Revvity (NYSE:RVTY) Releases Quarterly Earnings Results, Beats Estimates By $0.15 EPS

Revvity (NYSE:RVTY) issued its earnings results on Monday. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.15, Briefing.com reports. Revvity had a net margin of 6.26% and a return on equity of 7.34%. The company had revenue of $684.10 million for the quarter, compared to analysts’ expectations of $679.66 million. During the same period in the prior year, the firm earned $1.18 EPS. Revvity’s quarterly revenue was up 2.1% compared to the same quarter last year. Revvity updated its FY 2024 guidance to 4.830-4.870 EPS and its FY24 guidance to $4.83-4.87 EPS.

Revvity Price Performance

Shares of NYSE RVTY traded down $0.25 during trading hours on Tuesday, hitting $124.57. 226,833 shares of the stock were exchanged, compared to its average volume of 822,551. The company’s fifty day simple moving average is $121.46 and its two-hundred day simple moving average is $114.29. The company has a market cap of $15.36 billion, a PE ratio of 90.45, a price-to-earnings-growth ratio of 3.34 and a beta of 1.05. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.98 and a current ratio of 2.27. Revvity has a 1-year low of $82.17 and a 1-year high of $128.83.

Revvity Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Stockholders 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 0.22%. The ex-dividend date of this dividend is Friday, January 17th. Revvity’s payout ratio is presently 20.29%.

Revvity announced that its board has initiated a stock buyback program on Monday, November 4th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on RVTY shares. JPMorgan Chase & Co. raised their price target on Revvity from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Barclays raised shares of Revvity from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $125.00 to $140.00 in a report on Tuesday, October 15th. Robert W. Baird increased their price target on shares of Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a report on Tuesday. Wells Fargo & Company began coverage on Revvity in a report on Tuesday, August 27th. They set an “equal weight” rating and a $130.00 price objective for the company. Finally, Jefferies Financial Group lifted their price target on Revvity from $115.00 to $125.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Seven 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 MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $129.57.

Insider Buying and Selling at Revvity

In other Revvity news, insider Tajinder S. Vohra sold 2,153 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $122.09, for a total value of $262,859.77. Following the sale, the insider now owns 23,960 shares of the company’s stock, valued at approximately $2,925,276.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Tajinder S. Vohra sold 2,153 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $122.09, for a total value of $262,859.77. Following the completion of the transaction, the insider now owns 23,960 shares of the company’s stock, valued at approximately $2,925,276.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joel S. Goldberg sold 3,500 shares of Revvity stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $117.86, for a total transaction of $412,510.00. Following the sale, the insider now directly owns 33,400 shares in the company, valued at $3,936,524. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,807 shares of company stock worth $937,576 over the last three months. Corporate insiders own 0.60% of the company’s stock.

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.