Revvity (NYSE:RVTY) Issues FY 2024 Earnings Guidance

Revvity (NYSE:RVTY) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 4.830-4.870 for the period, compared to the consensus estimate of 4.750. The company issued revenue guidance of $2.8 billion-$2.8 billion, compared to the consensus revenue estimate of $2.8 billion. Revvity also updated its FY24 guidance to $4.83-4.87 EPS.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RVTY. Raymond James upped their price objective on Revvity from $144.00 to $146.00 and gave the stock an “outperform” rating in a report on Tuesday. Leerink Partners upped their price target on Revvity from $130.00 to $135.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. boosted their target price on Revvity from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Sanford C. Bernstein cut their price target on shares of Revvity from $150.00 to $145.00 and set an “outperform” rating on the stock in a report on Tuesday. Finally, Barclays upgraded shares of Revvity from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $125.00 to $140.00 in a research note on Tuesday, October 15th. Seven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $132.07.

Revvity Stock Performance

NYSE:RVTY opened at $125.96 on Wednesday. The firm has a 50-day moving average of $121.53 and a two-hundred day moving average of $114.47. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.27 and a quick ratio of 1.98. The stock has a market cap of $15.54 billion, a P/E ratio of 91.28, a PEG ratio of 3.34 and a beta of 1.05. Revvity has a 1-year low of $82.17 and a 1-year high of $128.83.

Revvity (NYSE:RVTY) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.15. Revvity had a return on equity of 7.34% and a net margin of 6.26%. The firm had revenue of $684.10 million during the quarter, compared to the consensus estimate of $679.66 million. During the same quarter in the prior year, the business posted $1.18 earnings per share. Revvity’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, research analysts expect that Revvity will post 4.75 earnings per share for the current fiscal year.

Revvity Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, January 17th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date is Friday, January 17th. Revvity’s payout ratio is currently 20.29%.

Revvity declared that its board has approved a share buyback plan on Monday, November 4th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Tajinder S. Vohra sold 2,154 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $121.73, for a total value of $262,206.42. Following the sale, the insider now owns 19,652 shares in the company, valued at approximately $2,392,237.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Tajinder S. Vohra sold 2,154 shares of Revvity stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $121.73, for a total value of $262,206.42. Following the completion of the transaction, the insider now owns 19,652 shares in the company, valued at approximately $2,392,237.96. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tajinder S. Vohra sold 2,153 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $122.09, for a total value of $262,859.77. Following the sale, the insider now directly owns 23,960 shares in the company, valued at approximately $2,925,276.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.60% of the stock is owned by company insiders.

About Revvity

Revvity, Inc provides health sciences solutions, technologies, and services in the Americas, Europe, and Asia, and internationally. The Life Sciences segment provides instruments, reagents, informatics, software, subscriptions, detection, imaging technologies, warranties, training, and services. Its Diagnostics segment provides instruments, reagents, assay platforms, and software products for the early detection of genetic disorders, such as pregnancy and early childhood, as well as infectious disease testing in the diagnostics market.