PNC Financial Services Group Inc. Has $3.71 Million Stake in Revvity, Inc. (NYSE:RVTY)

PNC Financial Services Group Inc. lowered its position in Revvity, Inc. (NYSE:RVTY) by 1.4% during the third quarter, according to its most recent filing with the SEC. The firm owned 29,059 shares of the company’s stock after selling 400 shares during the period. PNC Financial Services Group Inc.’s holdings in Revvity were worth $3,712,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rothschild Investment LLC acquired a new position in shares of Revvity in the 2nd quarter worth approximately $25,000. Gladius Capital Management LP acquired a new position in shares of Revvity in the 3rd quarter worth approximately $32,000. EverSource Wealth Advisors LLC lifted its position in shares of Revvity by 74.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 392 shares of the company’s stock worth $41,000 after purchasing an additional 167 shares during the period. Family Firm Inc. acquired a new position in shares of Revvity in the 2nd quarter worth approximately $43,000. Finally, Fairfield Financial Advisors LTD acquired a new position in shares of Revvity in the 2nd quarter worth approximately $43,000. Institutional investors and hedge funds own 86.65% of the company’s stock.

Insider Buying and Selling

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

Revvity Price Performance

NYSE RVTY opened at $112.03 on Monday. The company has a market cap of $13.63 billion, a PE ratio of 54.12, a price-to-earnings-growth ratio of 2.77 and a beta of 1.05. Revvity, Inc. has a 52 week low of $86.30 and a 52 week high of $129.50. The company has a quick ratio of 2.97, a current ratio of 3.56 and a debt-to-equity ratio of 0.40. The firm’s 50-day simple moving average is $120.53 and its two-hundred day simple moving average is $115.74.

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, topping analysts’ consensus estimates of $1.13 by $0.15. Revvity had a net margin of 9.34% and a return on equity of 7.42%. The firm had revenue of $684.10 million for the quarter, compared to the consensus estimate of $679.66 million. During the same period in the prior year, the firm posted $1.18 earnings per share. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. Research analysts predict that Revvity, Inc. will post 4.85 earnings per share for the current year.

Revvity declared that its Board of Directors has approved a share repurchase plan on Monday, November 4th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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 given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.25%. The ex-dividend date of this dividend is Friday, January 17th. Revvity’s dividend payout ratio (DPR) is 13.53%.

Analysts Set New Price Targets

RVTY has been the topic of a number of research reports. Citigroup boosted their target price on shares of Revvity from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Raymond James boosted their target price on shares of Revvity from $144.00 to $146.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. TD Cowen boosted their target price on shares of Revvity from $141.00 to $144.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. JPMorgan Chase & Co. boosted their target price on shares of Revvity from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Finally, Robert W. Baird boosted their target price on shares of Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $132.07.

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.