Argent Trust Co Raises Stock Position in Revvity, Inc. (NYSE:RVTY)

Argent Trust Co raised its stake in shares of Revvity, Inc. (NYSE:RVTY) by 12.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,472 shares of the company’s stock after buying an additional 738 shares during the period. Argent Trust Co’s holdings in Revvity were worth $679,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Capital Research Global Investors bought a new stake in shares of Revvity in the fourth quarter worth $838,080,000. Janus Henderson Group PLC grew its stake in shares of Revvity by 3.9% during the 1st quarter. Janus Henderson Group PLC now owns 5,664,528 shares of the company’s stock valued at $594,769,000 after purchasing an additional 210,100 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Revvity by 18.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,126,271 shares of the company’s stock valued at $223,258,000 after purchasing an additional 332,632 shares during the last quarter. Norges Bank bought a new position in shares of Revvity in the 4th quarter worth approximately $129,483,000. Finally, Northern Trust Corp bought a new position in shares of Revvity in the 4th quarter worth approximately $127,401,000. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

Revvity Price Performance

Revvity stock opened at $126.57 on Friday. Revvity, Inc. has a 52-week low of $79.50 and a 52-week high of $128.15. The company has a quick ratio of 1.98, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. The firm’s fifty day moving average is $118.79 and its 200 day moving average is $110.47. The company has a market cap of $15.62 billion, a price-to-earnings ratio of 104.60, a PEG ratio of 2.87 and a beta of 1.05.

Revvity (NYSE:RVTY) last announced its earnings results on Monday, July 29th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.10. The firm had revenue of $691.70 million for the quarter, compared to analysts’ expectations of $690.33 million. Revvity had a net margin of 6.26% and a return on equity of 7.34%. The business’s revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.21 EPS. Sell-side analysts forecast that Revvity, Inc. will post 4.75 EPS for the current fiscal year.

Revvity Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, October 18th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date of this dividend is Friday, October 18th. Revvity’s dividend payout ratio (DPR) is 23.14%.

Insider Activity

In related news, insider Joel S. Goldberg sold 3,500 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $117.86, for a total value of $412,510.00. Following the completion of the sale, the insider now directly owns 33,400 shares in the company, valued at $3,936,524. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.60% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on RVTY shares. Leerink Partnrs raised shares of Revvity to a “strong-buy” rating in a report on Monday, July 8th. Citigroup raised their target price on Revvity from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. JPMorgan Chase & Co. boosted 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 their price objective on Revvity from $115.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Finally, Wells Fargo & Company assumed coverage on Revvity in a research note on Tuesday, August 27th. They set an “equal weight” rating and a $130.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $126.00.

Revvity 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.