Contravisory Investment Management Inc. Acquires 65,376 Shares of Revvity, Inc. (NYSE:RVTY)

Contravisory Investment Management Inc. raised its position in shares of Revvity, Inc. (NYSE:RVTY) by 1,715.9% in the fourth quarter, Holdings Channel reports. The fund owned 69,186 shares of the company’s stock after buying an additional 65,376 shares during the quarter. Contravisory Investment Management Inc.’s holdings in Revvity were worth $7,722,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Empirical Finance LLC boosted its stake in Revvity by 2.0% during the 3rd quarter. Empirical Finance LLC now owns 4,237 shares of the company’s stock valued at $541,000 after purchasing an additional 85 shares during the period. CX Institutional lifted its holdings in shares of Revvity by 1.1% during the third quarter. CX Institutional now owns 7,984 shares of the company’s stock worth $1,020,000 after buying an additional 86 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Revvity by 2.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,214 shares of the company’s stock valued at $470,000 after acquiring an additional 100 shares during the period. Coldstream Capital Management Inc. boosted its position in shares of Revvity by 5.1% in the third quarter. Coldstream Capital Management Inc. now owns 2,247 shares of the company’s stock valued at $286,000 after acquiring an additional 110 shares during the period. Finally, NorthCrest Asset Manangement LLC grew its stake in shares of Revvity by 2.1% in the third quarter. NorthCrest Asset Manangement LLC now owns 7,398 shares of the company’s stock worth $945,000 after acquiring an additional 154 shares during the last quarter. 86.65% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RVTY. Robert W. Baird increased their price target on shares of Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Raymond James upped their price objective on shares of Revvity from $144.00 to $146.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. TD Cowen lifted their target price on Revvity from $141.00 to $144.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Leerink Partners upped their price target on Revvity from $130.00 to $135.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Finally, Sanford C. Bernstein lowered Revvity from an “outperform” rating to a “market perform” rating and set a $130.00 price objective on the stock. in a report on Friday, January 10th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $131.93.

Revvity Stock Down 1.6 %

Shares of NYSE RVTY opened at $118.84 on Thursday. Revvity, Inc. has a 52-week low of $97.32 and a 52-week high of $129.50. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.97 and a current ratio of 3.56. The business has a fifty day moving average of $115.11 and a two-hundred day moving average of $117.32. The stock has a market cap of $14.46 billion, a PE ratio of 57.41, a PEG ratio of 3.37 and a beta of 1.03.

Revvity (NYSE:RVTY) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.15. The firm had revenue of $684.10 million during the quarter, compared to the consensus estimate of $679.66 million. Revvity had a net margin of 9.34% and a return on equity of 7.42%. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the firm posted $1.18 EPS. As a group, equities research analysts expect that Revvity, Inc. will post 4.84 earnings per share for the current fiscal year.

Revvity Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, January 17th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.24%. The ex-dividend date of this dividend is Friday, January 17th. Revvity’s payout ratio is currently 13.53%.

Revvity declared that its board has initiated a share buyback plan on Monday, November 4th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to purchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Revvity

In other Revvity news, insider Tajinder S. Vohra sold 5,492 shares of Revvity stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $116.81, for a total value of $641,520.52. Following the completion of the transaction, the insider now owns 19,652 shares in the company, valued at approximately $2,295,550.12. The trade was a 21.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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.