Principal Financial Group Inc. Sells 4,253 Shares of Revvity, Inc. (NYSE:RVTY)

Principal Financial Group Inc. reduced its position in shares of Revvity, Inc. (NYSE:RVTY) by 3.0% during the fourth quarter, Holdings Channel reports. The firm owned 137,618 shares of the company’s stock after selling 4,253 shares during the period. Principal Financial Group Inc.’s holdings in Revvity were worth $15,360,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. Principal Securities Inc. lifted its position in shares of Revvity by 54.9% during the fourth quarter. Principal Securities Inc. now owns 598 shares of the company’s stock valued at $67,000 after purchasing an additional 212 shares in the last quarter. Vontobel Holding Ltd. lifted its position in shares of Revvity by 11.0% during the fourth quarter. Vontobel Holding Ltd. now owns 2,405 shares of the company’s stock valued at $268,000 after purchasing an additional 238 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Revvity by 60.1% during the fourth quarter. Empowered Funds LLC now owns 2,839 shares of the company’s stock valued at $317,000 after purchasing an additional 1,066 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Revvity by 2.4% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 13,148 shares of the company’s stock valued at $1,467,000 after purchasing an additional 305 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Revvity by 2.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 306,537 shares of the company’s stock valued at $34,213,000 after purchasing an additional 6,814 shares in the last quarter. 86.65% of the stock is owned by institutional investors.

Insider Activity at Revvity

In other news, insider Tajinder S. Vohra sold 5,492 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $116.81, for a total value of $641,520.52. Following the completion of the sale, the insider now directly owns 19,652 shares in the company, valued at approximately $2,295,550.12. The trade was a 21.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Joel S. Goldberg sold 15,170 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $126.73, for a total transaction of $1,922,494.10. Following the completion of the sale, the insider now owns 33,400 shares of the company’s stock, valued at approximately $4,232,782. The trade was a 31.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.60% of the stock is owned by corporate insiders.

Revvity Stock Performance

NYSE RVTY opened at $115.00 on Thursday. The company’s 50 day moving average is $116.89 and its 200-day moving average is $118.57. Revvity, Inc. has a 12-month low of $97.32 and a 12-month high of $129.50. The company has a quick ratio of 3.03, a current ratio of 3.60 and a debt-to-equity ratio of 0.41. The firm has a market cap of $14.00 billion, a P/E ratio of 52.04, a price-to-earnings-growth ratio of 3.82 and a beta of 1.03.

Revvity (NYSE:RVTY) last issued its quarterly earnings data on Friday, January 31st. The company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.37 by $0.05. Revvity had a net margin of 9.81% and a return on equity of 7.68%. During the same quarter in the previous year, the company earned $1.25 earnings per share. Sell-side analysts predict that Revvity, Inc. will post 4.94 earnings per share for the current year.

Revvity announced that its Board of Directors has authorized a share buyback program on Monday, November 4th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Revvity Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 9th. Investors of record on Friday, April 18th will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, April 17th. This represents a $0.28 annualized dividend and a yield of 0.24%. Revvity’s dividend payout ratio is currently 12.67%.

Analyst Ratings Changes

RVTY has been the topic of several research reports. Bank of America raised shares of Revvity from a “neutral” rating to a “buy” rating and set a $138.00 price objective on the stock in a research report on Friday, December 13th. Raymond James reaffirmed an “outperform” rating and issued a $145.00 price objective (up previously from $140.00) on shares of Revvity in a research report on Monday, February 3rd. KeyCorp lifted their price objective on shares of Revvity from $132.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. TD Cowen lifted their price objective on shares of Revvity from $141.00 to $144.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Finally, Barclays lifted their price objective on shares of Revvity from $135.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Revvity currently has an average rating of “Moderate Buy” and an average price target of $136.25.

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.