PerkinElmer Inc. (PKI) Upgraded by Zacks Investment Research to Buy
PerkinElmer Inc. (NYSE:PKI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $62.00 target price on the stock. Zacks Investment Research’s price objective points to a potential upside of 11.53% from the stock’s current price.
According to Zacks, “We believe PerkinElmer continues to execute its business strongly across several product lines aided by rebounding end markets and effective cost-containment efforts. With an enhanced focus on product innovation and expansion into emerging markets like China, PerkinElmer has considerable potential upside. In fact strategic collaborations as well as accretive acquisitions will drive growth in full-year 2016 and beyond. We are also positive on the growing demand for affordable healthcare among the rising middle-class population in the developing countries of Asia-Pacific and Latin America which provide a significant growth opportunity for the company. Nevertheless, sluggish European macro-environment, restrained spending and challenges in Japan are major stock dampeners.”
A number of other equities analysts also recently weighed in on the stock. BTIG Research reaffirmed a “hold” rating on shares of PerkinElmer in a research note on Friday, August 5th. Mizuho downgraded shares of PerkinElmer from a “buy” rating to a “neutral” rating and set a $56.00 price target on the stock. in a research note on Friday, August 5th. JPMorgan Chase & Co. upped their price objective on shares of PerkinElmer from $52.00 to $55.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. Morgan Stanley set a $61.00 price objective on shares of PerkinElmer and gave the stock a “buy” rating in a report on Friday, August 5th. Finally, Barclays PLC upped their price objective on shares of PerkinElmer from $50.00 to $52.00 and gave the stock an “underweight” rating in a report on Friday, August 5th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $55.00.
Shares of PerkinElmer (NYSE:PKI) traded up 0.25% during mid-day trading on Tuesday, hitting $55.73. The stock had a trading volume of 414,551 shares. The firm’s 50 day moving average price is $54.34 and its 200-day moving average price is $53.28. PerkinElmer has a one year low of $39.50 and a one year high of $57.28. The company has a market cap of $6.10 billion, a PE ratio of 26.63 and a beta of 0.85.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Friday, October 14th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.50%. The ex-dividend date is Wednesday, October 12th. PerkinElmer’s payout ratio is presently 13.33%.
In related news, insider Joel S. Goldberg sold 38,095 shares of the stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $55.00, for a total value of $2,095,225.00. Following the completion of the sale, the insider now owns 96,299 shares in the company, valued at $5,296,445. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Patrick J. Sullivan sold 8,308 shares of the stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $54.74, for a total transaction of $454,779.92. Following the completion of the sale, the director now owns 41,829 shares of the company’s stock, valued at approximately $2,289,719.46. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the stock. Glenmede Trust Co. NA boosted its stake in PerkinElmer by 557.5% in the first quarter. Glenmede Trust Co. NA now owns 24,230 shares of the company’s stock valued at $1,197,000 after buying an additional 20,545 shares during the last quarter. Aperio Group LLC raised its position in PerkinElmer by 30.0% in the first quarter. Aperio Group LLC now owns 37,511 shares of the company’s stock valued at $1,855,000 after buying an additional 8,649 shares during the period. BlackRock Group LTD raised its position in PerkinElmer by 5.6% in the first quarter. BlackRock Group LTD now owns 245,321 shares of the company’s stock valued at $12,134,000 after buying an additional 13,085 shares during the period. Credit Agricole S A raised its position in PerkinElmer by 447.2% in the first quarter. Credit Agricole S A now owns 16,185 shares of the company’s stock valued at $800,000 after buying an additional 13,227 shares during the period. Finally, Lazard Asset Management LLC raised its position in PerkinElmer by 5.1% in the first quarter. Lazard Asset Management LLC now owns 47,980 shares of the company’s stock valued at $2,372,000 after buying an additional 2,343 shares during the period. Institutional investors and hedge funds own 90.50% of the company’s stock.
PerkinElmer, Inc is a provider of products, services and solutions to the diagnostics, research, environmental and laboratory markets. The Company’s operating segments include Human Health, Environmental Health and Corporate. The Human Health segment concentrates on developing diagnostics, tools and applications to help detect diseases earlier.
Receive News & Stock Ratings for PerkinElmer Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PerkinElmer Inc. and related stocks with our FREE daily email newsletter.