Revvity (NYSE:RVTY) Shares Gap Up After Strong Earnings

Revvity, Inc. (NYSE:RVTY) gapped up before the market opened on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $94.29, but opened at $101.23. Revvity shares last traded at $94.75, with a volume of 397,651 shares changing hands.

The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.05. Revvity had a return on equity of 7.68% and a net margin of 9.81%. The company had revenue of $664.76 million during the quarter, compared to analyst estimates of $662.30 million. During the same quarter last year, the firm posted $0.98 EPS. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis.

Revvity Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 8th. Investors of record on Friday, July 18th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, July 18th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.30%. Revvity’s payout ratio is 12.67%.

Analyst Upgrades and Downgrades

RVTY has been the subject of a number of research analyst reports. JPMorgan Chase & Co. dropped their price target on Revvity from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday. KeyCorp boosted their price objective on shares of Revvity from $132.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Raymond James restated an “outperform” rating and issued a $120.00 price objective (down from $145.00) on shares of Revvity in a report on Tuesday. Barclays reduced their target price on shares of Revvity from $140.00 to $110.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Finally, Robert W. Baird lowered their price target on Revvity from $127.00 to $125.00 and set an “outperform” rating on the stock in a report on Tuesday. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.46.

Insider Buying and Selling at Revvity

In other news, insider Joel S. Goldberg sold 15,170 shares of Revvity stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $126.73, for a total transaction of $1,922,494.10. Following the completion of the sale, the insider now owns 33,400 shares of the company’s stock, valued at approximately $4,232,782. The trade was a 31.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RVTY. Nissay Asset Management Corp Japan ADV raised its stake in Revvity by 0.6% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 15,023 shares of the company’s stock worth $1,682,000 after buying an additional 91 shares in the last quarter. Quarry LP raised its position in Revvity by 45.7% during the 4th quarter. Quarry LP now owns 303 shares of the company’s stock worth $34,000 after buying an additional 95 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Revvity by 2.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,214 shares of the company’s stock valued at $470,000 after purchasing an additional 100 shares during the period. HB Wealth Management LLC boosted its stake in shares of Revvity by 4.6% in the fourth quarter. HB Wealth Management LLC now owns 2,380 shares of the company’s stock worth $266,000 after buying an additional 104 shares during the last quarter. Finally, Signaturefd LLC grew its stake in shares of Revvity by 6.8% during the 4th quarter. Signaturefd LLC now owns 1,668 shares of the company’s stock worth $186,000 after purchasing an additional 106 shares during the period. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

Revvity Stock Down 0.3 %

The company has a market cap of $11.38 billion, a PE ratio of 42.87, a PEG ratio of 3.82 and a beta of 1.07. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.60 and a quick ratio of 3.03. The business’s fifty day simple moving average is $104.08 and its two-hundred day simple moving average is $112.67.

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.