PNC Financial Services Group Inc. Reduces Stock Holdings in Revvity, Inc. (NYSE:RVTY)

PNC Financial Services Group Inc. decreased its holdings in Revvity, Inc. (NYSE:RVTY) by 1.4% in the third quarter, HoldingsChannel.com reports. The fund owned 29,059 shares of the company’s stock after selling 400 shares during the period. PNC Financial Services Group Inc.’s holdings in Revvity were worth $3,712,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Rothschild Investment LLC purchased a new position in Revvity during the second quarter valued at $25,000. Gladius Capital Management LP purchased a new position in Revvity during the third quarter valued at $32,000. EverSource Wealth Advisors LLC lifted its position in Revvity by 74.2% during the second quarter. EverSource Wealth Advisors LLC now owns 392 shares of the company’s stock valued at $41,000 after buying an additional 167 shares during the period. Fairfield Financial Advisors LTD purchased a new position in Revvity during the second quarter valued at $43,000. Finally, Family Firm Inc. purchased a new position in Revvity during the second quarter valued at $43,000. Hedge funds and other institutional investors own 86.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on RVTY. Robert W. Baird raised their price objective on Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Sanford C. Bernstein reduced their price target on Revvity from $150.00 to $145.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Barclays upgraded Revvity from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $125.00 to $140.00 in a report on Tuesday, October 15th. JPMorgan Chase & Co. raised their price target on Revvity from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Finally, Raymond James raised their price target on Revvity from $144.00 to $146.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $132.07.

Insider Buying and Selling

In other news, insider Tajinder S. Vohra sold 2,154 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $121.73, for a total transaction of $262,206.42. Following the sale, the insider now directly owns 19,652 shares of the company’s stock, valued at $2,392,237.96. This represents a 9.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.60% of the stock is owned by insiders.

Revvity Stock Up 0.8 %

RVTY stock opened at $112.03 on Monday. Revvity, Inc. has a twelve month low of $86.30 and a twelve month high of $129.50. The company has a quick ratio of 2.97, a current ratio of 3.56 and a debt-to-equity ratio of 0.40. The stock has a market cap of $13.63 billion, a P/E ratio of 54.12, a PEG ratio of 2.77 and a beta of 1.05. The business’s 50-day moving average price is $120.53 and its 200-day moving average price is $115.74.

Revvity (NYSE:RVTY) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.15. Revvity had a return on equity of 7.42% and a net margin of 9.34%. The company had revenue of $684.10 million for the quarter, compared to analysts’ expectations of $679.66 million. During the same period in the previous year, the firm earned $1.18 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. On average, equities research analysts forecast that Revvity, Inc. will post 4.85 EPS for the current year.

Revvity Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, January 17th will be issued a $0.07 dividend. The ex-dividend date is Friday, January 17th. This represents a $0.28 dividend on an annualized basis and a yield of 0.25%. Revvity’s dividend payout ratio is presently 13.53%.

Revvity announced that its Board of Directors has initiated a stock buyback program on Monday, November 4th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 6.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

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.