Revvity (NYSE:RVTY) Board Authorizes Stock Buyback Program

Revvity (NYSE:RVTY) declared that its Board of Directors has authorized a stock buyback plan on Monday, November 4th, RTT News reports. The company plans to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages recently commented on RVTY. TD Cowen increased their target price on shares of Revvity from $141.00 to $144.00 and gave the stock a “buy” rating in a report on Tuesday. Bank of America boosted their price objective on shares of Revvity from $118.00 to $127.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Robert W. Baird boosted their target price on shares of Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a research report on Tuesday. Leerink Partners upped their price objective on shares of Revvity from $130.00 to $135.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Finally, Sanford C. Bernstein lowered their price objective on shares of Revvity from $150.00 to $145.00 and set an “outperform” rating for the company in a research report on Tuesday. Seven analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Revvity currently has a consensus rating of “Moderate Buy” and an average price target of $132.07.

Revvity Stock Up 0.9 %

RVTY opened at $125.96 on Wednesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.27 and a quick ratio of 1.98. The company’s 50-day moving average is $121.53 and its 200 day moving average is $114.47. Revvity has a fifty-two week low of $82.17 and a fifty-two week high of $128.83. The firm has a market capitalization of $15.54 billion, a P/E ratio of 91.28, a PEG ratio of 3.34 and a beta of 1.05.

Revvity (NYSE:RVTY) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.15. The firm had revenue of $684.10 million during the quarter, compared to analyst estimates of $679.66 million. Revvity had a net margin of 6.26% and a return on equity of 7.34%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.18 EPS. Research analysts expect that Revvity will post 4.75 earnings per share for the current fiscal year.

Revvity Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, January 17th will be issued 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 0.22%. Revvity’s dividend payout ratio is currently 20.29%.

Insider Activity at Revvity

In other news, insider Tajinder S. Vohra sold 2,154 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $121.73, for a total value of $262,206.42. Following the sale, the insider now directly owns 19,652 shares of the company’s stock, valued at $2,392,237.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related 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 sale, the insider now directly owns 23,960 shares of the company’s stock, valued at approximately $2,925,276.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Tajinder S. Vohra sold 2,154 shares of the stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $121.73, for a total transaction of $262,206.42. Following the sale, the insider now directly owns 19,652 shares in the company, valued at $2,392,237.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by company insiders.

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.