Verition Fund Management LLC Has $8.41 Million Stake in Revvity, Inc. (NYSE:RVTY)

Verition Fund Management LLC raised its position in Revvity, Inc. (NYSE:RVTY - Free Report) by 1,002.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 65,864 shares of the company's stock after purchasing an additional 59,889 shares during the quarter. Verition Fund Management LLC owned 0.05% of Revvity worth $8,414,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Rothschild Investment LLC acquired a new stake in Revvity in the 2nd quarter valued at $25,000. Gladius Capital Management LP bought a new position in shares of Revvity in the 3rd quarter valued at about $32,000. EverSource Wealth Advisors LLC increased its position in shares of Revvity by 74.2% in the second quarter. EverSource Wealth Advisors LLC now owns 392 shares of the company's stock valued at $41,000 after acquiring an additional 167 shares during the last quarter. Family Firm Inc. bought a new stake in Revvity during the second quarter worth about $43,000. Finally, Fairfield Financial Advisors LTD acquired a new position in Revvity during the second quarter valued at approximately $43,000. 86.65% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Tajinder S. Vohra sold 2,154 shares of Revvity stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $121.73, for a total value of $262,206.42. Following the transaction, the insider now directly owns 19,652 shares of the company's stock, valued at $2,392,237.96. This trade represents a 9.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.60% of the company's stock.

Revvity Stock Performance

RVTY stock traded up $0.55 during trading hours on Monday, hitting $116.69. 775,232 shares of the stock were exchanged, compared to its average volume of 841,030. Revvity, Inc. has a 12 month low of $88.62 and a 12 month high of $129.50. The company has a current ratio of 3.56, a quick ratio of 2.97 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $14.20 billion, a P/E ratio of 56.37, a P/E/G ratio of 3.57 and a beta of 1.05. The company has a 50-day simple moving average of $119.60 and a two-hundred day simple moving average of $116.15.

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

Revvity announced that its Board of Directors has authorized 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 buy up to 6.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Revvity Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, January 17th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.24%. The ex-dividend date of this dividend is Friday, January 17th. Revvity's dividend payout ratio is currently 13.53%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RVTY shares. Barclays dropped their price objective on Revvity from $140.00 to $135.00 and set an "overweight" rating on the stock in a research note on Monday, November 25th. Robert W. Baird upped their price target on shares of Revvity from $136.00 to $138.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 5th. Raymond James lifted their price objective on shares of Revvity from $144.00 to $146.00 and gave the company an "outperform" rating in a research report on Tuesday, November 5th. Sanford C. Bernstein dropped their target price on shares of Revvity from $150.00 to $145.00 and set an "outperform" rating on the stock in a report on Tuesday, November 5th. Finally, Wells Fargo & Company began coverage on Revvity in a report on Tuesday, August 27th. They set an "equal weight" rating and a $130.00 price target for the company. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $131.73.

Revvity 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.