Revvity (NYSE:RVTY) Rating Lowered to Market Perform at Sanford C. Bernstein

Revvity (NYSE:RVTY) was downgraded by stock analysts at Sanford C. Bernstein from an “outperform” rating to a “market perform” rating in a note issued to investors on Friday, MarketBeat Ratings reports. They currently have a $130.00 target price on the stock. Sanford C. Bernstein’s price target suggests a potential upside of 14.18% from the stock’s previous close.

A number of other equities analysts also recently issued reports on RVTY. Raymond James raised their price objective on Revvity from $144.00 to $146.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Leerink Partners boosted their price target on shares of Revvity from $130.00 to $135.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. 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. Barclays lowered their target price on shares of Revvity from $140.00 to $135.00 and set an “overweight” rating for the company in a research note on Monday, November 25th. Finally, Bank of America raised shares of Revvity from a “neutral” rating to a “buy” rating and set a $138.00 price target on the stock in a research report on Friday, December 13th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $131.93.

Revvity Trading Down 2.2 %

RVTY opened at $113.86 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.56 and a quick ratio of 2.97. Revvity has a fifty-two week low of $97.32 and a fifty-two week high of $129.50. The company’s 50 day moving average price is $115.38 and its two-hundred day moving average price is $116.99. The firm has a market capitalization of $13.86 billion, a price-to-earnings ratio of 55.00, a PEG ratio of 3.56 and a beta of 1.03.

Revvity (NYSE:RVTY) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.15. The company had revenue of $684.10 million for the quarter, compared to analysts’ expectations of $679.66 million. Revvity had a net margin of 9.34% and a return on equity of 7.42%. Revvity’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.18 earnings per share. As a group, research analysts predict that Revvity will post 4.85 earnings per share for the current year.

Revvity announced that its board has approved a stock buyback plan on Monday, November 4th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to buy up to 6.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Revvity

In other news, insider Tajinder S. Vohra sold 5,492 shares of the business’s 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 completion of the sale, the insider now directly owns 19,652 shares of the company’s stock, valued at $2,295,550.12. The trade was a 21.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Revvity

Hedge funds have recently added to or reduced their stakes in the stock. EdgePoint Investment Group Inc. bought a new position in shares of Revvity in the second quarter valued at approximately $209,221,000. Southpoint Capital Advisors LP purchased a new stake in Revvity in the 3rd quarter valued at $25,550,000. Janus Henderson Group PLC lifted its stake in Revvity by 1.7% during the 3rd quarter. Janus Henderson Group PLC now owns 6,335,302 shares of the company’s stock valued at $809,332,000 after acquiring an additional 108,401 shares in the last quarter. Holocene Advisors LP boosted its holdings in Revvity by 14.6% during the 3rd quarter. Holocene Advisors LP now owns 725,917 shares of the company’s stock worth $92,736,000 after acquiring an additional 92,240 shares during the last quarter. Finally, RGM Capital LLC boosted its holdings in Revvity by 6.7% during the 2nd quarter. RGM Capital LLC now owns 950,858 shares of the company’s stock worth $99,707,000 after acquiring an additional 59,994 shares during the last quarter. Institutional investors and hedge funds own 86.65% 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.