Raymond James Issues Positive Forecast for Revvity (NYSE:RVTY) Stock Price

Revvity (NYSE:RVTY - Free Report) had its price target boosted by Raymond James from $144.00 to $146.00 in a report published on Tuesday, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other brokerages have also weighed in on RVTY. Wells Fargo & Company initiated coverage on shares of Revvity in a research report on Tuesday, August 27th. They set an "equal weight" rating and a $130.00 target price for the company. TD Cowen increased their target price on shares of Revvity from $130.00 to $141.00 and gave the stock a "buy" rating in a research report on Tuesday, July 30th. Robert W. Baird increased their target price on shares of Revvity from $136.00 to $138.00 and gave the stock an "outperform" rating in a research report on Tuesday. Leerink Partners increased their target price on shares of Revvity from $130.00 to $135.00 and gave the stock an "outperform" rating in a research report on Thursday, October 17th. Finally, Bank of America increased their target price on shares of Revvity from $118.00 to $127.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 30th. 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, Revvity currently has an average rating of "Moderate Buy" and an average price target of $132.07.

Revvity Stock Performance

RVTY traded up $1.14 during trading on Tuesday, hitting $125.96. 837,088 shares of the company traded hands, compared to its average volume of 825,612. The firm has a market cap of $15.54 billion, a P/E ratio of 91.28, a price-to-earnings-growth ratio of 3.34 and a beta of 1.05. The stock's fifty day moving average is $121.53 and its 200 day moving average is $114.47. The company has a quick ratio of 1.98, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. Revvity has a one year low of $82.17 and a one year high of $128.83.

Revvity (NYSE:RVTY - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.15. The company had revenue of $684.10 million during the quarter, compared to analyst estimates of $679.66 million. Revvity had a net margin of 6.26% and a return on equity of 7.34%. The firm's revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.18 earnings per share. As a group, equities analysts predict that Revvity will post 4.75 EPS for the current fiscal year.

Revvity Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, January 17th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date of this dividend is Friday, January 17th. Revvity's dividend payout ratio is currently 20.29%.

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

Insider Activity at Revvity

In other Revvity news, insider Joel S. Goldberg sold 3,500 shares of Revvity stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $117.86, for a total transaction of $412,510.00. Following the transaction, the insider now directly owns 33,400 shares of the company's stock, valued at approximately $3,936,524. This trade 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 hyperlink. In other Revvity news, insider Joel S. Goldberg sold 3,500 shares of Revvity stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $117.86, for a total transaction of $412,510.00. Following the transaction, the insider now directly owns 33,400 shares of the company's stock, valued at approximately $3,936,524. This trade 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 hyperlink. Also, insider Tajinder S. Vohra sold 2,154 shares of Revvity stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $121.73, for a total transaction 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. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,807 shares of company stock valued at $937,576 over the last three months. 0.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Janus Henderson Group PLC boosted its holdings in Revvity by 3.9% in the first quarter. Janus Henderson Group PLC now owns 5,664,528 shares of the company's stock valued at $594,769,000 after acquiring an additional 210,100 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Revvity by 18.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,126,271 shares of the company's stock valued at $223,258,000 after acquiring an additional 332,632 shares in the last quarter. EdgePoint Investment Group Inc. bought a new stake in Revvity in the second quarter valued at $209,221,000. Dimensional Fund Advisors LP boosted its holdings in Revvity by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,149,122 shares of the company's stock valued at $120,506,000 after acquiring an additional 57,656 shares in the last quarter. Finally, Ceredex Value Advisors LLC boosted its holdings in Revvity by 2.2% in the second quarter. Ceredex Value Advisors LLC now owns 1,094,938 shares of the company's stock valued at $114,815,000 after acquiring an additional 23,318 shares in the last quarter. 86.65% of the stock is owned by hedge funds and other institutional investors.

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.