurrent offerings of 9,509,203 shares of common stock at a price to the public of $163.00 per share and 1,717,500 shares of 5.00% Series B Mandatory Convertible Preferred Stock at a price to the public of $1,000 per share (the "offerings"). These offerings were made by means of separate prospectus supplements and were not contingent on each other. The shares of Series B Mandatory Convertible Preferred Stock sold include 167,500 shares issued pursuant to the exercise in full of the separate option granted to the underwriters in the Series B Mandatory Convertible Preferred Stock offering to purchase additional shares. The option granted to the underwriters to purchase an additional 1,426,379 shares of common stock in the common stock offering was exercised in full on May 12, 2020 and is anticipated to close on or about May 14, 2020.
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Danaher Corporation (NYSE: DHR) ("Danaher" or "the Company") today announced that Executive Vice President, Rainer M. Blair, will succeed Thomas P. Joyce Jr. as President and Chief Executive Officer and as a member of the Company's Board of Directors, upon Mr. Joyce's retirement from these positions on September 1, 2020. Mr. Joyce will continue as a senior advisor at Danaher through February 28, 2021.
The life sciences and diagnostics company is likely to see increased demand for its solutions after the COVID-19 pandemic has been contained.
Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors' consensus returns have been exceptional. In the following paragraphs, we find out […]