Revvity (NYSE:RVTY) Cut to Market Perform at Sanford C. Bernstein

Sanford C. Bernstein lowered shares of Revvity (NYSE:RVTY) from an outperform rating to a market perform rating in a report issued on Friday morning, Marketbeat Ratings reports. Sanford C. Bernstein currently has $130.00 price objective on the stock.

Several other research firms have also commented on RVTY. TD Cowen lifted their price target on shares of Revvity from $141.00 to $144.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Raymond James lifted their target price on Revvity from $144.00 to $146.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Bank of America upgraded Revvity from a “neutral” rating to a “buy” rating and set a $138.00 price target on the stock in a research report on Friday, December 13th. Barclays reduced their price objective on Revvity from $140.00 to $135.00 and set an “overweight” rating for the company in a research report on Monday, November 25th. Finally, Leerink Partners upped their price objective on Revvity from $130.00 to $135.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Revvity has an average rating of “Moderate Buy” and an average price target of $131.93.

Revvity Trading Down 2.2 %

Shares of NYSE RVTY opened at $113.86 on Friday. The stock’s 50 day moving average price is $115.38 and its two-hundred day moving average price is $116.91. Revvity has a 52-week low of $97.32 and a 52-week high of $129.50. The stock has a market capitalization of $13.86 billion, a P/E ratio of 55.00, a PEG ratio of 3.56 and a beta of 1.03. The company has a quick ratio of 2.97, a current ratio of 3.56 and a debt-to-equity ratio of 0.40.

Revvity (NYSE:RVTY) last posted 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. Revvity had a return on equity of 7.42% and a net margin of 9.34%. The business had revenue of $684.10 million for the quarter, compared to analyst estimates of $679.66 million. During the same period in the prior year, the company posted $1.18 EPS. The business’s revenue was up 2.1% compared to the same quarter last year. On average, analysts anticipate that Revvity will post 4.85 earnings per share for the current fiscal year.

Revvity Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 17th will be paid a dividend of $0.07 per share. The ex-dividend date is Friday, January 17th. This represents a $0.28 annualized dividend and a yield of 0.25%. Revvity’s payout ratio is 13.53%.

Revvity announced that its Board of Directors has authorized a share repurchase program on Monday, November 4th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, insider Tajinder S. Vohra sold 5,492 shares of the company’s 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 sale, the insider now owns 19,652 shares in the company, valued at $2,295,550.12. This represents a 21.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Revvity

Hedge funds and other institutional investors have recently bought and sold shares of the business. Janus Henderson Group PLC boosted its position in shares of Revvity by 1.7% during the 3rd quarter. Janus Henderson Group PLC now owns 6,335,302 shares of the company’s stock valued at $809,332,000 after purchasing an additional 108,401 shares in the last quarter. State Street Corp lifted its stake in Revvity by 0.3% during the third quarter. State Street Corp now owns 5,180,169 shares of the company’s stock valued at $661,767,000 after purchasing an additional 17,832 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Revvity by 0.9% during the third quarter. Geode Capital Management LLC now owns 2,863,793 shares of the company’s stock worth $364,569,000 after buying an additional 25,078 shares in the last quarter. EdgePoint Investment Group Inc. grew its position in Revvity by 34.6% in the third quarter. EdgePoint Investment Group Inc. now owns 2,685,775 shares of the company’s stock worth $343,108,000 after buying an additional 690,534 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Revvity by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,149,122 shares of the company’s stock valued at $120,506,000 after buying an additional 57,656 shares in the last quarter. 86.65% of the stock is currently owned by institutional investors.

Revvity Company Profile

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.