Revvity (NYSE:RVTY) Announces Earnings Results, Beats Estimates By $0.15 EPS

Revvity (NYSE:RVTY - Get Free Report) posted its quarterly earnings results on Monday. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.15, Briefing.com reports. The firm had revenue of $684.10 million for 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 firm's quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.18 earnings per share. Revvity updated its FY 2024 guidance to 4.830-4.870 EPS and its FY24 guidance to $4.83-4.87 EPS.

Revvity Trading Up 0.9 %

Shares of RVTY traded up $1.14 during midday trading on Tuesday, hitting $125.96. The stock had a trading volume of 855,889 shares, compared to its average volume of 825,612. The company has a current ratio of 2.27, a quick ratio of 1.98 and a debt-to-equity ratio of 0.40. The firm has a market cap of $15.54 billion, a P/E ratio of 90.85, a price-to-earnings-growth ratio of 3.34 and a beta of 1.05. Revvity has a fifty-two week low of $82.17 and a fifty-two week high of $128.83. The business has a 50-day simple moving average of $121.46 and a two-hundred day simple moving average of $114.29.

Revvity Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 17th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, January 17th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.22%. Revvity's dividend payout ratio (DPR) is 20.29%.

Revvity announced that its Board of Directors has authorized a share buyback plan on Monday, November 4th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other Revvity news, insider Tajinder S. Vohra sold 2,153 shares of the firm's stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $122.09, for a total transaction of $262,859.77. Following the completion of the sale, the insider now directly owns 23,960 shares in the company, valued at approximately $2,925,276.40. 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 hyperlink. In other news, insider Tajinder S. Vohra sold 2,153 shares of the company's stock in a transaction 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 directly owns 23,960 shares of the company's stock, valued at approximately $2,925,276.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal 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 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 sale, the insider now directly owns 19,652 shares of the company's stock, valued at approximately $2,392,237.96. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,807 shares of company stock valued at $937,576. Company insiders own 0.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. TD Cowen boosted their price objective on Revvity from $141.00 to $144.00 and gave the company a "buy" rating in a report on Tuesday. Jefferies Financial Group upped their price target on Revvity from $115.00 to $125.00 and gave the company a "hold" rating in a research report on Monday, July 29th. JPMorgan Chase & Co. boosted their target price on shares of Revvity from $105.00 to $120.00 and gave the company a "neutral" rating in a research note on Tuesday, July 30th. Leerink Partnrs raised shares of Revvity to a "strong-buy" rating in a report on Monday, July 8th. Finally, Barclays raised shares of Revvity from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $125.00 to $140.00 in a report on Tuesday, October 15th. Seven research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Revvity has a consensus rating of "Moderate Buy" and an average price target of $132.07.

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.