Revvity (NYSE:RVTY) Reaches New 12-Month High Following Earnings Beat

Revvity Inc. (NYSE:RVTY)’s stock price reached a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $171.74 and last traded at $169.2270, with a volume of 581,300 shares traded. The stock had previously closed at $151.60.

The company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.08. The firm had revenue of $728.90 million during the quarter, compared to the consensus estimate of $694.73 million. Revvity had a return on equity of 8.34% and a net margin of 8.16%. The business’s revenue was up 4.3% compared to the same quarter last year. During the same period last year, the company earned $1.18 earnings per share.

Revvity Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 12th. Investors of record on Friday, January 22nd will be paid a $0.07 dividend. The ex-dividend date of this dividend is Friday, January 22nd. This represents a $0.28 annualized dividend and a dividend yield of 0.2%. Revvity’s dividend payout ratio (DPR) is currently 13.33%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RVTY. TD Cowen boosted their target price on shares of Revvity from $130.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, October 13th. William Blair initiated coverage on shares of Revvity in a research note on Monday, October 5th. They issued an “outperform” rating for the company. KeyCorp lifted their price objective on shares of Revvity from $125.00 to $165.00 and gave the company an “overweight” rating in a research report on Friday, September 4th. Zacks Research upgraded shares of Revvity from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings raised shares of Revvity from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, October 8th. Five research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company’s stock. Based on data from MarketBeat, Revvity has a consensus rating of “Hold” and an average target price of $124.43.

Insider Buying and Selling

In related news, insider Maxwell Krakowiak sold 1,631 shares of the stock in a transaction on Monday, September 21st. The stock was sold at an average price of $144.53, for a total value of $235,728.43. Following the sale, the insider owned 14,781 shares in the company, valued at approximately $2,136,297.93. This represents a 9.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tajinder Vohra sold 7,330 shares of the firm’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $140.88, for a total value of $1,032,650.40. Following the sale, the insider directly owned 6,635 shares of the company’s stock, valued at $934,738.80. This represents a 52.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 9,045 shares of company stock worth $1,281,439 over the last three months. 0.85% of the stock is owned by insiders.

Institutional Trading of Revvity

Hedge funds have recently modified their holdings of the stock. Jupiter Topco LLC bought a new position in Revvity in the 2nd quarter valued at about $961,017,000. BlackRock Inc. bought a new stake in shares of Revvity during the second quarter worth approximately $852,070,000. EdgePoint Investment Group Inc. boosted its holdings in shares of Revvity by 3.1% during the first quarter. EdgePoint Investment Group Inc. now owns 8,800,863 shares of the company’s stock worth $771,044,000 after acquiring an additional 265,204 shares during the period. Janus Henderson Group PLC grew its position in shares of Revvity by 2.3% in the first quarter. Janus Henderson Group PLC now owns 8,348,127 shares of the company’s stock valued at $731,386,000 after purchasing an additional 186,956 shares during the last quarter. Finally, State Street Corp grew its position in shares of Revvity by 0.8% in the second quarter. State Street Corp now owns 4,342,739 shares of the company’s stock valued at $483,173,000 after purchasing an additional 32,426 shares during the last quarter. Institutional investors and hedge funds own 86.65% of the company’s stock.

Revvity Stock Up 11.2%

The company has a market cap of $18.82 billion, a price-to-earnings ratio of 80.30, a P/E/G ratio of 3.01 and a beta of 1.06. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.80 and a quick ratio of 1.50. The firm has a 50-day moving average price of $145.08 and a 200 day moving average price of $112.36.

Revvity Company Profile

Revvity, Inc provides technology, products and services for the life sciences and diagnostics markets. The company supports pharmaceutical and biotechnology research, clinical laboratories and other healthcare organizations with tools used in drug discovery, biological research, disease detection and laboratory testing.

Its offerings include laboratory instruments, reagents, consumables, software and workflow solutions. Key areas include genomics, proteomics, cellular analysis, imaging, screening, automation and reproductive health, as well as newborn screening and other diagnostic applications.