Raymond James Cuts Revvity (NYSE:RVTY) Price Target to $140.00

Revvity (NYSE:RVTY) had its price target lowered by Raymond James from $146.00 to $140.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

RVTY has been the topic of several other research reports. Barclays decreased their target price on Revvity from $140.00 to $135.00 and set an “overweight” rating on the stock in a research report on Monday, November 25th. 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 report on Thursday, October 17th. TD Cowen raised their price target on shares of Revvity from $141.00 to $144.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Bank of America upgraded 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, Sanford C. Bernstein lowered shares of 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, January 10th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Revvity has an average rating of “Moderate Buy” and a consensus price target of $132.00.

Revvity Price Performance

NYSE:RVTY opened at $123.02 on Tuesday. Revvity has a 12-month low of $97.32 and a 12-month high of $129.50. The stock’s 50 day moving average price is $115.02 and its two-hundred day moving average price is $117.95. 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 firm has a market capitalization of $14.97 billion, a price-to-earnings ratio of 59.43, a P/E/G ratio of 3.68 and a beta of 1.03.

Revvity (NYSE:RVTY) last posted its earnings results on Monday, November 4th. The company reported $1.28 earnings per share (EPS) for the quarter, topping 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 company had revenue of $684.10 million during the quarter, compared to analysts’ expectations of $679.66 million. During the same quarter last year, the company posted $1.18 EPS. Revvity’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, analysts anticipate that Revvity will post 4.84 earnings per share for the current year.

Revvity Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 18th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.23%. Revvity’s payout ratio is 13.53%.

Revvity announced that its Board of Directors has authorized a stock repurchase program on Monday, November 4th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Revvity

In other Revvity news, insider Tajinder S. Vohra sold 5,492 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $116.81, for a total value of $641,520.52. Following the sale, the insider now owns 19,652 shares in the company, valued at $2,295,550.12. This trade represents a 21.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in Revvity by 13.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 344,115 shares of the company’s stock worth $43,961,000 after purchasing an additional 41,497 shares in the last quarter. Contravisory Investment Management Inc. grew its holdings in shares of Revvity by 1,715.9% during the fourth quarter. Contravisory Investment Management Inc. now owns 69,186 shares of the company’s stock worth $7,722,000 after purchasing an additional 65,376 shares during the last quarter. Bretton Capital Management LLC acquired a new position in shares of Revvity in the third quarter valued at approximately $1,405,000. FMR LLC raised its holdings in Revvity by 40.8% in the 3rd quarter. FMR LLC now owns 155,556 shares of the company’s stock valued at $19,872,000 after buying an additional 45,040 shares during the last quarter. Finally, Gateway Investment Advisers LLC boosted its position in Revvity by 942.5% during the 3rd quarter. Gateway Investment Advisers LLC now owns 38,081 shares of the company’s stock worth $4,865,000 after buying an additional 34,428 shares during the period. 86.65% of the stock is currently owned by institutional investors.

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.