First Eagle Investment Management significantly increased its stake in Waters Corp by nearly 70% during the second quarter of 2026, boosting its holding to 2.67 million shares valued at $1 billion. This disclosure, made in a delayed 13F filing from August 24, reflects trades made between March 31 and June 30.
The move came as Waters Corp was digesting its major acquisition of BD's Biosciences and Diagnostic Solutions business. The acquisition more than doubled Waters' revenue in the second quarter but also resulted in a GAAP net loss due to accounting charges. Despite the reported loss, the company's organic revenue showed strong growth, and it raised its full-year financial guidance.