Fifth Third Bancorp Purchases 469 Shares of Revvity, Inc. (NYSE:RVTY)

Fifth Third Bancorp increased its holdings in Revvity, Inc. (NYSE:RVTY) by 9.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,362 shares of the company’s stock after purchasing an additional 469 shares during the quarter. Fifth Third Bancorp’s holdings in Revvity were worth $598,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. EdgePoint Investment Group Inc. grew its position in shares of Revvity by 34.6% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 2,685,775 shares of the company’s stock worth $343,108,000 after buying an additional 690,534 shares during the last quarter. Southpoint Capital Advisors LP bought a new stake in Revvity in the third quarter valued at $25,550,000. Janus Henderson Group PLC boosted its holdings in Revvity by 1.7% in the third quarter. Janus Henderson Group PLC now owns 6,335,302 shares of the company’s stock valued at $809,332,000 after acquiring an additional 108,401 shares in the last quarter. Holocene Advisors LP raised its holdings in Revvity by 14.6% in the 3rd quarter. Holocene Advisors LP now owns 725,917 shares of the company’s stock worth $92,736,000 after purchasing an additional 92,240 shares in the last quarter. Finally, Contravisory Investment Management Inc. lifted its position in shares of Revvity by 1,715.9% in the 4th 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 period. Hedge funds and other institutional investors own 86.65% of the company’s stock.

Revvity Price Performance

Shares of NYSE RVTY opened at $126.93 on Friday. The firm has a market cap of $15.45 billion, a P/E ratio of 61.32, a PEG ratio of 3.67 and a beta of 1.03. Revvity, Inc. has a twelve month low of $97.32 and a twelve month high of $129.50. 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 company has a 50 day moving average of $116.29 and a 200 day moving average of $118.54.

Revvity (NYSE:RVTY) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.15. Revvity had a return on equity of 7.42% and a net margin of 9.34%. The firm had revenue of $684.10 million for the quarter, compared to the consensus estimate of $679.66 million. During the same period in the prior year, the company posted $1.18 earnings per share. The company’s quarterly revenue was up 2.1% on a year-over-year basis. As a group, research analysts expect that Revvity, Inc. will post 4.84 EPS for the current fiscal year.

Revvity announced that its Board of Directors has approved a share buyback plan 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 shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Revvity Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 18th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, April 17th. This represents a $0.28 annualized dividend and a dividend yield of 0.22%. Revvity’s payout ratio is 13.53%.

Insider Activity at Revvity

In other news, insider Tajinder S. Vohra sold 5,492 shares of the company’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $116.81, for a total transaction of $641,520.52. Following the completion of the sale, the insider now owns 19,652 shares of the company’s stock, valued at $2,295,550.12. This represents a 21.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on RVTY shares. Leerink Partners boosted their price target 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. Robert W. Baird increased their target price on Revvity from $136.00 to $138.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Raymond James dropped their price target on Revvity from $146.00 to $140.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 21st. Sanford C. Bernstein downgraded Revvity from an “outperform” rating to a “market perform” rating and set a $130.00 price objective for the company. in a report on Friday, January 10th. Finally, Bank of America upgraded shares of Revvity from a “neutral” rating to a “buy” rating and set a $138.00 target price on the stock in a report on Friday, December 13th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Revvity presently has an average rating of “Moderate Buy” and a consensus target price of $132.00.

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.