PerkinElmer’s (PKI) Buy Rating Reaffirmed at Citigroup Inc.
Citigroup Inc. reaffirmed their buy rating on shares of PerkinElmer, Inc. (NYSE:PKI) in a report released on Tuesday. The brokerage currently has a $80.00 price target on the medical research company’s stock, up from their prior price target of $74.00.
Other equities analysts have also issued reports about the stock. Jefferies Group LLC reiterated a hold rating and issued a $69.00 target price (up from $58.00) on shares of PerkinElmer in a report on Tuesday, June 20th. Cantor Fitzgerald reiterated a hold rating on shares of PerkinElmer in a report on Sunday, July 16th. BidaskClub lowered shares of PerkinElmer from a strong-buy rating to a buy rating in a report on Wednesday, June 14th. Piper Jaffray Companies reiterated a buy rating and issued a $81.00 target price on shares of PerkinElmer in a report on Friday, August 4th. Finally, Cowen and Company reiterated a market perform rating and issued a $70.00 target price (up from $61.00) on shares of PerkinElmer in a report on Tuesday, June 20th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. PerkinElmer has a consensus rating of Hold and an average target price of $67.92.
PerkinElmer (PKI) traded up 0.92% during mid-day trading on Tuesday, reaching $68.97. 432,077 shares of the company were exchanged. The company has a market capitalization of $7.60 billion, a price-to-earnings ratio of 20.80 and a beta of 0.74. The company has a 50 day moving average of $66.08 and a 200-day moving average of $63.21. PerkinElmer has a 1-year low of $45.35 and a 1-year high of $70.16.
PerkinElmer (NYSE:PKI) last posted its earnings results on Thursday, August 3rd. The medical research company reported $0.67 earnings per share for the quarter, meeting the consensus estimate of $0.67. The company had revenue of $547.00 million for the quarter, compared to analyst estimates of $554.14 million. PerkinElmer had a net margin of 16.80% and a return on equity of 13.44%. PerkinElmer’s revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.67 EPS. On average, equities research analysts forecast that PerkinElmer will post $2.89 EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, October 20th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date of this dividend is Thursday, October 19th. PerkinElmer’s dividend payout ratio (DPR) is 8.46%.
Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of PerkinElmer by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 10,886,642 shares of the medical research company’s stock valued at $741,816,000 after acquiring an additional 273,975 shares during the period. Janus Henderson Group PLC purchased a new stake in shares of PerkinElmer in the 2nd quarter valued at approximately $436,483,000. BlackRock Inc. raised its stake in shares of PerkinElmer by 2.4% in the 2nd quarter. BlackRock Inc. now owns 5,929,277 shares of the medical research company’s stock valued at $404,022,000 after acquiring an additional 141,650 shares during the period. State Street Corp raised its stake in shares of PerkinElmer by 2.2% in the 1st quarter. State Street Corp now owns 3,875,455 shares of the medical research company’s stock valued at $225,011,000 after acquiring an additional 82,817 shares during the period. Finally, Primecap Management Co. CA raised its stake in shares of PerkinElmer by 0.7% in the 1st quarter. Primecap Management Co. CA now owns 3,531,955 shares of the medical research company’s stock valued at $205,065,000 after acquiring an additional 25,825 shares during the period. 91.47% of the stock is currently owned by institutional investors and hedge funds.
PerkinElmer Company Profile
PerkinElmer, Inc is a provider of products, services and solutions to the diagnostics, research, environmental, industrial and laboratory services markets. The Company operates through two segments: Discovery & Analytical Solutions and Diagnostics. The Discovery & Analytical Solutions segment serves the environmental, food, industrial, life sciences research and laboratory services markets.
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