The Manufacturers Life Insurance Company Purchases 27,825 Shares of Revvity, Inc. (NYSE:RVTY)

The Manufacturers Life Insurance Company raised its holdings in shares of Revvity, Inc. (NYSE:RVTY) by 5.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 579,705 shares of the company’s stock after acquiring an additional 27,825 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.48% of Revvity worth $74,057,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Rothschild Investment LLC bought a new stake in Revvity during the 2nd quarter valued at approximately $25,000. Gladius Capital Management LP purchased a new position in shares of Revvity in the third quarter worth $32,000. EverSource Wealth Advisors LLC boosted its position in shares of Revvity by 74.2% during the second quarter. EverSource Wealth Advisors LLC now owns 392 shares of the company’s stock worth $41,000 after acquiring an additional 167 shares during the last quarter. Family Firm Inc. purchased a new position in Revvity during the second quarter valued at $43,000. Finally, Fairfield Financial Advisors LTD bought a new stake in Revvity in the 2nd quarter valued at $43,000. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RVTY. Leerink Partners raised their price objective on Revvity from $130.00 to $135.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Raymond James raised their target price on shares of Revvity from $144.00 to $146.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Barclays reduced their price objective on Revvity from $140.00 to $135.00 and set an “overweight” rating on the stock in a research note on Monday. Robert W. Baird increased their target price on shares of Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Finally, Sanford C. Bernstein dropped their price target on shares of Revvity from $150.00 to $145.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Seven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Revvity presently has an average rating of “Moderate Buy” and a consensus price target of $131.73.

Insiders Place Their Bets

In other Revvity news, insider Tajinder S. Vohra sold 2,154 shares of the company’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $121.73, for a total transaction of $262,206.42. Following the completion of the sale, the insider now owns 19,652 shares in the company, valued at $2,392,237.96. This represents a 9.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.60% of the stock is owned by company insiders.

Revvity Stock Performance

Shares of NYSE:RVTY opened at $116.23 on Thursday. 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 firm has a market cap of $14.15 billion, a PE ratio of 56.15, a price-to-earnings-growth ratio of 2.86 and a beta of 1.05. The firm’s 50 day simple moving average is $120.05 and its 200-day simple moving average is $115.89. Revvity, Inc. has a one year low of $86.30 and a one year high of $129.50.

Revvity (NYSE:RVTY) last issued its earnings results on Monday, November 4th. The company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $679.66 million. During the same period in the previous year, the company posted $1.18 EPS. Revvity’s revenue was up 2.1% on a year-over-year basis. As a group, equities analysts predict that Revvity, Inc. will post 4.85 EPS for the current year.

Revvity Announces Dividend

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

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

Revvity 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.