Revvity (NYSE:RVTY) Raised to Buy at Bank of America

Bank of America upgraded shares of Revvity (NYSE:RVTY - Free Report) from a neutral rating to a buy rating in a research note published on Friday morning, Marketbeat reports. Bank of America currently has $138.00 price objective on the stock.

A number of other brokerages have also weighed in on RVTY. Leerink Partners boosted their target price on shares of Revvity from $130.00 to $135.00 and gave the company an "outperform" rating in a research note on Thursday, October 17th. Raymond James upped their price objective on Revvity from $144.00 to $146.00 and gave the company an "outperform" rating in a research report on Tuesday, November 5th. Robert W. Baird raised their target price on Revvity from $136.00 to $138.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 5th. Barclays reduced their price target on shares of Revvity from $140.00 to $135.00 and set an "overweight" rating for the company in a research report on Monday, November 25th. Finally, Wells Fargo & Company initiated coverage on shares of Revvity in a report on Tuesday, August 27th. They issued an "equal weight" rating and a $130.00 price objective on the stock. Six research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $132.47.

Revvity Stock Down 0.0 %

Shares of RVTY stock traded down $0.04 during trading hours on Friday, hitting $115.97. 1,275,025 shares of the company's stock traded hands, compared to its average volume of 844,995. The company has a quick ratio of 2.97, a current ratio of 3.56 and a debt-to-equity ratio of 0.40. The stock's fifty day simple moving average is $118.25 and its two-hundred day simple moving average is $116.34. Revvity has a 12-month low of $97.32 and a 12-month high of $129.50. The stock has a market cap of $14.11 billion, a price-to-earnings ratio of 55.88, a PEG ratio of 3.59 and a beta of 1.03.

Revvity (NYSE:RVTY - Get Free Report) last released its earnings results on Monday, November 4th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.13 by $0.15. The business had revenue of $684.10 million for the quarter, compared to the consensus estimate of $679.66 million. Revvity had a return on equity of 7.42% and a net margin of 9.34%. The company's revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.18 earnings per share. On average, analysts expect that Revvity will post 4.85 EPS for the current year.

Revvity declared that its board has approved a stock repurchase plan on Monday, November 4th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its shares are undervalued.

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 dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, January 17th. This represents a $0.28 annualized dividend and a yield of 0.24%. Revvity's payout ratio is 13.53%.

Insider Activity at Revvity

In other 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 value of $262,859.77. Following the sale, the insider now directly owns 23,960 shares in the company, valued at $2,925,276.40. The trade was a 8.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC increased its position in Revvity by 35.1% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 3,246 shares of the company's stock valued at $340,000 after acquiring an additional 844 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Revvity by 3,171.3% in 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. Blue Trust Inc. boosted its position in shares of Revvity by 24.3% during the second quarter. Blue Trust Inc. now owns 1,124 shares of the company's stock valued at $118,000 after buying an additional 220 shares during the period. Boston Trust Walden Corp grew its stake in shares of Revvity by 3.1% during the second quarter. Boston Trust Walden Corp now owns 236,827 shares of the company's stock valued at $24,834,000 after buying an additional 7,029 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Revvity by 0.8% in the second quarter. Nisa Investment Advisors LLC now owns 78,809 shares of the company's stock worth $8,264,000 after buying an additional 629 shares during the period. Hedge funds and other institutional investors own 86.65% 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.