Sumitomo Mitsui Trust Group Inc. Increases Stock Holdings in Revvity, Inc. (NYSE:RVTY)

Sumitomo Mitsui Trust Group Inc. grew its position in Revvity, Inc. (NYSE:RVTY) by 3.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 299,723 shares of the company’s stock after buying an additional 9,473 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.24% of Revvity worth $38,290,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Rothschild Investment LLC acquired a new stake in shares of Revvity during the second quarter valued at $25,000. EverSource Wealth Advisors LLC boosted its stake in shares of Revvity by 74.2% during the second quarter. EverSource Wealth Advisors LLC now owns 392 shares of the company’s stock valued at $41,000 after acquiring an additional 167 shares during the last quarter. Family Firm Inc. acquired a new stake in shares of Revvity during the second quarter valued at $43,000. Fairfield Financial Advisors LTD acquired a new stake in shares of Revvity during the second quarter valued at $43,000. Finally, EntryPoint Capital LLC acquired a new stake in Revvity in the 1st quarter worth about $48,000. Hedge funds and other institutional investors own 86.65% of the company’s stock.

Insiders Place Their Bets

In other Revvity news, insider Tajinder S. Vohra sold 2,154 shares of Revvity stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $121.73, for a total transaction of $262,206.42. Following the sale, the insider now directly owns 19,652 shares in the company, valued at $2,392,237.96. The trade was a 9.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.60% of the stock is owned by company insiders.

Revvity Stock Performance

Shares of NYSE:RVTY opened at $109.52 on Friday. The company has a market cap of $13.33 billion, a P/E ratio of 52.91, a PEG ratio of 2.99 and a beta of 1.05. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.97 and a current ratio of 3.56. Revvity, Inc. has a one year low of $86.30 and a one year high of $129.50. The business’s 50-day simple moving average is $121.52 and its 200 day simple moving average is $115.26.

Revvity (NYSE:RVTY) last announced its earnings results on Monday, November 4th. The company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.13 by $0.15. The business had revenue of $684.10 million for 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 revenue was up 2.1% on a year-over-year basis. During the same period last year, the business posted $1.18 EPS. On average, sell-side analysts forecast that Revvity, Inc. will post 4.85 earnings per share for the current fiscal year.

Revvity announced 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 shares. This repurchase authorization permits the company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Revvity Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders 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 annualized dividend and a yield of 0.26%. Revvity’s dividend payout ratio is presently 13.53%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Jefferies Financial Group raised their price target on Revvity from $115.00 to $125.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Barclays raised Revvity from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $125.00 to $140.00 in a research note on Tuesday, October 15th. Raymond James raised their price target on Revvity from $144.00 to $146.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Wells Fargo & Company assumed coverage on Revvity in a research note on Tuesday, August 27th. They issued an “equal weight” rating and a $130.00 price target on the stock. Finally, Sanford C. Bernstein decreased their price target on Revvity from $150.00 to $145.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Seven research 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 company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $132.07.

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.