Zurcher Kantonalbank Zurich Cantonalbank Raises Stake in Revvity, Inc. (NYSE:RVTY)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Revvity, Inc. (NYSE:RVTY - Free Report) by 23.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,805 shares of the company's stock after purchasing an additional 7,237 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Revvity were worth $4,830,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RVTY. EdgePoint Investment Group Inc. bought a new position in Revvity in the 2nd quarter valued at about $209,221,000. Dimensional Fund Advisors LP boosted its position in shares of Revvity by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,149,122 shares of the company's stock worth $120,506,000 after acquiring an additional 57,656 shares in the last quarter. Ceredex Value Advisors LLC boosted its position in shares of Revvity by 2.2% during the 2nd quarter. Ceredex Value Advisors LLC now owns 1,094,938 shares of the company's stock worth $114,815,000 after acquiring an additional 23,318 shares in the last quarter. RGM Capital LLC raised its position in Revvity by 3.2% during the third quarter. RGM Capital LLC now owns 980,858 shares of the company's stock valued at $125,305,000 after purchasing an additional 30,000 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in Revvity by 0.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 921,411 shares of the company's stock worth $117,710,000 after purchasing an additional 4,022 shares during the last quarter. 86.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Revvity news, insider Tajinder S. Vohra sold 2,153 shares of the 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 completion of the transaction, the insider now owns 23,960 shares in the company, valued at $2,925,276.40. This trade represents a 8.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on RVTY shares. Robert W. Baird lifted their price target on Revvity from $136.00 to $138.00 and gave the company an "outperform" rating in a research note on Tuesday, November 5th. Barclays dropped their target price on shares of Revvity from $140.00 to $135.00 and set an "overweight" rating for the company in a report on Monday, November 25th. Leerink Partners raised their target price on shares of Revvity from $130.00 to $135.00 and gave the company an "outperform" rating in a research report on Thursday, October 17th. Raymond James upped their price target on shares of Revvity from $144.00 to $146.00 and gave the stock an "outperform" rating in a report on Tuesday, November 5th. Finally, Wells Fargo & Company started coverage on Revvity in a research note on Tuesday, August 27th. They issued an "equal weight" rating and a $130.00 price target for the company. Seven equities research 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 data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $131.73.

Revvity Stock Down 1.4 %

Shares of NYSE:RVTY traded down $1.68 during mid-day trading on Tuesday, hitting $115.02. 699,483 shares of the company traded hands, compared to its average volume of 840,424. 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 stock has a market cap of $14.00 billion, a P/E ratio of 56.37, a P/E/G ratio of 3.57 and a beta of 1.03. The stock has a 50-day moving average price of $119.60 and a two-hundred day moving average price of $116.15.

Revvity (NYSE:RVTY - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $684.10 million for the quarter, compared to analysts' expectations of $679.66 million. Revvity had a net margin of 9.34% and a return on equity of 7.42%. The firm'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 earned $1.18 earnings per share. On average, equities research analysts forecast that Revvity, Inc. will post 4.85 earnings per share for the current year.

Revvity declared that its board has approved a stock buyback program on Monday, November 4th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to purchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

Revvity Announces Dividend

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 $0.07 dividend. The ex-dividend date is Friday, January 17th. This represents a $0.28 dividend on an annualized basis and a yield of 0.24%. Revvity's dividend payout ratio (DPR) is presently 13.53%.

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.