Raymond James Cuts Revvity (NYSE:RVTY) Price Target to $140.00

Revvity (NYSE:RVTY) had its target price cut by Raymond James from $146.00 to $140.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an outperform rating on the stock.

RVTY has been the topic of a number of other reports. TD Cowen lifted their price objective on Revvity from $141.00 to $144.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Robert W. Baird upped their price target on Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Sanford C. Bernstein cut 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. Leerink Partners upped their target price on shares of Revvity from $130.00 to $135.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, Barclays cut their price target on shares of Revvity from $140.00 to $135.00 and set an “overweight” rating for the company in a report on Monday, November 25th. Five equities 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $132.00.

Revvity Price Performance

Shares of NYSE:RVTY opened at $123.02 on Tuesday. The firm has a market capitalization of $14.97 billion, a PE ratio of 59.43, a PEG ratio of 3.68 and a beta of 1.03. The company has a current ratio of 3.56, a quick ratio of 2.97 and a debt-to-equity ratio of 0.40. Revvity has a 1-year low of $97.32 and a 1-year high of $129.50. The business’s 50 day moving average is $115.02 and its 200-day moving average is $117.95.

Revvity (NYSE:RVTY) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.15. The firm had revenue of $684.10 million for the quarter, compared to analyst estimates of $679.66 million. Revvity had a net margin of 9.34% and a return on equity of 7.42%. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.18 EPS. Sell-side analysts predict that Revvity will post 4.84 earnings per share for the current year.

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

Revvity Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Friday, April 18th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 0.23%. Revvity’s payout ratio is 13.53%.

Insider Activity

In related news, insider Tajinder S. Vohra sold 5,492 shares of the business’s 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 completion of the sale, the insider now directly owns 19,652 shares of the company’s stock, valued at $2,295,550.12. The trade was a 21.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Revvity

A number of institutional investors have recently made changes to their positions in RVTY. Canada Pension Plan Investment Board boosted its stake in Revvity by 46.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 13,377 shares of the company’s stock worth $1,403,000 after acquiring an additional 4,246 shares during the last quarter. AE Wealth Management LLC boosted its position in shares of Revvity by 20.2% during the second quarter. AE Wealth Management LLC now owns 12,255 shares of the company’s stock worth $1,285,000 after purchasing an additional 2,061 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Revvity by 37.4% in the 2nd quarter. Pacer Advisors Inc. now owns 11,720 shares of the company’s stock valued at $1,229,000 after buying an additional 3,192 shares during the period. Sei Investments Co. increased its position in shares of Revvity by 6.2% in the 2nd quarter. Sei Investments Co. now owns 23,996 shares of the company’s stock valued at $2,516,000 after buying an additional 1,411 shares in the last quarter. Finally, ProShare Advisors LLC grew its stake in Revvity by 7.8% in the second quarter. ProShare Advisors LLC now owns 17,956 shares of the company’s stock valued at $1,883,000 after acquiring an additional 1,295 shares during the period. 86.65% of the stock is owned by institutional investors and hedge funds.

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.