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

Revvity (NYSE:RVTY)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Raymond James in a report released on Monday,Benzinga reports. They presently have a $145.00 price target on the stock, up from their prior price target of $140.00. Raymond James’ price objective indicates a potential upside of 16.17% from the company’s previous close.

A number of other research analysts have also weighed in on RVTY. Barclays reduced their price target on Revvity from $140.00 to $135.00 and set an “overweight” rating on the stock in a research note on Monday, November 25th. Robert W. Baird raised their price target on Revvity from $136.00 to $138.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. TD Cowen upped their price objective on shares of Revvity from $141.00 to $144.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Sanford C. Bernstein cut shares of Revvity from an “outperform” rating to a “market perform” rating and set a $130.00 target price on the stock. in a research report on Friday, January 10th. Finally, Bank of America raised shares of Revvity from a “neutral” rating to a “buy” rating and set a $138.00 price target for the company in a research report on Friday, December 13th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Revvity presently has an average rating of “Moderate Buy” and an average price target of $135.83.

Revvity Stock Performance

NYSE RVTY opened at $124.82 on Monday. 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 stock has a market cap of $15.19 billion, a price-to-earnings ratio of 56.59, a price-to-earnings-growth ratio of 4.17 and a beta of 1.03. Revvity has a fifty-two week low of $97.32 and a fifty-two week high of $129.50. The business has a fifty day moving average of $116.88 and a 200-day moving average of $118.76.

Revvity (NYSE:RVTY) last released its earnings results 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 last year, the business posted $1.25 EPS. As a group, analysts predict that Revvity will post 4.97 earnings per share for the current fiscal year.

Revvity announced that its Board of Directors has initiated a share repurchase plan on Monday, November 4th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Revvity

In related news, insider Tajinder S. Vohra sold 5,492 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $116.81, for a total transaction of $641,520.52. Following the sale, the insider now owns 19,652 shares in the company, valued at $2,295,550.12. This represents a 21.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joel S. Goldberg sold 15,170 shares of the firm’s stock in a transaction 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 sale, the insider now owns 33,400 shares in the company, valued at $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. Corporate insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Revvity

Several large investors have recently bought and sold shares of the stock. Handelsbanken Fonder AB raised its stake in shares of Revvity by 4.9% in the 4th quarter. Handelsbanken Fonder AB now owns 33,960 shares of the company’s stock worth $3,790,000 after buying an additional 1,600 shares in the last quarter. Ieq Capital LLC bought a new stake in Revvity in the fourth quarter worth about $223,000. Private Advisor Group LLC boosted its position in shares of Revvity by 5.3% during the 4th quarter. Private Advisor Group LLC now owns 4,254 shares of the company’s stock valued at $475,000 after purchasing an additional 213 shares in the last quarter. Keene & Associates Inc. grew its stake in shares of Revvity by 9.2% in the 4th quarter. Keene & Associates Inc. now owns 4,678 shares of the company’s stock worth $522,000 after purchasing an additional 395 shares during the last quarter. Finally, Timber Creek Capital Management LLC raised its holdings in shares of Revvity by 1.9% in the 4th quarter. Timber Creek Capital Management LLC now owns 33,417 shares of the company’s stock worth $3,730,000 after purchasing an additional 622 shares in the last quarter. Institutional investors and hedge funds own 86.65% of the company’s stock.

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.