Sumitomo Mitsui Trust Group Inc. Buys 6,814 Shares of Revvity, Inc. (NYSE:RVTY)

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Revvity, Inc. (NYSE:RVTY) by 2.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 306,537 shares of the company’s stock after purchasing an additional 6,814 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.25% of Revvity worth $34,213,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in RVTY. Gladius Capital Management LP purchased a new stake in shares of Revvity during the 3rd quarter valued at about $32,000. Continuum Advisory LLC raised its position in shares of Revvity by 2,972.7% during the 3rd quarter. Continuum Advisory LLC now owns 338 shares of the company’s stock valued at $43,000 after buying an additional 327 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of Revvity by 55.9% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company’s stock valued at $43,000 after buying an additional 138 shares in the last quarter. Avior Wealth Management LLC raised its position in shares of Revvity by 7,980.0% during the 3rd quarter. Avior Wealth Management LLC now owns 404 shares of the company’s stock valued at $52,000 after buying an additional 399 shares in the last quarter. Finally, Eastern Bank purchased a new stake in shares of Revvity during the 3rd quarter valued at about $80,000. Institutional investors own 86.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. KeyCorp upped their target price on shares of Revvity from $132.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Bank of America upgraded shares of Revvity from a “neutral” rating to a “buy” rating and set a $138.00 target price on the stock in a research report on Friday, December 13th. Barclays increased their price objective on shares of Revvity from $135.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. TD Cowen increased their price objective on shares of Revvity from $141.00 to $144.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Finally, Raymond James reissued an “outperform” rating and issued a $145.00 price objective (up from $140.00) on shares of Revvity in a research report on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $136.25.

Insider Activity

In other news, insider Joel S. Goldberg sold 15,170 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $126.73, for a total transaction of $1,922,494.10. Following the transaction, the insider now directly owns 33,400 shares in the company, valued at approximately $4,232,782. This trade represents a 31.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tajinder S. Vohra sold 5,492 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $116.81, for a total transaction of $641,520.52. Following the transaction, the insider now owns 19,652 shares in the company, valued at approximately $2,295,550.12. This represents a 21.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.

Revvity Stock Performance

Shares of NYSE:RVTY opened at $112.48 on Wednesday. The firm has a market cap of $13.69 billion, a PE ratio of 50.90, a price-to-earnings-growth ratio of 3.97 and a beta of 1.03. The firm’s 50 day simple moving average is $117.43 and its 200-day simple moving average is $119.22. Revvity, Inc. has a one year low of $97.32 and a one year high of $129.50. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.03 and a current ratio of 3.60.

Revvity (NYSE:RVTY) last issued its earnings results on Friday, January 31st. The company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.05. Revvity had a net margin of 9.81% and a return on equity of 7.68%. During the same quarter last year, the firm earned $1.25 EPS. As a group, equities analysts predict that Revvity, Inc. will post 4.94 EPS for the current year.

Revvity Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 18th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, April 17th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.25%. Revvity’s dividend payout ratio is presently 12.67%.

Revvity announced that its Board of Directors has authorized a stock buyback plan on Monday, November 4th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.