Revvity (NYSE:RVTY) Issues Quarterly Earnings Results

Revvity (NYSE:RVTY) issued its quarterly earnings data on Monday. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.13 by $0.15, Briefing.com reports. Revvity had a net margin of 6.26% and a return on equity of 7.34%. 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 prior year, the business earned $1.18 EPS. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. Revvity updated its FY 2024 guidance to 4.830-4.870 EPS and its FY24 guidance to $4.83-4.87 EPS.

Revvity Stock Performance

Shares of NYSE RVTY traded down $1.10 during trading on Wednesday, reaching $124.86. 1,441,848 shares of the company traded hands, compared to its average volume of 828,478. The firm has a 50 day simple moving average of $121.60 and a 200-day simple moving average of $114.54. The company has a quick ratio of 1.98, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $15.40 billion, a PE ratio of 90.48, a P/E/G ratio of 3.34 and a beta of 1.05. Revvity has a 52-week low of $82.17 and a 52-week high of $129.50.

Revvity Dividend Announcement

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 dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date is Friday, January 17th. Revvity’s payout ratio is presently 20.29%.

Insider Activity

In other 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 sale, the insider now owns 19,652 shares of the company’s stock, valued at $2,392,237.96. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Tajinder S. Vohra sold 2,153 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $122.09, for a total value of $262,859.77. Following the transaction, the insider now 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Tajinder S. Vohra sold 2,154 shares of Revvity stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $121.73, for a total transaction of $262,206.42. Following the transaction, the insider now directly owns 19,652 shares in the company, valued at $2,392,237.96. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. TD Cowen increased their price target on shares of Revvity from $141.00 to $144.00 and gave the stock a “buy” rating in a research note on Tuesday. Raymond James increased their price target on shares of Revvity from $144.00 to $146.00 and gave the stock an “outperform” rating in a research note on Tuesday. Bank of America increased their price target on shares of Revvity from $118.00 to $127.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Leerink Partners increased their price target 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. Finally, Barclays upgraded shares of Revvity from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $125.00 to $140.00 in a research note on Tuesday, October 15th. Seven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.07.

Revvity announced that its Board of Directors has initiated a share repurchase plan 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 plans are generally an indication that the company’s leadership believes its stock is undervalued.

Revvity Company 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.