Revvity (NYSE:RVTY) Upgraded to Buy at Bank of America

Bank of America upgraded shares of Revvity (NYSE:RVTY) from a neutral rating to a buy rating in a report released on Friday morning, Marketbeat Ratings reports. They currently have $138.00 price objective on the stock.

A number of other research firms have also commented on RVTY. Robert W. Baird increased their price objective on Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Leerink Partners raised their price target on shares of Revvity from $130.00 to $135.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. TD Cowen boosted their price objective 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. Sanford C. Bernstein reduced their price objective on shares of Revvity from $150.00 to $145.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Finally, Wells Fargo & Company initiated coverage on shares of Revvity in a research note on Tuesday, August 27th. They issued an “equal weight” rating and a $130.00 target price for the company. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Revvity currently has a consensus rating of “Moderate Buy” and an average price target of $132.47.

Revvity Stock Performance

Shares of RVTY opened at $115.94 on Friday. Revvity has a 12-month low of $97.32 and a 12-month high of $129.50. The stock has a market cap of $14.11 billion, a P/E ratio of 56.01, a PEG ratio of 3.59 and a beta of 1.03. The company has a current ratio of 3.56, a quick ratio of 2.97 and a debt-to-equity ratio of 0.40. The company has a 50-day moving average of $118.09 and a two-hundred day moving average of $116.39.

Revvity (NYSE:RVTY) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.15. The firm had revenue of $684.10 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.18 EPS. As a group, research analysts predict that Revvity will post 4.85 EPS for the current fiscal year.

Revvity declared that its Board of Directors has authorized a share buyback plan on Monday, November 4th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Revvity Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, January 17th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, January 17th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.24%. Revvity’s payout ratio is 13.53%.

Insider Buying and Selling at Revvity

In other news, insider Tajinder S. Vohra sold 2,154 shares of the 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 completion of the sale, the insider now owns 19,652 shares of the company’s stock, valued at $2,392,237.96. This represents a 9.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.60% of the stock is owned by company insiders.

Institutional Trading of Revvity

Institutional investors have recently added to or reduced their stakes in the business. EdgePoint Investment Group Inc. purchased a new position in Revvity in the second quarter valued at about $209,221,000. Southpoint Capital Advisors LP purchased a new stake in shares of Revvity during the 3rd quarter valued at about $25,550,000. Janus Henderson Group PLC lifted its position in Revvity by 1.7% during the 3rd quarter. Janus Henderson Group PLC now owns 6,335,302 shares of the company’s stock worth $809,332,000 after acquiring an additional 108,401 shares in the last quarter. Holocene Advisors LP boosted 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 acquiring an additional 92,240 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in Revvity by 3,171.3% in the second quarter. Assenagon Asset Management S.A. now owns 87,180 shares of the company’s stock valued at $9,142,000 after acquiring an additional 84,515 shares in the last quarter. 86.65% of the stock is 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.