Cinctive Capital Management LP Makes New $2.31 Million Investment in Revvity, Inc. (NYSE:RVTY)

Cinctive Capital Management LP acquired a new position in shares of Revvity, Inc. (NYSE:RVTY - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 18,068 shares of the company's stock, valued at approximately $2,308,000.

Other hedge funds also recently made changes to their positions in the company. Rothschild Investment LLC acquired a new stake in shares of Revvity in the 2nd quarter valued at approximately $25,000. Gladius Capital Management LP acquired a new position in shares of Revvity during the 3rd quarter worth about $32,000. EverSource Wealth Advisors LLC lifted its stake in Revvity by 74.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 392 shares of the company's stock valued at $41,000 after purchasing an additional 167 shares during the last quarter. Family Firm Inc. bought a new position in Revvity during the second quarter worth about $43,000. Finally, Fairfield Financial Advisors LTD acquired a new position in Revvity during the second quarter worth approximately $43,000. 86.65% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. TD Cowen raised their price objective on Revvity from $141.00 to $144.00 and gave the company a "buy" rating in a research report on Tuesday, November 5th. Sanford C. Bernstein lowered their price objective on Revvity from $150.00 to $145.00 and set an "outperform" rating on the stock in a research report on Tuesday, November 5th. Wells Fargo & Company began coverage on Revvity in a report on Tuesday, August 27th. They issued an "equal weight" rating and a $130.00 price objective for the company. Leerink Partners increased their target price on Revvity from $130.00 to $135.00 and gave the stock an "outperform" rating in a report on Thursday, October 17th. Finally, Raymond James lifted their price target on Revvity from $144.00 to $146.00 and gave the company an "outperform" rating in a research note on Tuesday, November 5th. Seven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $131.73.

Revvity Stock Down 1.4 %

Shares of NYSE RVTY traded down $1.62 during midday trading on Tuesday, hitting $115.08. 278,631 shares of the stock traded hands, compared to its average volume of 838,549. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.97 and a current ratio of 3.56. Revvity, Inc. has a one year low of $88.62 and a one year high of $129.50. The business has a 50 day moving average price of $119.60 and a two-hundred day moving average price of $116.15. The company has a market cap of $14.01 billion, a PE ratio of 56.37, a P/E/G ratio of 3.57 and a beta of 1.03.

Revvity (NYSE:RVTY - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.28 EPS for the quarter, beating analysts' consensus estimates of $1.13 by $0.15. Revvity had a net margin of 9.34% and a return on equity of 7.42%. The business had revenue of $684.10 million during the quarter, compared to analyst estimates of $679.66 million. During the same quarter in the previous year, the business posted $1.18 EPS. Revvity's quarterly revenue was up 2.1% on a year-over-year basis. On average, equities analysts predict that Revvity, Inc. will post 4.85 EPS for the current year.

Revvity Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, January 17th will be issued a $0.07 dividend. The ex-dividend date is Friday, January 17th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.24%. Revvity's dividend payout ratio is presently 13.53%.

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

Insider Activity at Revvity

In related news, insider Tajinder S. Vohra sold 2,153 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 23,960 shares of the company's stock, valued at approximately $2,925,276.40. This represents a 8.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.60% of the stock is owned by insiders.

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.