Revvity (NYSE:RVTY) Releases FY24 Earnings Guidance

Revvity (NYSE:RVTY) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $4.83-4.87 for the period, compared to the consensus earnings per share estimate of $4.75. The company issued revenue guidance of $2.75-2.77 billion, compared to the consensus revenue estimate of $2.77 billion. Revvity also updated its FY 2024 guidance to 4.830-4.870 EPS.

Wall Street Analyst Weigh In

RVTY has been the topic of a number of recent analyst reports. Wells Fargo & Company started coverage on shares of Revvity in a research report on Tuesday, August 27th. They issued an “equal weight” rating and a $130.00 price target for the company. Raymond James raised their price target on Revvity from $144.00 to $146.00 and gave the stock an “outperform” rating in a research note on Tuesday. Barclays upgraded Revvity from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $125.00 to $140.00 in a research note on Tuesday, October 15th. Sanford C. Bernstein lowered their target price on shares of Revvity from $150.00 to $145.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Leerink Partners upped their price target on shares of Revvity from $130.00 to $135.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Seven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Revvity presently has an average rating of “Moderate Buy” and an average target price of $132.07.

Revvity Price Performance

Shares of RVTY stock traded down $2.66 during midday trading on Wednesday, reaching $123.30. 578,704 shares of the company traded hands, compared to its average volume of 824,463. Revvity has a 1-year low of $82.17 and a 1-year high of $129.04. The firm has a market cap of $15.21 billion, a PE ratio of 91.28, a price-to-earnings-growth ratio of 3.34 and a beta of 1.05. The firm’s 50 day simple moving average is $121.53 and its two-hundred day simple moving average is $114.47. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.27 and a quick ratio of 1.98.

Revvity (NYSE:RVTY) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.15. The business had revenue of $684.10 million during the quarter, compared to analysts’ expectations of $679.66 million. Revvity had a net margin of 6.26% and a return on equity of 7.34%. The company’s revenue was up 2.1% on a year-over-year basis. During the same period last year, the company posted $1.18 EPS. On average, equities research analysts expect that Revvity will post 4.75 EPS for the current fiscal year.

Revvity Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 17th will be paid a $0.07 dividend. The ex-dividend date is Friday, January 17th. This represents a $0.28 annualized dividend and a yield of 0.23%. Revvity’s payout ratio is currently 20.29%.

Revvity announced that its board has approved a stock repurchase plan on Monday, November 4th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Revvity

In other Revvity news, insider Tajinder S. Vohra sold 2,154 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $121.73, for a total value of $262,206.42. Following the transaction, the insider now directly owns 19,652 shares of the company’s stock, valued at $2,392,237.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Tajinder S. Vohra sold 2,154 shares of the company’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $121.73, for a total value of $262,206.42. Following the completion of the transaction, the insider now directly owns 19,652 shares in the company, valued at approximately $2,392,237.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Tajinder S. Vohra sold 2,153 shares of Revvity stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $122.09, for a total value of $262,859.77. Following the completion of the transaction, the insider now owns 23,960 shares of the company’s stock, valued at $2,925,276.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.

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.