Stock Buyback Plan Authorized by Revvity (NYSE:RVTY)

Revvity (NYSE:RVTY) announced that its Board of Directors has initiated a share repurchase program on Monday, November 4th, RTT News reports. The company plans to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on RVTY shares. Sanford C. Bernstein dropped their price target on shares of Revvity from $150.00 to $145.00 and set an “outperform” rating for the company in a research note on Tuesday. Raymond James lifted their price target on shares of Revvity from $144.00 to $146.00 and gave the stock an “outperform” rating in a research note on Tuesday. Jefferies Financial Group lifted their price target on shares of Revvity from $115.00 to $125.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Robert W. Baird lifted their price target on shares of Revvity from $136.00 to $138.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Citigroup lifted 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. Seven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Revvity has an average rating of “Moderate Buy” and an average target price of $132.07.

Revvity Stock Performance

Shares of RVTY opened at $124.86 on Thursday. Revvity has a 1 year low of $82.17 and a 1 year high of $129.50. The company has a market cap of $15.40 billion, a price-to-earnings ratio of 90.48, a price-to-earnings-growth ratio of 3.34 and a beta of 1.05. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.98 and a current ratio of 2.27. The firm has a fifty day moving average of $121.60 and a 200-day moving average of $114.54.

Revvity (NYSE:RVTY) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $679.66 million. During the same quarter in the previous year, the company posted $1.18 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities analysts anticipate that Revvity will post 4.75 earnings per share for the current year.

Revvity Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, January 17th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date of this dividend is Friday, January 17th. Revvity’s dividend payout ratio is currently 20.29%.

Insider Activity at Revvity

In related news, insider Tajinder S. Vohra sold 2,153 shares of Revvity stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $122.09, for a total transaction of $262,859.77. Following the sale, the insider now directly owns 23,960 shares in the company, valued at $2,925,276.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Tajinder S. Vohra sold 2,153 shares of Revvity stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $122.09, for a total transaction of $262,859.77. Following the sale, the insider now directly owns 23,960 shares in the company, valued at $2,925,276.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $262,206.42. Following the sale, the insider now owns 19,652 shares in the company, valued at approximately $2,392,237.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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.