The Manufacturers Life Insurance Company Raises Position in Revvity, Inc. (NYSE:RVTY)

The Manufacturers Life Insurance Company increased its holdings in shares of Revvity, Inc. (NYSE:RVTY) by 5.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 579,705 shares of the company’s stock after purchasing an additional 27,825 shares during the period. The Manufacturers Life Insurance Company’s holdings in Revvity were worth $74,057,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Rothschild Investment LLC acquired a new position in Revvity during the 2nd quarter valued at approximately $25,000. Gladius Capital Management LP purchased a new position in shares of Revvity in the third quarter worth about $32,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Revvity by 74.2% during the second 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 stake in shares of Revvity during the second quarter worth about $43,000. Finally, Fairfield Financial Advisors LTD purchased a new stake in Revvity in the second quarter valued at approximately $43,000. 86.65% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on the stock. TD Cowen lifted 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. Leerink Partners boosted their target price 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. Robert W. Baird increased their price target on Revvity from $136.00 to $138.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Barclays decreased their price objective on Revvity from $140.00 to $135.00 and set an “overweight” rating for the company in a report on Monday. Finally, Wells Fargo & Company initiated coverage on Revvity in a report on Tuesday, August 27th. They set an “equal weight” rating and a $130.00 target price on the stock. Seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $131.73.

Revvity Stock Up 1.0 %

RVTY stock opened at $116.23 on Thursday. The stock has a market capitalization of $14.15 billion, a P/E ratio of 56.15, a P/E/G ratio of 2.86 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 firm has a 50-day simple moving average of $120.05 and a 200-day simple moving average of $115.89. The company has a quick ratio of 2.97, a current ratio of 3.56 and a debt-to-equity ratio of 0.40.

Revvity (NYSE:RVTY) last announced its earnings results on Monday, November 4th. The company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.15. The business had revenue of $684.10 million during the quarter, compared to analysts’ expectations of $679.66 million. Revvity had a return on equity of 7.42% and a net margin of 9.34%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.18 earnings per share. Equities analysts forecast that Revvity, Inc. will post 4.85 earnings per share for the current fiscal year.

Revvity declared that its Board of Directors has approved a share buyback program on Monday, November 4th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Revvity Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 17th will be paid a dividend of $0.07 per share. The ex-dividend date is Friday, January 17th. This represents a $0.28 annualized dividend and a yield of 0.24%. Revvity’s dividend payout ratio (DPR) is presently 13.53%.

Insider Transactions at Revvity

In other Revvity news, insider Tajinder S. Vohra sold 2,154 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $121.73, for a total value of $262,206.42. Following the transaction, the insider now directly owns 19,652 shares of the company’s stock, valued at $2,392,237.96. This trade represents a 9.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.60% 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.