Principal Financial Group Inc. Sells 4,253 Shares of Revvity, Inc. (NYSE:RVTY)

Principal Financial Group Inc. lowered its holdings in Revvity, Inc. (NYSE:RVTY - Free Report) by 3.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 137,618 shares of the company's stock after selling 4,253 shares during the period. Principal Financial Group Inc. owned about 0.11% of Revvity worth $15,360,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in RVTY. Janus Henderson Group PLC boosted its position in Revvity by 1.7% during the 3rd quarter. Janus Henderson Group PLC now owns 6,335,302 shares of the company's stock worth $809,332,000 after acquiring an additional 108,401 shares during the period. State Street Corp grew its holdings in shares of Revvity by 0.3% in the 3rd quarter. State Street Corp now owns 5,180,169 shares of the company's stock worth $661,767,000 after acquiring an additional 17,832 shares during the last quarter. Geode Capital Management LLC increased its stake in Revvity by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,863,793 shares of the company's stock worth $364,569,000 after purchasing an additional 25,078 shares in the last quarter. EdgePoint Investment Group Inc. raised its holdings in shares of Revvity by 34.6% during the third quarter. EdgePoint Investment Group Inc. now owns 2,685,775 shares of the company's stock valued at $343,108,000 after acquiring an additional 690,534 shares during the period. Finally, RGM Capital LLC raised its stake in Revvity by 3.2% during the 3rd quarter. RGM Capital LLC now owns 980,858 shares of the company's stock valued at $125,305,000 after purchasing an additional 30,000 shares during the period. Institutional investors own 86.65% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on RVTY shares. Bank of America raised shares of Revvity from a "neutral" rating to a "buy" rating and set a $138.00 price target for the company in a research report on Friday, December 13th. Barclays raised their price target on Revvity from $135.00 to $140.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. TD Cowen lifted their price target on Revvity from $141.00 to $144.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. KeyCorp increased their price objective on Revvity from $132.00 to $145.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Finally, Raymond James reiterated an "outperform" rating and issued a $145.00 target price (up from $140.00) on shares of Revvity in a research note on Monday, February 3rd. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Revvity presently has a consensus rating of "Moderate Buy" and a consensus price target of $136.25.

Revvity Stock Performance

Shares of NYSE:RVTY traded up $1.83 during trading on Friday, reaching $112.28. The stock had a trading volume of 1,309,481 shares, compared to its average volume of 915,228. The company has a quick ratio of 3.03, a current ratio of 3.60 and a debt-to-equity ratio of 0.41. The stock has a fifty day simple moving average of $116.88 and a two-hundred day simple moving average of $118.47. The firm has a market capitalization of $13.66 billion, a price-to-earnings ratio of 50.81, a P/E/G ratio of 3.82 and a beta of 1.03. Revvity, Inc. has a 52 week low of $97.32 and a 52 week high of $129.50.

Revvity (NYSE:RVTY - Get Free Report) last announced its earnings results on Friday, January 31st. The company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.37 by $0.05. Revvity had a net margin of 9.81% and a return on equity of 7.68%. During the same period in the prior year, the firm posted $1.25 EPS. As a group, analysts anticipate that Revvity, Inc. will post 4.94 earnings per share for the current fiscal year.

Revvity Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Investors of record on Friday, April 18th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, April 17th. This represents a $0.28 annualized dividend and a yield of 0.25%. Revvity's payout ratio is 12.67%.

Revvity announced that its Board of Directors has authorized a stock buyback program on Monday, November 4th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 6.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at Revvity

In related news, insider Tajinder S. Vohra sold 5,492 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $116.81, for a total value of $641,520.52. Following the completion of the sale, the insider now owns 19,652 shares in the company, valued at approximately $2,295,550.12. This trade represents a 21.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joel S. Goldberg sold 15,170 shares of Revvity stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $126.73, for a total value of $1,922,494.10. Following the sale, the insider now directly owns 33,400 shares in the company, valued at approximately $4,232,782. This trade represents a 31.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.