Verition Fund Management LLC Acquires 59,889 Shares of Revvity, Inc. (NYSE:RVTY)

Verition Fund Management LLC raised its stake in shares of Revvity, Inc. (NYSE:RVTY) by 1,002.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 65,864 shares of the company’s stock after purchasing an additional 59,889 shares during the period. Verition Fund Management LLC owned 0.05% of Revvity worth $8,414,000 at the end of the most recent quarter.

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

Revvity Price Performance

Shares of NYSE:RVTY opened at $116.14 on Monday. The company has a current ratio of 3.56, a quick ratio of 2.97 and a debt-to-equity ratio of 0.40. The stock has a market cap of $14.13 billion, a PE ratio of 56.11, a price-to-earnings-growth ratio of 3.57 and a beta of 1.05. The stock’s fifty day simple moving average is $119.71 and its two-hundred day simple moving average is $116.09. Revvity, Inc. has a 1-year low of $87.58 and a 1-year high of $129.50.

Revvity (NYSE:RVTY) last released its quarterly 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 net margin of 9.34% and a return on equity of 7.42%. The company had revenue of $684.10 million for the quarter, compared to analyst estimates of $679.66 million. During the same period last year, the firm earned $1.18 earnings per share. The firm’s revenue was up 2.1% on a year-over-year basis. As a group, analysts forecast that Revvity, Inc. will post 4.85 EPS for the current fiscal year.

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

Revvity Dividend Announcement

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

Insider Buying and Selling

In related news, insider Tajinder S. Vohra sold 2,154 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The shares were 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 approximately $2,392,237.96. This trade represents a 9.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Raymond James upped their target price on Revvity from $144.00 to $146.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Leerink Partners increased their target price on shares of Revvity from $130.00 to $135.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Robert W. Baird upped their price objective on shares of Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Sanford C. Bernstein cut their price objective on shares of Revvity from $150.00 to $145.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. Finally, TD Cowen boosted their target price on Revvity from $141.00 to $144.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Seven equities research 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’s stock. According to data from MarketBeat.com, Revvity currently has an average rating of “Moderate Buy” and a consensus target price of $131.73.

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.