Wells Fargo & Company Initiates Coverage on Revvity (NYSE:RVTY)

Wells Fargo & Company assumed coverage on shares of Revvity (NYSE:RVTY) in a research report sent to investors on Tuesday morning, Benzinga reports. The firm issued an equal weight rating and a $130.00 price target on the stock.

Other analysts have also issued reports about the company. Leerink Partnrs upgraded Revvity to a strong-buy rating in a report on Monday, July 8th. Jefferies Financial Group lifted their price target on Revvity from $115.00 to $125.00 and gave the company a hold rating in a report on Monday, July 29th. Leerink Partners started coverage on Revvity in a report on Monday, July 8th. They issued an outperform rating and a $125.00 price objective on the stock. TD Cowen lifted their target price on shares of Revvity from $130.00 to $141.00 and gave the company a buy rating in a research note on Tuesday, July 30th. Finally, Citigroup increased their price target on shares of Revvity from $135.00 to $145.00 and gave the stock a buy rating in a research note on Tuesday, July 30th. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $126.00.

Revvity Stock Up 1.0 %

NYSE:RVTY opened at $122.44 on Tuesday. The business’s fifty day moving average price is $113.39 and its 200 day moving average price is $108.57. The firm has a market capitalization of $15.11 billion, a price-to-earnings ratio of 101.19, a PEG ratio of 2.97 and a beta of 1.05. The company has a current ratio of 2.27, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. Revvity has a 1-year low of $79.50 and a 1-year high of $128.15.

Revvity (NYSE:RVTY) last issued its earnings results on Monday, July 29th. The company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.10. Revvity had a return on equity of 7.34% and a net margin of 6.26%. The company had revenue of $691.70 million for the quarter, compared to the consensus estimate of $690.33 million. During the same quarter in the prior year, the company earned $1.21 EPS. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. On average, sell-side analysts forecast that Revvity will post 4.75 earnings per share for the current fiscal year.

Revvity Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, October 18th will be paid a $0.07 dividend. The ex-dividend date is Friday, October 18th. This represents a $0.28 annualized dividend and a dividend yield of 0.23%. Revvity’s payout ratio is 23.14%.

Insider Activity at Revvity

In other Revvity news, insider Joel S. Goldberg sold 3,500 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $117.86, for a total value of $412,510.00. Following the sale, the insider now directly owns 33,400 shares in the company, valued at approximately $3,936,524. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Joel S. Goldberg sold 4,000 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $110.46, for a total value of $441,840.00. Following the completion of the transaction, the insider now directly owns 36,900 shares in the company, valued at $4,075,974. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joel S. Goldberg sold 3,500 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $117.86, for a total value of $412,510.00. Following the completion of the transaction, the insider now directly owns 33,400 shares of the company’s stock, valued at $3,936,524. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Revvity

A number of hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. raised its stake in shares of Revvity by 165.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,463 shares of the company’s stock valued at $468,000 after buying an additional 2,781 shares in the last quarter. Creative Planning raised its stake in shares of Revvity by 7.3% in the 2nd quarter. Creative Planning now owns 19,857 shares of the company’s stock valued at $2,082,000 after buying an additional 1,359 shares in the last quarter. Scientech Research LLC raised its stake in shares of Revvity by 139.7% in the 2nd quarter. Scientech Research LLC now owns 6,344 shares of the company’s stock valued at $665,000 after buying an additional 3,697 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Revvity by 3.5% in the 2nd quarter. Mackenzie Financial Corp now owns 12,179 shares of the company’s stock valued at $1,277,000 after buying an additional 410 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Revvity by 5.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 551,880 shares of the company’s stock valued at $57,870,000 after buying an additional 29,204 shares in the last quarter. Institutional investors and hedge funds own 86.65% of the company’s stock.

Revvity Company 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.