Revvity (NYSE:RVTY) Shares Gap Up - Here's What Happened

Shares of Revvity, Inc. (NYSE:RVTY - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $113.88, but opened at $118.34. Revvity shares last traded at $120.18, with a volume of 109,062 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on RVTY shares. Sanford C. Bernstein downgraded Revvity from an "outperform" rating to a "market perform" rating and set a $130.00 target price on the stock. in a research report on Friday. TD Cowen boosted their target price on shares of Revvity from $141.00 to $144.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. Robert W. Baird increased their price target on shares of Revvity from $136.00 to $138.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 5th. Bank of America raised shares of Revvity from a "neutral" rating to a "buy" rating and set a $138.00 price objective for the company in a research note on Friday, December 13th. Finally, Leerink Partners increased their target price on Revvity from $130.00 to $135.00 and gave the stock an "outperform" rating in a research report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Revvity presently has an average rating of "Moderate Buy" and a consensus price target of $131.93.

Revvity Price Performance

The business's 50 day moving average price is $115.38 and its 200-day moving average price is $117.08. 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 company has a market cap of $14.94 billion, a PE ratio of 59.30, a price-to-earnings-growth ratio of 3.56 and a beta of 1.03.

Revvity (NYSE:RVTY - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.15. The firm had revenue of $684.10 million for the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm posted $1.18 EPS. As a group, analysts forecast that Revvity, Inc. will post 4.85 earnings per share for the current year.

Revvity Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 17th will be paid a dividend of $0.07 per share. The ex-dividend date is Friday, January 17th. This represents a $0.28 dividend on an annualized basis and a yield of 0.23%. Revvity's dividend payout ratio (DPR) is presently 13.53%.

Revvity declared that its Board of Directors has initiated a share buyback plan on Monday, November 4th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Insider Activity

In other 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 transaction of $641,520.52. Following the transaction, the insider now owns 19,652 shares of the company's stock, valued at approximately $2,295,550.12. This trade represents a 21.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.60% of the company's stock.

Institutional Trading of Revvity

Hedge funds and other institutional investors have recently bought and sold shares of the company. Gladius Capital Management LP acquired a new position in shares of Revvity in the 3rd quarter worth approximately $32,000. EverSource Wealth Advisors LLC boosted its holdings in Revvity by 74.2% in the second quarter. EverSource Wealth Advisors LLC now owns 392 shares of the company's stock worth $41,000 after purchasing an additional 167 shares during the period. Fairfield Financial Advisors LTD bought a new stake in Revvity during the second quarter valued at $43,000. Continuum Advisory LLC raised its holdings in shares of Revvity by 2,972.7% during the third quarter. Continuum Advisory LLC now owns 338 shares of the company's stock worth $43,000 after purchasing an additional 327 shares during the period. Finally, Avior Wealth Management LLC lifted its position in shares of Revvity by 7,980.0% in the 3rd quarter. Avior Wealth Management LLC now owns 404 shares of the company's stock worth $52,000 after buying an additional 399 shares during the last quarter. 86.65% of the stock is owned by institutional investors.

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.