|Bid||143.91 x 800|
|Ask||146.46 x 800|
|Day's Range||145.83 - 147.33|
|52 Week Range||94.59 - 147.33|
|Beta (3Y Monthly)||0.84|
|PE Ratio (TTM)||42.89|
|Earnings Date||Oct 16, 2019 - Oct 21, 2019|
|Forward Dividend & Yield||0.68 (0.47%)|
|1y Target Est||154.50|
BREA, Calif. , Sept. 20, 2019 /PRNewswire/ -- Envista Holdings Corporation, a subsidiary of Danaher Corporation (NYSE: DHR), today announced the closing of its previously announced initial public offering ...
(Bloomberg) -- Envista Holdings Corp., a dental products maker, rose as much as 31% after raising $589 million in its U.S. initial public offering.The dental business of medical and industrial equipment manufacturer Danaher Corp. sold 26.8 million shares for $22 apiece on Tuesday, within the marketed range of $21 to $24. The shares closed up 27% to $27.95 Wednesday in New York trading, giving the company a market value of $4.3 billion.Envista is going public as a year of high-profile IPOs are yielding mixed results after a summer lull. Software provider Cloudflare Inc. raised $525 million last week, exceeding its target, and its shares have risen 31% since then.SmileDirectClub Inc., the online orthodontic supply company that priced its $1.35 billion IPO above its marketed range last week, has fallen 15% below its $23 a share offer price.We Co., the parent company of WeWork, had intended to price its IPO this month, people familiar with the matter had said. Stung by declining valuation expectations and investor doubts about its corporate governance, the office-sharing company said Monday in a statement that it expects to complete its listing by the end of the year.Envista, based in Brea, California, will use the IPO proceeds to pay Danaher for the dental business. Danaher retains about 83% of the total voting power of the company, the filings shows.The offering was led by JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley. Envista is trading on the New York Stock Exchange under the symbol NVST.(Updates with closing share price in second paragraph)To contact the reporter on this story: Crystal Tse in New York at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, Michael Hytha, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Envista Holdings (NYSE: NVST ) made its public debut Wednesday morning, opening at $25.65 after being priced at $22 per share. The company's shares are listed on the NYSE under the ticker symbol "NVST." ...
The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "NVST." The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be $588,896,000, excluding any exercise of the underwriters' option to purchase additional shares. The offering is expected to close on September 20, 2019, subject to customary closing conditions. Envista has granted the underwriters a 30-day option to purchase up to 4,015,200 additional shares of common stock at the initial price to the public, less underwriting discounts and commissions.
California-based Envista has filed to offer 26.768 million shares of its common stock in an IPO, according to the S-1/A registration statement. The company expects to price the offering in the range of $21-$24.
3M's (MMM) 3M M*Modal CDI Engage One offers real-time clinical insight to clinical documentation improvement specialists, clinicians and coding teams.
Does the September share price for Danaher Corporation (NYSE:DHR) reflect what it's really worth? Today, we will...
(Bloomberg Opinion) -- It’s been a busy week for General Electric Co. On Tuesday, the company announced it would sell another chunk of its stake in its Baker Hughes oil and gas venture, ultimately raising about $3 billion. Two day later, it said it would buy back up to $5 billion of bonds. This activity gave CEO Larry Culp something concrete to point to on Thursday when he took the podium at a Morgan Stanley conference to update analysts and investors on the industrial conglomerate’s turnaround progress. “We’re doing what we said we would do," Culp said. That means "tending to the balance sheet, making sure that we’re strengthening our overall financial position, and making sure that we’re in a position to run the businesses better."GE’s efforts to reduce its bloated debt load are a positive; that’s what it’s supposed to be doing. Culp’s ability and willingness to be proactive is undoubtedly an improvement over former CEO John Flannery’s long stretches of paralysis. But the timing of this flurry of deleveraging steps strikes me as slightly curious.Most companies wouldn’t go around buying back bonds when rates are so low; they would swap them out for new bonds at better terms. GE, however, has pledged not to add any new debt through 2021, and appears to be trying to signal its liquidity is such that it doesn’t need to. Yet Culp has also talked about running the company with a higher cash balance in order to reduce its reliance on commercial paper. And the $21.4 billion divestiture of GE’s biopharmaceutical business to Danaher Corp. – the linchpin in Culp’s debt reduction plan – hasn’t closed yet.Perhaps the Baker Hughes stake sale and the bond buyback were planned well in advance; perhaps GE is just being opportunistic and taking advantage of recent trading conditions. I can’t help but notice, though, that GE’s actions this week appeared to hit at the heart of criticisms made by Bernie Madoff whistle-blower Harry Markopolos last month in a lengthy, explosive report.Markopolos has an agreement with an undisclosed hedge fund that will give him a share of the profits from bets that GE shares will decline. GE has called his allegations “meritless.” His report claimed GE needed to immediately funnel $18.5 billion in cash into its troubled long-term care insurance business and accused the company of avoiding a writedown on its Baker Hughes stake. One way to read the debt buyback is that GE must not be too worried about a fresh cash shortfall at the insurance unit if it’s willing to plop down $5 billion to repurchase bonds on a voluntary basis. And GE’s stake sale this week will bring its holdings in Baker Hughes below 50%, which will prompt a charge that could be in the ballpark of $8 billion to $9 billion but also allow management to put one more inevitable writedown behind them.(1)There were a number of flaws in the Markopolos report, not least his liberal use of hyperbole, but it struck a nerve with investors who were already wary of more negative surprises at GE and the opaqueness of its underlying financials. Whether or not there’s any truth to his allegations, being on the hot seat like that appears to have shaken GE executives as well.What’s most telling is the one Markopolos criticism that GE hasn’t yet moved to address, and that is the lack of detailed transparency in its financial statements and the seeming differences in its aviation unit’s accounting relative to engine partner Safran SA. Culp missed an opportunity when he became CEO to move away from GE’s historical tendency to rely on a myriad of adjustments and a micromanaging of Wall Street expectations to bolster the appearance of the company’s results. This week’s actions and Culp’s presentation were in a way a reminder that of all of Markopolos’s claims, questionable as the others may be, that one has the potential to stick.Otherwise, the key takeaways from Culp’s Thursday presentation were that he expects the drop in interest rates to result in a “somewhere south” of $1.5 billion hit to its GAAP reserve assumptions for the long-term care insurance business, before accounting for any other adjustments as part of a third-quarter test. GE's projected pension benefit obligations, meanwhile, will also increase because of the drop in interest rates. Offsetting that is an improvement in returns, but GE is still looking at an impact in the $7 billion range, Culp said. Neither of those figures are disastrous, but serve as a reminder that it’s not just regular old debt that’s looming over GE. There are many other demands on its cash.Culp gave no update to GE’s expectation for roughly zero dollars in industrial free cash flow this year. Interestingly, he did allude to the idea that the company’s forecasts for 25 to 30 gigawatts of gas turbine demand this year may prove overly dire; still, I remain skeptical of GE’s ability to drive a huge surge in free cash flow at the power unit over the next few years. Other challenges at the company include persistent questions about the true underlying free cash flow of the aviation unit, the loss of cash-flow contributions from divested assets and the need to backstop its huge underfunded pension balance with more cash. Culp didn't rule out additional contributions to the pension over the next few years.Progress on the debt reduction front is good, but without a significant increase in free cash flow, it will be a while before GE can shift investors’ focus elsewhere. (1) GE said in July that deconsolidating Baker Hughes's results from its own would prompt a $7.4 billion writedown, based on the company's stock price at the time of $24.84. This week, it said every $1 change in Baker Hughes's stock price would increase or decrease that number by about $500 million. GE's share offering was priced at $21.50 and the stock was trading on Thursday for about $22.50.To contact the author of this story: Brooke Sutherland at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Larry Culp has been CEO of General Electric (NYSE:GE) for a year now and has made impressive strides against one of its biggest problems: the huge debts incurred by predecessor Jeff Immelt.Source: Jonathan Weiss / Shutterstock.com Long-term debt was down to $90 billion in June, and Culp has set plans to reduce it by about $30 billion more. These plans include the sale of GE Healthcare's biopharma unit to Danaher (NYSE:DHR) and a slow exit from Baker Hughes (NYSE:BHGE).But some of the biggest overhangs from the Immelt era, like GE Power, remain. So does one from the era of Jack Welch -- the reinsurance of long-term care policies highlighted by whistleblower Harry Markopolos.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Where's the Beef?What's worse is that the asset sales leave GE with few avenues to growth -- and these growth avenues are why investors buy stocks.GE reported a small loss of 1 cent per share for the June quarter. Its $28.8 billion of revenue was down over $1 billion from the previous June. Losing the biopharma unit and, eventually, taking Baker Hughes' revenue off the balance sheet, will reduce revenue further. * 10 Battered Tech Stocks to Buy Now Culp seems to be two-thirds of the way to a turnaround. He has stopped the bleeding and created a new, more transparent corporate culture. Growth is the next step.In December 2018, GE filed to spinoff its most promising growth avenue, GE Healthcare, through a mid-2019 IPO. But Culp hasn't talked about it in months. In February, Culp told CNBC that a 2019 IPO looks "unlikely." Many investors are waiting for an update.GE Healthcare accounts for one-sixth of the company's sales and nearly half its profit during good times. It seems to be the perfect platform on which Culp could work the magic he worked at Danaher. There he bought smaller healthcare companies, built their value and sold judiciously.GE Aviation, the other big profit driver, faces a $400 million per quarter hit to cash flow from the Boeing 737-MAX scandal. But the unit continues to perform, generating military contracts even as foreign nationals get hauled into court for stealing GE's trade secrets. Analysts are Pounding the Table for GE StockDespite a lack of growth catalysts, analysts keep pounding the table for GE stock. A Citi analyst has a "buy" rating on the stock. Others have dismissed Markopolos' charges, which I detailed in July, as overwrought.The argument is that with less debt and business prospects improving, the company is trading at barely two-thirds its sales.Any kind of profit would thus be a catalyst for the shares, initially as a defensive play but later, based on Culp's acquisition wizardry. This is especially true if, as some analysts now believe, it has enough reserves to handle the long-term care losses. The Bottom Line on General Electric StockIt's hard for me to buy the optimism yet, but there's an argument to be made.I think analysts still underestimate the damage Welch's long-term care time bomb could do. Given the high cost of nursing care, and the average age of those insured, this will remain a problem for years to come.But by the end of this year Culp may have cut GE's debt nearly in half through asset sales. If GE Power really is on a "positive trajectory," as one analyst recently claimed, it would take care of the last big downside risk.The question then becomes how Culp can create growth. The June quarter showed GE with over $71 billion in cash and short-term investments on its books. Some of that is committed to the remains of GE Capital, which Immelt used as a cash cow to build his power and energy conglomerate.But there may be enough there for Culp to shop for a healthcare acquisition. If he makes one, the stock will rise.Dana Blankenhorn is a financial and technology journalist. He is the author of the mystery thriller, The Reluctant Detective Finds Her Family, available at the Amazon Kindle store. Write him at email@example.com or follow him on Twitter at @danablankenhorn. As of this writing he owned no shares in companies mentioned in this article. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Battered Tech Stocks to Buy Now * 7 Strong-Buy Stocks Hedge Funds Are Buying Now * The 7 Best Penny Stocks to Buy The post Can General Electric Stock Move Past Immelt and Welch's Sins? appeared first on InvestorPlace.
Zhejiang Satellite uses Honeywell's (HON) C3 Oleflex technology for the production of polymer-grade propylene at its facility in China.
General Electric's (GE) offering of Baker Hughes' shares to the public and Baker Hughes' decision to buy back own shares will likely raise roughly $3 billion. Funds will help in reducing debts.
General Electric's (GE) offering of Baker Hughes' shares to the public and Baker Hughes' decision to buy back own shares comply with the restructuring plans announced in June 2018.
Danaher (DHR) has been upgraded to a Zacks Rank 2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
General Electric (NYSE:GE) finally looked to be out of the woods. GE stock bounced nicely earlier this year, and the company appeared to be turning things around. But a short seller has put GE stock back in the center of controversy once again. Harry Markopolos, famous for helping expose Bernie Madoff down, has sought out his next big target: General Electric.Source: testing / Shutterstock.com Markopolos dropped a 175-page report alleging all sorts of fraud and misrepresentations at GE. As a result, traders immediately dumped GE stock, though it quickly recovered much of its losses. Various analysts, including other short sellers, pointed out errors and hasty thinking in Markopolos' report. Still, many traders are operating under the thinking that where there's smoke there may be fire. GE stock has yet to reclaim the $10 per share mark following Markopolos' negative analysis of the firm. * 7 Best Stocks That Crushed It This Earnings Season Reasons For SkepticismAs InvestorPlace's James Brumley noted, there are many reasons to question the Markopolos report. For one, various folks ranging from bank analysts to fellow short sellers and even an ex-SEC chairman have suggested there were "suspicious" things about his work. Bronte Capital's fund manager John Hempton slammed the report as "utterly misleading" and "flat-out silly".InvestorPlace - Stock Market News, Stock Advice & Trading TipsWhile Markopolos deservedly earned his reputation with the Bernie Madoff investigation, it's far different going after a public company. It's one thing to expose a total ponzi scheme. But with GE, Markopolos is going after nuanced accounting things such as assumptions on long-term insurance policies where accountants can disagree.Look at something like Brighthouse Financial (NYSE:BHF) where the famed David Einhorn is long, short sellers are on the other side, and they are having a healthy debate around the value of its long-term insurance policies.Markopolos, by contrast, is running around screaming fraud while discussing complicated details.Why is Markopolos taking such a direct approach? He seems to be going for a financial reward. Markopolos is angling to earn money from an SEC whistleblower program along with working with a hedge fund that profits if the GE stock price goes down. These reasons would give Markopolos motivation to play up the incendiary language in his allegations. There Are Valid ConcernsWhile I'm skeptical about the Markopolos report and its intentions, there are some points the bears have latched onto that are worthy of further consideration. For example, GE has negative working capital -- and a lot of it. The figure pencils out around $10 to $20 billion depending on what all you count.What's this mean? General Electric owes more in short-term liabilities than it has in short-term assets. This can be a good thing. For example, think of a subscription business, where people pay you before you deliver a service to them. In the case of an industrial firm like GE, however, a large negative working capital position could mean the company is in weaker financial position than you'd think from a quick glance at its credit rating.In addition to the negative working capital point, analysts concede that Markopolos has some valid concerns on other things such as valuation marks on some divisions and how the value of long-term insurance contracts are calculated. But there's little evidence of anything close to outright fraud. It's Dangerous to Bet Against Larry CulpOne of the weirder things about calling GE a massive fraud is its management team. General Electric already cleaned the deck of its old team and brought in Larry Culp. For those unfamiliar, Culp was the longtime head of industrial powerhouse Danaher (NYSE:DHR). During Culp's tenure, Danaher stock appreciated roughly 500%. Culp is clearly a skilled leader, and there was no evidence of any wrongdoing in his previous highly-successful company.Once Markopolos leveled his charges against GE, Culp stepped in and bought GE stock aggressively. Culp said the allegations are baseless and defended the company with the strongest currency possible, his own money. In fact, Culp invested more in GE stock following the fraud claims than he invested in Danaher during his triumphant run at that firm. That's how much conviction Culp has that Markopolos is shooting blanks.Does a great leader guarantee that GE will succeed? Of course not. Sometimes even the greatest management teams face insurmountable challenges. And General Electric is admittedly in a pretty difficult situation. But in Culp, you have an honest and proven leader. GE Stock VerdictIf you're looking for a safe industrial stock to buy, don't pick GE. GE just announced its measly one cent quarterly dividend payment last week. That's a stark reminder of how far GE has fallen from when it was one of America's most respected blue chip holdings. If you want a safe reliable holding, something like Honeywell (NYSE:HON) or United Technologies (NYSE:UTX) is a better bet. * 10 Stocks to Sell in Market-Cursed September But if you are willing to speculate on a turnaround with a decent shot at success, GE is interesting. This Markopolos report could be a blessing in disguise, as it has aired some pointed questions about GE's accounting and offered investors a lot more transparency into the firm. As folks get more comfortable with Culp's vision for an improved General Electric, shares could rally nicely in coming quarters.At the time of this writing, Ian Bezek owned UTX and BHF stock. You can reach him on Twitter at @irbezek. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Sell in Market-Cursed September * 7 of the Worst IPO Stocks in 2019 * 7 Best Stocks That Crushed It This Earnings Season The post General Electric Is a Buy Despite the Markopolos Report appeared first on InvestorPlace.
WASHINGTON , Sept. 10, 2019 /PRNewswire/ -- Danaher Corporation (NYSE: DHR) announced today that its Board of Directors has approved a regular quarterly cash dividend of $0.17 per share of its common stock, ...
WASHINGTON , Sept. 9, 2019 /PRNewswire/ -- Danaher Corporation (NYSE: DHR) will host a live video webcast of its Water Quality Platform Investor and Analyst Meeting at Hach on September 17, 2019 beginning ...
On Oct. 1, 2018, the General Electric (NYSE:GE) stock price closed at $11.62. In the 11-plus months since then, General Electric stock has struggled, falling by 25%.Source: Jonathan Weiss / Shutterstock.com Why is Oct. 1 meaningful? It's the day that Larry Culp, the celebrated former CEO of Danaher (NYSE:DHR), was named the new CEO of General Electric. Investors loved the move: the GE stock price closed 7% higher on the news. The hope was that Culp, who had presided over significant operating improvements at one industrial conglomerate, could work his magic at another.That hope seemed to fade quickly. Amid a plunging broad market, General Electric stock kept falling. In December, it briefly dipped below its financial crisis low of $6.66, touching a 25-year low in the process. A better broad market sparked an early 2019 rally, but accusations of accounting fraud last month sent shares tumbling.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Stocks to Sell in Market-Cursed September For all the volatility and news, the irony is that not all that much seems to have changed in the last 11 months -- other than the GE stock price. Even the most bullish GE investor knew that Culp's turnaround efforts were going to take years to pay off. I've long been a GE bear, but even I have to admit: investors buying the turnaround last year should be absolutely loving General Electric stock below $9. A Busy Year for General Electric StockFrom one standpoint, GE stock looks very different now than it did last October. The company has aggressively sold assets to reduce its debt. Last month, GE Capital agreed to sell its aircraft leasing business for an estimated $4 billion to Apollo Global Management (NYSE:APO) and Athene Holding (NYSE:ATH). That follows a roughly $1 billion sale of energy investments to Apollo last year.In February, GE merged its transportation unit with Wabtec (NYSE:WAB), picking up cash in the process. It amended its agreements with Baker Hughes, a GE Company (NYSE:BHGE), and raised a few billion more in an offering of BHGE shares. Most notably, it agreed to sell its GE BioPharma business to Danaher for $21 billion.There have been concerns about the exposure of GE Aviation to the 737 MAX debacle at Boeing (NYSE:BA). As noted above, the company was accused of accounting fraud in GE Capital's long-term healthcare business. GE Power showed signs of life in the second quarter.Simply put, there has been a ton of news when it comes to General Electric stock. And yet, from another perspective, not all that much has changed. Has the Story Changed?As far as the asset sales and spin-offs go, it's not entirely clear that they created -- or destroyed -- all that much value for GE stock. General Electric obviously is giving up profit streams in exchange for near-term cash. That improves the balance sheet -- a key reason why General Electric bonds have outperformed General Electric stock - but doesn't necessarily change the total value of General Electric's business.Even the big sale to Danaher, which seemed like a logical step, wound up ending hopes for a spinoff of GE Healthcare. GE sold its Baker Hughes shares at $23; BHGE closed Friday at $23.53. The Alstom acquisition remains a weight around the neck of GE Power. The 737 MAX issues at Boeing could be good news - more spare parts sales for existing aircraft - while engine issues with that manufacturer's 777X add to the sense that Aviation truly is the hinge when it comes to GE stock.Even at GE Capital, it's not as if investors didn't know there were problems in the long-term healthcare business. The company took a $6 billion charge in January 2018 related to the unit. An analyst argued last October that reserves still weren't high enough.From a broad standpoint, this is a company still in year one of a multi-year turnaround. Power still needs to get fixed. Healthcare is a good business. Aviation likely is as well. And GE Capital seems like a black hole.None of that is news. Despite $30 billion-plus in asset sale proceeds, none of that really has changed. GE bulls bet a year ago that Culp could turn around a business that still had real value. Bears -- myself included -- argued that there simply wasn't that much underlying value anyhow. That argument still holds, and it still hasn't been resolved. A Lower GE Stock Price MattersIndeed, I argued in May of 2018 that, even in a breakup, GE stock probably was worth at most between $11 and $13. And so the price offered in October hardly seemed all that attractive.Truthfully, $9 doesn't quite, either. A ~30% decline in BHGE shares takes at least $1 off those targets. The news surrounding GE Capital, even putting the recent report aside, seems modestly worse than it appeared at that point. * 7 of the Worst IPO Stocks in 2019 But other investors can, and have, come to a different conclusion. There were investors happy to pay almost $12 for General Electric stock less than a year ago. Those who bought the stock then should see the trading of the past eleven months as an opportunity, not a problem.GE stock remains a bet that Culp can get value out of the "good" businesses -- Healthcare and Aviation -- while minimizing the damage from Capital and Power. That bet hasn't been proven right yet, of course. But bulls can at least point the fact that it hasn't been proven wrong yet, either.As of this writing, Vince Martin did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 3 Artificial Intelligence Stocks to Buy * 7 Industrial Stocks to Buy for a Strong U.S. Economy * 3 Beaten-Down Bank Stocks to Buy and Hold for the Long Term The post If You Liked General Electric Stock Before, You Should Love It Now appeared first on InvestorPlace.