Spire Wealth Management Cuts Stock Holdings in Revvity, Inc. (NYSE:RVTY)

Spire Wealth Management lowered its stake in Revvity, Inc. (NYSE:RVTY) by 9.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,633 shares of the company’s stock after selling 396 shares during the quarter. Spire Wealth Management’s holdings in Revvity were worth $405,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Janus Henderson Group PLC increased its position in Revvity by 1.7% in the third quarter. Janus Henderson Group PLC now owns 6,335,302 shares of the company’s stock worth $809,332,000 after purchasing an additional 108,401 shares during the last quarter. State Street Corp increased its holdings in shares of Revvity by 0.3% in the 3rd quarter. State Street Corp now owns 5,180,169 shares of the company’s stock worth $661,767,000 after buying an additional 17,832 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Revvity by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,863,793 shares of the company’s stock valued at $364,569,000 after buying an additional 25,078 shares in the last quarter. EdgePoint Investment Group Inc. lifted its holdings 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 valued at $343,108,000 after acquiring an additional 690,534 shares during the last quarter. Finally, RGM Capital LLC grew its position in Revvity by 3.2% in the third quarter. RGM Capital LLC now owns 980,858 shares of the company’s stock worth $125,305,000 after acquiring an additional 30,000 shares in the last quarter. Institutional investors own 86.65% of the company’s stock.

Insiders Place Their Bets

In related news, insider Joel S. Goldberg sold 15,170 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $126.73, for a total value of $1,922,494.10. Following the completion of the transaction, 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Tajinder S. Vohra sold 5,492 shares of the stock in a transaction 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 sale, the insider now directly owns 19,652 shares in the company, valued at $2,295,550.12. This trade represents a 21.84 % decrease in their position. The disclosure for this sale can be found here. 0.60% of the stock is owned by company insiders.

Revvity Stock Performance

Shares of NYSE:RVTY opened at $122.47 on Thursday. The firm’s 50 day simple moving average is $117.22 and its 200-day simple moving average is $119.00. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.03 and a current ratio of 3.60. Revvity, Inc. has a one year low of $97.32 and a one year high of $129.50. The firm has a market cap of $14.90 billion, a PE ratio of 55.42, a price-to-earnings-growth ratio of 4.17 and a beta of 1.03.

Revvity (NYSE:RVTY) last released its quarterly earnings data on Friday, January 31st. The company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.37 by $0.05. Revvity had a return on equity of 7.68% and a net margin of 9.81%. During the same quarter in the prior year, the company posted $1.25 EPS. As a group, equities analysts predict that Revvity, Inc. will post 4.97 EPS for the current year.

Revvity announced that its Board of Directors has authorized a share repurchase plan on Monday, November 4th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 6.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Revvity Announces Dividend

The firm 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 $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 0.23%. The ex-dividend date of this dividend is Thursday, April 17th. Revvity’s dividend payout ratio (DPR) is presently 12.67%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RVTY shares. Raymond James restated an “outperform” rating and set a $145.00 price objective (up from $140.00) on shares of Revvity in a research report on Monday. Sanford C. Bernstein lowered Revvity from an “outperform” rating to a “market perform” rating and set a $130.00 price target on the stock. in a report on Friday, January 10th. Bank of America raised shares of Revvity from a “neutral” rating to a “buy” rating and set a $138.00 price objective for the company in a research note on Friday, December 13th. Robert W. Baird increased their target price on shares of Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Finally, TD Cowen lifted their price target on shares of Revvity from $141.00 to $144.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Four equities research 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $136.25.

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.