Raymond James Issues Positive Forecast for Revvity (NYSE:RVTY) Stock Price

Revvity (NYSE:RVTY) had its price target increased by Raymond James from $144.00 to $146.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have an outperform rating on the stock.

Other research analysts have also issued research reports about the stock. TD Cowen raised their target price on shares of Revvity from $130.00 to $141.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Barclays raised shares of Revvity from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $125.00 to $140.00 in a research note on Tuesday, October 15th. Wells Fargo & Company began coverage on shares of Revvity in a research report on Tuesday, August 27th. They set an “equal weight” rating and a $130.00 target price for the company. Leerink Partners raised their price target on Revvity from $130.00 to $135.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Finally, Bank of America upped their price objective on Revvity from $118.00 to $127.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Seven 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 stock. According to MarketBeat.com, Revvity currently has a consensus rating of “Moderate Buy” and an average price target of $132.07.

Revvity Stock Performance

Shares of Revvity stock opened at $125.96 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.27 and a quick ratio of 1.98. The firm has a 50 day simple moving average of $121.53 and a 200 day simple moving average of $114.47. Revvity has a fifty-two week low of $82.17 and a fifty-two week high of $128.83. The firm has a market cap of $15.54 billion, a P/E ratio of 91.28, a P/E/G ratio of 3.34 and a beta of 1.05.

Revvity (NYSE:RVTY) last released its earnings results on Monday, November 4th. The company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.13 by $0.15. The company had revenue of $684.10 million during the quarter, compared to analysts’ expectations of $679.66 million. Revvity had a return on equity of 7.34% and a net margin of 6.26%. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the firm earned $1.18 EPS. Sell-side analysts predict that Revvity will post 4.75 earnings per share for the current fiscal year.

Revvity Announces Dividend

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

Revvity announced that its Board of Directors has approved a share 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 purchase 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.

Insider Activity at Revvity

In other Revvity news, insider Tajinder S. Vohra sold 2,154 shares of the stock in a transaction dated 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 transaction, the insider now owns 19,652 shares in the company, valued at approximately $2,392,237.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 Tajinder S. Vohra sold 2,153 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $122.09, for a total value of $262,859.77. Following the transaction, the insider now directly owns 23,960 shares of the company’s stock, valued at approximately $2,925,276.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Revvity

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RVTY. EdgePoint Investment Group Inc. acquired a new position in shares of Revvity during the 2nd quarter worth about $209,221,000. Jane Street Group LLC boosted its position in Revvity by 516.4% during the first quarter. Jane Street Group LLC now owns 453,343 shares of the company’s stock valued at $47,601,000 after purchasing an additional 379,802 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Revvity by 18.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,126,271 shares of the company’s stock valued at $223,258,000 after purchasing an additional 332,632 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Revvity by 3.9% during the 1st quarter. Janus Henderson Group PLC now owns 5,664,528 shares of the company’s stock worth $594,769,000 after purchasing an additional 210,100 shares during the last quarter. Finally, Magnetar Financial LLC raised its stake in shares of Revvity by 441.3% during the 1st quarter. Magnetar Financial LLC now owns 136,371 shares of the company’s stock worth $14,319,000 after purchasing an additional 111,178 shares in the last quarter. 86.65% of the stock is currently 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.