Raymond James Cuts Revvity (NYSE:RVTY) Price Target to $140.00

Revvity (NYSE:RVTY - Get Free Report) had its price objective cut by stock analysts at Raymond James from $146.00 to $140.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Raymond James' target price indicates a potential upside of 12.94% from the stock's previous close.

Several other research analysts have also weighed in on RVTY. Robert W. Baird increased their price objective on shares of Revvity from $136.00 to $138.00 and gave the stock an "outperform" rating in a report on Tuesday, November 5th. Bank of America upgraded shares of Revvity from a "neutral" rating to a "buy" rating and set a $138.00 price target on the stock in a report on Friday, December 13th. Barclays cut their price target on shares of Revvity from $140.00 to $135.00 and set an "overweight" rating on the stock in a report on Monday, November 25th. Leerink Partners raised their price target on shares of Revvity from $130.00 to $135.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. Finally, Sanford C. Bernstein lowered shares of Revvity from an "outperform" rating to a "market perform" rating and set a $130.00 price target on the stock. in a report on Friday, January 10th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $132.00.

Revvity Price Performance

NYSE RVTY traded up $5.58 during trading hours on Tuesday, reaching $123.97. The company's stock had a trading volume of 1,231,280 shares, compared to its average volume of 788,257. The stock has a market cap of $15.09 billion, a PE ratio of 59.89, a PEG ratio of 3.50 and a beta of 1.03. Revvity has a fifty-two week low of $97.32 and a fifty-two week high of $129.50. The company's 50-day moving average is $114.89 and its two-hundred day moving average is $117.77. 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 (NYSE:RVTY - Get Free Report) last released its earnings results on Monday, November 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.15. The company had revenue of $684.10 million for the quarter, compared to analyst estimates of $679.66 million. Revvity had a net margin of 9.34% and a return on equity of 7.42%. The firm's quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.18 EPS. Analysts forecast that Revvity will post 4.84 EPS for the current year.

Revvity declared that its Board of Directors has initiated 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 purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Revvity news, insider Tajinder S. Vohra sold 5,492 shares of the firm's stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $116.81, for a total value of $641,520.52. Following the sale, the insider now directly 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 SEC, which can be accessed through this link. 0.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Tributary Capital Management LLC grew its holdings in Revvity by 45.5% during the fourth quarter. Tributary Capital Management LLC now owns 12,173 shares of the company's stock worth $1,359,000 after acquiring an additional 3,808 shares during the period. Fifth Third Bancorp grew its holdings in Revvity by 9.6% during the fourth quarter. Fifth Third Bancorp now owns 5,362 shares of the company's stock worth $598,000 after acquiring an additional 469 shares during the period. Janney Montgomery Scott LLC grew its holdings in Revvity by 87.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 7,891 shares of the company's stock worth $881,000 after acquiring an additional 3,672 shares during the period. Westside Investment Management Inc. grew its holdings in Revvity by 0.8% during the fourth quarter. Westside Investment Management Inc. now owns 14,363 shares of the company's stock worth $1,603,000 after acquiring an additional 108 shares during the period. Finally, Atomi Financial Group Inc. grew its holdings in Revvity by 8.8% during the fourth quarter. Atomi Financial Group Inc. now owns 1,861 shares of the company's stock worth $208,000 after acquiring an additional 151 shares during the period. 86.65% of the stock is owned by institutional investors and hedge funds.

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.