Stock Buyback Plan Authorized by Revvity (NYSE:RVTY)

Revvity (NYSE:RVTY) declared that its board has authorized a share repurchase plan on Monday, November 4th, RTT News reports. The company plans to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 6.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Revvity Stock Down 0.9 %

Shares of Revvity stock opened at $124.86 on Thursday. Revvity has a 52-week low of $82.17 and a 52-week high of $129.50. The company has a 50 day moving average of $121.60 and a 200 day moving average of $114.54. The company has a quick ratio of 1.98, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $15.40 billion, a P/E ratio of 90.48, a P/E/G ratio of 3.34 and a beta of 1.05.

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 business had revenue of $684.10 million during the quarter, compared to the consensus estimate of $679.66 million. Revvity had a net margin of 6.26% and a return on equity of 7.34%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.18 EPS. As a group, research analysts forecast that Revvity will post 4.75 EPS for the current fiscal year.

Revvity Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 17th will be paid a $0.07 dividend. The ex-dividend date is Friday, January 17th. This represents a $0.28 annualized dividend and a yield of 0.22%. Revvity’s dividend payout ratio is currently 20.29%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RVTY. Bank of America boosted their target price on shares of Revvity from $118.00 to $127.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. JPMorgan Chase & Co. boosted their target price on shares of Revvity from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Jefferies Financial Group boosted their target price on shares of Revvity from $115.00 to $125.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Wells Fargo & Company began coverage on shares of Revvity in a report on Tuesday, August 27th. They issued an “equal weight” rating and a $130.00 target price on the stock. Finally, TD Cowen boosted their target price on shares of Revvity from $141.00 to $144.00 and gave the stock a “buy” rating in a report on Tuesday. Seven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $132.07.

Insider Buying and Selling at Revvity

In other news, insider Tajinder S. Vohra sold 2,154 shares of the company’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $121.73, for a total transaction of $262,206.42. Following the transaction, the insider now directly owns 19,652 shares of the company’s stock, valued at $2,392,237.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Tajinder S. Vohra sold 2,154 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $121.73, for a total transaction of $262,206.42. Following the completion of the transaction, the insider now owns 19,652 shares of the company’s stock, valued at $2,392,237.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Tajinder S. Vohra sold 2,153 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $122.09, for a total transaction of $262,859.77. Following the sale, the insider now directly owns 23,960 shares of the company’s stock, valued at approximately $2,925,276.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate insiders.

About Revvity

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.