Primecap Management Co. CA Lowers Holdings in Revvity, Inc. (NYSE:RVTY)

Primecap Management Co. CA lessened its stake in shares of Revvity, Inc. (NYSE:RVTY - Free Report) by 3.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 933,305 shares of the company's stock after selling 33,440 shares during the quarter. Primecap Management Co. CA owned about 0.76% of Revvity worth $119,230,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Jane Street Group LLC grew its stake in Revvity by 516.4% in the 1st quarter. Jane Street Group LLC now owns 453,343 shares of the company's stock worth $47,601,000 after buying an additional 379,802 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Revvity during the first quarter valued at about $1,267,000. Assenagon Asset Management S.A. lifted its stake in Revvity by 3,171.3% during the second quarter. Assenagon Asset Management S.A. now owns 87,180 shares of the company's stock worth $9,142,000 after purchasing an additional 84,515 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of Revvity by 27.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 84,383 shares of the company's stock worth $8,790,000 after purchasing an additional 18,367 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Revvity during the 1st quarter valued at about $1,214,000. 86.65% of the stock is owned by hedge funds and other institutional investors.

Revvity Trading Up 0.8 %

NYSE:RVTY traded up $0.92 during trading hours on Friday, hitting $112.03. The company had a trading volume of 1,142,958 shares, compared to its average volume of 841,010. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.56 and a quick ratio of 2.97. The stock has a 50-day moving average price of $120.73 and a 200 day moving average price of $115.50. The company has a market capitalization of $13.63 billion, a PE ratio of 53.68, a price-to-earnings-growth ratio of 2.74 and a beta of 1.05. Revvity, Inc. has a 52 week low of $86.30 and a 52 week high of $129.50.

Revvity (NYSE:RVTY - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported $1.28 earnings per share 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 firm had revenue of $684.10 million for the quarter, compared to analyst estimates of $679.66 million. During the same quarter in the previous year, the firm posted $1.18 EPS. The company's revenue for the quarter was up 2.1% compared to the same quarter last year. On average, equities research analysts predict that Revvity, Inc. will post 4.85 EPS for the current fiscal year.

Revvity Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Stockholders 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 dividend yield of 0.25%. The ex-dividend date is Friday, January 17th. Revvity's payout ratio is presently 13.53%.

Revvity announced that its Board of Directors has approved a share repurchase program on Monday, November 4th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RVTY. Leerink Partners upped their target price on Revvity from $130.00 to $135.00 and gave the stock an "outperform" rating in a research note on Thursday, October 17th. Jefferies Financial Group increased their target price on shares of Revvity from $115.00 to $125.00 and gave the company a "hold" rating in a report on Monday, July 29th. JPMorgan Chase & Co. boosted their price target on shares of Revvity from $105.00 to $120.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 30th. Robert W. Baird raised their price objective on Revvity from $136.00 to $138.00 and gave the company an "outperform" rating in a research note on Tuesday, November 5th. Finally, TD Cowen increased their target price on Revvity from $141.00 to $144.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. Seven 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 company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $132.07.

Insider Activity

In related news, insider Tajinder S. Vohra sold 2,153 shares of the business's stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $122.09, for a total transaction of $262,859.77. Following the sale, the insider now owns 23,960 shares of the company's stock, valued at $2,925,276.40. The trade was a 8.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.60% of the stock is currently owned by company insiders.

Revvity Company Profile

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.