Raymond James Reaffirms Outperform Rating for Revvity (NYSE:RVTY)

Revvity (NYSE:RVTY)‘s stock had its “outperform” rating reiterated by stock analysts at Raymond James in a note issued to investors on Monday,Benzinga reports. They currently have a $145.00 target price on the stock, up from their prior target price of $140.00. Raymond James’ target price would indicate a potential upside of 17.73% from the company’s previous close.

A number of other research firms also recently issued reports on RVTY. KeyCorp increased their price objective on Revvity from $132.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday. Robert W. Baird lifted their target price on shares of Revvity from $136.00 to $138.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. TD Cowen upped their price objective on Revvity from $141.00 to $144.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Sanford C. Bernstein downgraded shares of Revvity from an “outperform” rating to a “market perform” rating and set a $130.00 price objective for the company. in a report on Friday, January 10th. Finally, Leerink Partners lifted their price target on shares of Revvity from $130.00 to $135.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Revvity has a consensus rating of “Moderate Buy” and a consensus price target of $136.25.

Revvity Stock Down 0.4 %

Shares of RVTY opened at $123.16 on Monday. The business’s 50 day simple moving average is $117.06 and its 200-day simple moving average is $118.90. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.60 and a quick ratio of 3.03. Revvity has a one year low of $97.32 and a one year high of $129.50. The company has a market capitalization of $14.99 billion, a P/E ratio of 55.73, a PEG ratio of 4.17 and a beta of 1.03.

Revvity (NYSE:RVTY) last announced its quarterly earnings data on Friday, January 31st. The company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period in the previous year, the firm earned $1.25 EPS. As a group, sell-side analysts predict that Revvity will post 4.97 EPS for the current fiscal 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 outstanding shares. This repurchase authorization allows the company to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity

In related news, insider Joel S. Goldberg sold 15,170 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $126.73, for a total transaction of $1,922,494.10. Following the sale, the insider now owns 33,400 shares of the company’s stock, valued at $4,232,782. The trade was a 31.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Tajinder S. Vohra sold 5,492 shares of the firm’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 transaction, the insider now directly owns 19,652 shares of the company’s stock, valued at approximately $2,295,550.12. This trade represents a 21.84 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Revvity

Institutional investors and hedge funds have recently modified their holdings of the company. EdgePoint Investment Group Inc. lifted its stake in shares of Revvity by 34.6% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 2,685,775 shares of the company’s stock worth $343,108,000 after purchasing an additional 690,534 shares during the period. Southpoint Capital Advisors LP purchased a new position in shares of Revvity during the 3rd quarter worth $25,550,000. Janus Henderson Group PLC boosted its stake in shares of Revvity by 1.7% during the 3rd quarter. Janus Henderson Group PLC now owns 6,335,302 shares of the company’s stock worth $809,332,000 after acquiring an additional 108,401 shares during the last quarter. Holocene Advisors LP increased its stake in shares of Revvity by 14.6% in the 3rd quarter. Holocene Advisors LP now owns 725,917 shares of the company’s stock worth $92,736,000 after purchasing an additional 92,240 shares in the last quarter. Finally, Contravisory Investment Management Inc. raised its holdings in Revvity by 1,715.9% in the 4th quarter. Contravisory Investment Management Inc. now owns 69,186 shares of the company’s stock worth $7,722,000 after purchasing an additional 65,376 shares during the period. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

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.