Principal Financial Group Inc. Boosts Stock Position in Revvity, Inc. (NYSE:RVTY)

Principal Financial Group Inc. increased its stake in Revvity, Inc. (NYSE:RVTY) by 3.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 141,871 shares of the company’s stock after purchasing an additional 4,263 shares during the quarter. Principal Financial Group Inc.’s holdings in Revvity were worth $18,124,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in RVTY. EdgePoint Investment Group Inc. bought a new position in Revvity in the 2nd quarter worth about $209,221,000. Jane Street Group LLC boosted its position in shares of Revvity by 516.4% in the first quarter. Jane Street Group LLC now owns 453,343 shares of the company’s stock valued at $47,601,000 after acquiring an additional 379,802 shares during the period. Janus Henderson Group PLC boosted its position in shares of Revvity by 3.9% in the first quarter. Janus Henderson Group PLC now owns 5,664,528 shares of the company’s stock valued at $594,769,000 after acquiring an additional 210,100 shares during the period. Magnetar Financial LLC grew its stake in Revvity by 441.3% during the first quarter. Magnetar Financial LLC now owns 136,371 shares of the company’s stock valued at $14,319,000 after acquiring an additional 111,178 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Revvity by 3,171.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 87,180 shares of the company’s stock worth $9,142,000 after acquiring an additional 84,515 shares during the period. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

Revvity Price Performance

RVTY stock opened at $116.05 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.97 and a current ratio of 3.56. The firm has a market cap of $14.12 billion, a P/E ratio of 57.85, a P/E/G ratio of 3.01 and a beta of 1.05. The firm’s fifty day moving average is $121.65 and its 200 day moving average is $115.22. Revvity, Inc. has a 52 week low of $86.30 and a 52 week high of $129.50.

Revvity (NYSE:RVTY) last released its quarterly earnings data on Monday, November 4th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.13 by $0.15. Revvity had a return on equity of 7.42% and a net margin of 9.34%. The firm had revenue of $684.10 million for the quarter, compared to the consensus estimate of $679.66 million. During the same quarter in the previous year, the business earned $1.18 earnings per share. The company’s quarterly revenue was up 2.1% on a year-over-year basis. Research analysts predict that Revvity, Inc. will post 4.85 earnings per share for the current year.

Revvity declared that its board has initiated a stock buyback plan on Monday, November 4th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 6.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Revvity Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, January 17th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.24%. The ex-dividend date of this dividend is Friday, January 17th. Revvity’s dividend payout ratio (DPR) is presently 13.53%.

Insider Transactions at Revvity

In related news, insider Tajinder S. Vohra sold 2,154 shares of the business’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $121.73, for a total transaction of $262,206.42. Following the transaction, the insider now owns 19,652 shares in the company, valued at $2,392,237.96. The trade was a 9.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.60% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. TD Cowen raised their price target on shares of Revvity from $141.00 to $144.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Robert W. Baird lifted their price objective on Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Citigroup upped their target price on Revvity from $135.00 to $145.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Leerink Partners raised their price target on Revvity from $130.00 to $135.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Finally, Jefferies Financial Group boosted their price objective on Revvity from $115.00 to $125.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Seven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $132.07.

Revvity Profile

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.