King Luther Capital Management Corp Cuts Stock Position in Revvity, Inc. (NYSE:RVTY)

King Luther Capital Management Corp cut its holdings in shares of Revvity, Inc. (NYSE:RVTY) by 16.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 200,184 shares of the company’s stock after selling 40,101 shares during the quarter. King Luther Capital Management Corp’s holdings in Revvity were worth $20,991,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Czech National Bank lifted its stake in Revvity by 0.5% in the first quarter. Czech National Bank now owns 21,713 shares of the company’s stock valued at $2,280,000 after purchasing an additional 99 shares during the last quarter. Garrison Asset Management LLC grew its stake in shares of Revvity by 0.5% during the 2nd quarter. Garrison Asset Management LLC now owns 21,328 shares of the company’s stock worth $2,236,000 after acquiring an additional 103 shares during the period. TriaGen Wealth Management LLC increased its holdings in Revvity by 2.3% in the 2nd quarter. TriaGen Wealth Management LLC now owns 4,767 shares of the company’s stock worth $500,000 after acquiring an additional 107 shares during the last quarter. Guinness Asset Management LTD increased its holdings in Revvity by 3.3% in the 2nd quarter. Guinness Asset Management LTD now owns 3,587 shares of the company’s stock worth $376,000 after acquiring an additional 116 shares during the last quarter. Finally, Inspire Investing LLC raised its stake in Revvity by 2.9% in the 1st quarter. Inspire Investing LLC now owns 4,190 shares of the company’s stock valued at $440,000 after acquiring an additional 117 shares during the period. 86.65% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RVTY. Bank of America increased 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. Leerink Partnrs raised shares of Revvity to a “strong-buy” rating in a report on Monday, July 8th. TD Cowen boosted their target price on shares of Revvity from $130.00 to $141.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Leerink Partners initiated coverage on Revvity in a report on Monday, July 8th. They issued an “outperform” rating and a $125.00 price target for the company. Finally, Barclays boosted their price objective on Revvity from $115.00 to $125.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Revvity presently has a consensus rating of “Moderate Buy” and an average price target of $126.00.

Revvity Stock Down 2.8 %

Shares of NYSE RVTY opened at $122.89 on Friday. The company has a current ratio of 2.27, a quick ratio of 1.98 and a debt-to-equity ratio of 0.40. The business has a 50-day moving average of $119.06 and a 200-day moving average of $110.57. The firm has a market capitalization of $15.16 billion, a price-to-earnings ratio of 101.56, a PEG ratio of 2.87 and a beta of 1.05. Revvity, Inc. has a 12 month low of $79.50 and a 12 month high of $128.15.

Revvity (NYSE:RVTY) last released its quarterly earnings results on Monday, July 29th. The company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. The business had revenue of $691.70 million during the quarter, compared to analysts’ expectations of $690.33 million. Revvity had a net margin of 6.26% and a return on equity of 7.34%. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.21 EPS. Sell-side analysts expect that Revvity, Inc. will post 4.75 earnings per share for the current fiscal year.

Revvity Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Investors 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 dividend on an annualized basis and a yield of 0.23%. Revvity’s dividend payout ratio is presently 23.14%.

Insider Buying and Selling at Revvity

In other news, insider Joel S. Goldberg sold 3,500 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $3,936,524. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.60% of the company’s stock.

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.