PerkinElmer Inc. (PKI) Upgraded to “Hold” by Zacks Investment Research
According to Zacks, “PerkinElmer reported mixed third-quarter 2016 results, wherein adjusted earnings surpassed the Zacks Consensus Estimate while revenues missed the same. Lower-than-estimated growth in academic and government sales (experiencing low single-digit organic revenue declines) and flat industrial revenues were major drags in the just-reported quarter. Additionally, the decline in sales at the Medical Imaging segment raises concern. Apart from these, a sluggish European macro-economic environment and restrained spending and challenges in Japan are likely to hurt the top line in the near term. In fact, lack of growth in the Environmental Health business is expected to mar opportunities for the company. However, with an enhanced focus on product innovation and expansion into emerging markets like China, PerkinElmer has considerable room to run.”
A number of other research firms also recently commented on PKI. Morgan Stanley set a $61.00 target price on PerkinElmer and gave the company a buy rating in a research report on Friday, August 5th. Barclays PLC lifted their target price on PerkinElmer from $50.00 to $52.00 and gave the company an underweight rating in a research report on Friday, August 5th. BTIG Research restated a hold rating on shares of PerkinElmer in a research report on Friday, August 5th. Mizuho downgraded PerkinElmer from a buy rating to a neutral rating and set a $56.00 target price on the stock. in a research report on Friday, August 5th. Finally, JPMorgan Chase & Co. lifted their price objective on PerkinElmer from $52.00 to $55.00 and gave the company a neutral rating in a research note on Friday, August 5th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $54.92.
PerkinElmer (NYSE:PKI) traded up 0.69% during midday trading on Tuesday, reaching $51.01. The company’s stock had a trading volume of 142,566 shares. The firm has a market capitalization of $5.59 billion, a PE ratio of 23.75 and a beta of 0.94. The stock’s 50-day moving average price is $52.02 and its 200 day moving average price is $53.71. PerkinElmer has a 1-year low of $39.50 and a 1-year high of $57.28.
PerkinElmer (NYSE:PKI) last posted its earnings results on Monday, November 7th. The company reported $0.68 EPS for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.02. PerkinElmer had a return on equity of 14.55% and a net margin of 10.48%. The company had revenue of $548 million for the quarter, compared to the consensus estimate of $572.03 million. During the same quarter in the previous year, the business earned $0.60 earnings per share. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. Equities analysts anticipate that PerkinElmer will post $2.77 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 10th. Stockholders of record on Friday, January 20th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Wednesday, January 18th. This represents a $0.28 annualized dividend and a dividend yield of 0.55%. PerkinElmer’s dividend payout ratio is currently 13.02%.
In other news, insider Joel S. Goldberg sold 38,095 shares of the business’s stock in a transaction dated Thursday, September 22nd. The stock was 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 directly owns 96,299 shares of the company’s stock, valued at approximately $5,296,445. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Daniel R. Tereau sold 18,866 shares of the business’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $52.00, for a total value of $981,032.00. Following the completion of the sale, the insider now directly owns 21,241 shares of the company’s stock, valued at $1,104,532. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.
Several hedge funds have recently bought and sold shares of PKI. Fuller & Thaler Asset Management Inc. purchased a new stake in PerkinElmer during the second quarter valued at $121,000. Acrospire Investment Management LLC increased its stake in PerkinElmer by 37.5% in the third quarter. Acrospire Investment Management LLC now owns 2,200 shares of the company’s stock valued at $123,000 after buying an additional 600 shares during the last quarter. Toronto Dominion Bank purchased a new stake in PerkinElmer during the third quarter valued at $126,000. Nordea Investment Management AB increased its stake in PerkinElmer by 58.7% in the third quarter. Nordea Investment Management AB now owns 2,429 shares of the company’s stock valued at $136,000 after buying an additional 898 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in PerkinElmer by 49.1% in the third quarter. BNP Paribas Arbitrage SA now owns 2,570 shares of the company’s stock valued at $144,000 after buying an additional 846 shares during the last quarter. 90.21% of the stock is owned by institutional investors and hedge funds.
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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.
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