Revvity (NYSE:RVTY) Releases Earnings Results, Beats Expectations By $0.15 EPS

Revvity (NYSE:RVTY) announced its quarterly earnings results on Monday. The company reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.15, Briefing.com reports. Revvity had a return on equity of 7.34% and a net margin of 6.26%. The business had revenue of $684.10 million for the quarter, compared to analysts’ expectations of $679.66 million. During the same period in the prior year, the firm earned $1.18 EPS. The business’s quarterly revenue was up 2.1% on a year-over-year basis. Revvity updated its FY 2024 guidance to 4.830-4.870 EPS and its FY24 guidance to $4.83-4.87 EPS.

Revvity Trading Down 0.2 %

Revvity stock traded down $0.25 during mid-day trading on Tuesday, hitting $124.57. The stock had a trading volume of 226,833 shares, compared to its average volume of 822,551. The company has a current ratio of 2.27, a quick ratio of 1.98 and a debt-to-equity ratio of 0.40. Revvity has a 12 month low of $82.17 and a 12 month high of $128.83. The stock has a market capitalization of $15.36 billion, a PE ratio of 90.45, a P/E/G ratio of 3.34 and a beta of 1.05. The stock has a 50-day simple moving average of $121.46 and a two-hundred day simple moving average of $114.29.

Revvity Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, January 17th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Friday, January 17th. This represents a $0.28 annualized dividend and a dividend yield of 0.22%. Revvity’s dividend payout ratio is presently 20.29%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. TD Cowen lifted their price target on Revvity from $130.00 to $141.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Wells Fargo & Company began coverage on Revvity in a report on Tuesday, August 27th. They set an “equal weight” rating and a $130.00 target price for the company. Bank of America boosted their target price on shares of Revvity from $118.00 to $127.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Leerink Partnrs raised shares of Revvity to a “strong-buy” rating in a research report on Monday, July 8th. Finally, Citigroup boosted their price target on Revvity from $135.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $129.57.

Insider Activity

In related news, insider Joel S. Goldberg sold 3,500 shares of Revvity stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $117.86, for a total transaction of $412,510.00. Following the transaction, the insider now owns 33,400 shares of the company’s stock, valued at $3,936,524. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Revvity news, insider Tajinder S. Vohra sold 2,154 shares of the business’s 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 sale, the insider now owns 19,652 shares in the company, valued at approximately $2,392,237.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Joel S. Goldberg sold 3,500 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $117.86, for a total transaction of $412,510.00. Following the transaction, the insider now owns 33,400 shares of the company’s stock, valued at $3,936,524. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,807 shares of company stock valued at $937,576. 0.60% of the stock is currently owned by insiders.

Revvity announced that its Board of Directors has authorized 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is 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.