Raymond James Forecasts Strong Price Appreciation for Revvity (NYSE:RVTY) Stock

Revvity (NYSE:RVTY) had its target price increased by equities research analysts at Raymond James from $144.00 to $146.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Raymond James’ price objective would indicate a potential upside of 16.93% from the company’s current price.

RVTY has been the topic of a number of other reports. Leerink Partnrs raised Revvity to a “strong-buy” rating in a research report on Monday, July 8th. Leerink Partners raised their price objective on shares of Revvity from $130.00 to $135.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Bank of America boosted their target price on shares of Revvity from $118.00 to $127.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. JPMorgan Chase & Co. raised their price target on shares of Revvity from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Finally, Wells Fargo & Company initiated coverage on Revvity in a report on Tuesday, August 27th. They set an “equal weight” rating and a $130.00 price objective for the company. Seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Revvity currently has an average rating of “Moderate Buy” and a consensus price target of $132.07.

Revvity Stock Down 0.9 %

Shares of NYSE RVTY opened at $124.86 on Tuesday. The company has a quick ratio of 1.98, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. The firm has a market cap of $15.40 billion, a PE ratio of 90.48, a P/E/G ratio of 3.34 and a beta of 1.05. The company’s fifty day simple moving average is $121.60 and its 200 day simple moving average is $114.54. Revvity has a 12-month low of $82.17 and a 12-month high of $129.50.

Revvity (NYSE:RVTY) last released its quarterly earnings data 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 6.26% and a return on equity of 7.34%. The company had revenue of $684.10 million for the quarter, compared to analysts’ expectations of $679.66 million. During the same quarter in the prior year, the firm earned $1.18 EPS. The business’s revenue was up 2.1% on a year-over-year basis. As a group, sell-side analysts forecast that Revvity will post 4.75 earnings per share for the current fiscal year.

Revvity declared that its board has authorized a stock buyback plan on Monday, November 4th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity at Revvity

In other Revvity news, insider Tajinder S. Vohra sold 2,154 shares of Revvity 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 owns 19,652 shares of the company’s stock, valued at approximately $2,392,237.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Tajinder S. Vohra sold 2,154 shares of the company’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $121.73, for a total transaction of $262,206.42. Following the transaction, the insider now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tajinder S. Vohra sold 2,153 shares of Revvity stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $122.09, for a total value of $262,859.77. Following the completion of the sale, the insider now directly owns 23,960 shares of the company’s stock, valued at approximately $2,925,276.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC boosted its holdings in shares of Revvity by 3.9% in the first quarter. Janus Henderson Group PLC now owns 5,664,528 shares of the company’s stock worth $594,769,000 after acquiring an additional 210,100 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Revvity by 18.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,126,271 shares of the company’s stock worth $223,258,000 after purchasing an additional 332,632 shares during the period. EdgePoint Investment Group Inc. purchased a new position in Revvity during the 2nd quarter valued at about $209,221,000. Dimensional Fund Advisors LP increased its position in shares of Revvity by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,149,122 shares of the company’s stock valued at $120,506,000 after buying an additional 57,656 shares during the period. Finally, Ceredex Value Advisors LLC lifted its holdings in shares of Revvity by 2.2% in the second quarter. Ceredex Value Advisors LLC now owns 1,094,938 shares of the company’s stock worth $114,815,000 after buying an additional 23,318 shares in the last quarter. 86.65% of the stock is currently owned by hedge funds and other 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.