Victory Capital Management Inc. Grows Stock Position in Revvity, Inc. (NYSE:RVTY)

Victory Capital Management Inc. increased its position in shares of Revvity, Inc. (NYSE:RVTY) by 4.5% in the 3rd quarter, Holdings Channel reports. The firm owned 59,860 shares of the company’s stock after purchasing an additional 2,582 shares during the period. Victory Capital Management Inc.’s holdings in Revvity were worth $7,647,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in RVTY. Rothschild Investment LLC acquired a new position in shares of Revvity in the second quarter valued at approximately $25,000. EverSource Wealth Advisors LLC boosted its position in Revvity by 74.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 392 shares of the company’s stock valued at $41,000 after buying an additional 167 shares during the period. Fairfield Financial Advisors LTD acquired a new position in shares of Revvity in the second quarter worth $43,000. Family Firm Inc. purchased a new stake in shares of Revvity during the second quarter worth $43,000. Finally, EntryPoint Capital LLC acquired a new stake in shares of Revvity in the first quarter valued at $48,000. 86.65% of the stock is owned by institutional investors and hedge funds.

Revvity Stock Performance

Shares of RVTY opened at $111.11 on Friday. The company has a quick ratio of 2.97, a current ratio of 3.56 and a debt-to-equity ratio of 0.40. Revvity, Inc. has a 52-week low of $86.30 and a 52-week high of $129.50. The company has a 50-day simple moving average of $120.91 and a 200-day simple moving average of $115.53. The company has a market capitalization of $13.52 billion, a PE ratio of 53.68, a P/E/G ratio of 2.74 and a beta of 1.05.

Revvity (NYSE:RVTY) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.13 by $0.15. The business had revenue of $684.10 million for the quarter, compared to analyst estimates of $679.66 million. Revvity had a return on equity of 7.42% and a net margin of 9.34%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.18 EPS. Equities research analysts predict that Revvity, Inc. will post 4.85 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. Stockholders of record on Friday, January 17th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 0.25%. The ex-dividend date of this dividend is Friday, January 17th. Revvity’s dividend payout ratio (DPR) is presently 13.53%.

Revvity declared that its Board of Directors has authorized a stock buyback program on Monday, November 4th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to purchase up to 6.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wells Fargo & Company initiated coverage on Revvity in a research report on Tuesday, August 27th. They issued an “equal weight” rating and a $130.00 price target on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Revvity from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Barclays upgraded shares of Revvity from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $125.00 to $140.00 in a research report on Tuesday, October 15th. TD Cowen increased their target price on shares of Revvity from $141.00 to $144.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Finally, Leerink Partners raised their price objective on Revvity from $130.00 to $135.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.07.

Insider Buying and Selling

In other Revvity news, insider Tajinder S. Vohra sold 2,154 shares of Revvity stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $121.73, for a total value of $262,206.42. Following the transaction, the insider now owns 19,652 shares in the company, valued at $2,392,237.96. This trade represents a 9.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.60% of the company’s stock.

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.