Kentucky Retirement Systems Trims Stake in Revvity, Inc. (NYSE:RVTY)

Kentucky Retirement Systems lessened its holdings in shares of Revvity, Inc. (NYSE:RVTY) by 1.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,476 shares of the company’s stock after selling 116 shares during the quarter. Kentucky Retirement Systems’ holdings in Revvity were worth $946,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in shares of Revvity by 13.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 344,115 shares of the company’s stock worth $43,961,000 after purchasing an additional 41,497 shares during the period. Contravisory Investment Management Inc. lifted its stake in shares of Revvity by 1,715.9% during the 4th quarter. Contravisory Investment Management Inc. now owns 69,186 shares of the company’s stock worth $7,722,000 after purchasing an additional 65,376 shares during the period. Bretton Capital Management LLC purchased a new position in shares of Revvity during the 3rd quarter worth $1,405,000. FMR LLC increased its holdings in shares of Revvity by 40.8% during the 3rd quarter. FMR LLC now owns 155,556 shares of the company’s stock worth $19,872,000 after buying an additional 45,040 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of Revvity by 12,674.8% during the 3rd quarter. International Assets Investment Management LLC now owns 13,669 shares of the company’s stock worth $1,746,000 after buying an additional 13,562 shares during the last quarter. Hedge funds and other institutional investors own 86.65% of the company’s stock.

Revvity Stock Up 1.0 %

Shares of NYSE RVTY opened at $114.95 on Tuesday. Revvity, Inc. has a 12-month low of $97.32 and a 12-month high of $129.50. The company has a market cap of $13.99 billion, a P/E ratio of 52.01, a P/E/G ratio of 3.82 and a beta of 1.03. The company has a current ratio of 3.60, a quick ratio of 3.03 and a debt-to-equity ratio of 0.41. The stock has a fifty day moving average price of $116.76 and a 200 day moving average price of $118.64.

Revvity (NYSE:RVTY) last announced its earnings results on Friday, January 31st. The company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.05. Revvity had a return on equity of 7.68% and a net margin of 9.81%. During the same quarter in the prior year, the firm earned $1.25 earnings per share. Research analysts anticipate that Revvity, Inc. will post 4.94 EPS for the current fiscal year.

Revvity declared that its Board of Directors has approved a stock repurchase program on Monday, November 4th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Revvity Announces Dividend

The firm also recently announced 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 annualized dividend and a dividend yield of 0.24%. Revvity’s dividend payout ratio is presently 12.67%.

Insider Activity

In other news, insider Tajinder S. Vohra sold 5,492 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $116.81, for a total transaction of $641,520.52. Following the completion of the sale, the insider now directly owns 19,652 shares in the company, valued at $2,295,550.12. This trade represents a 21.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joel S. Goldberg sold 15,170 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $126.73, for a total value of $1,922,494.10. Following the sale, the insider now owns 33,400 shares of the company’s stock, valued at $4,232,782. This represents a 31.23 % 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.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Sanford C. Bernstein downgraded Revvity from an “outperform” rating to a “market perform” rating and set a $130.00 price objective for the company. in a report on Friday, January 10th. TD Cowen upped their price objective on Revvity from $141.00 to $144.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. KeyCorp upped their price objective on Revvity from $132.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Raymond James restated an “outperform” rating and set a $145.00 price objective (up from $140.00) on shares of Revvity in a report on Monday, February 3rd. Finally, Bank of America upgraded Revvity from a “neutral” rating to a “buy” rating and set a $138.00 price objective for the company in a report on Friday, December 13th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Revvity has a consensus rating of “Moderate Buy” and an average target price of $136.25.

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.