Citigroup Inc. Decreases Position in Revvity, Inc. (NYSE:RVTY)

Citigroup Inc. lowered its position in shares of Revvity, Inc. (NYSE:RVTY) by 13.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 81,884 shares of the company’s stock after selling 12,912 shares during the period. Citigroup Inc. owned approximately 0.07% of Revvity worth $10,461,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. EdgePoint Investment Group Inc. bought a new stake in shares of Revvity in the 2nd quarter worth $209,221,000. Dimensional Fund Advisors LP grew its stake in shares of Revvity by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,149,122 shares of the company’s stock worth $120,506,000 after acquiring an additional 57,656 shares during the period. Ceredex Value Advisors LLC raised its holdings in shares of Revvity by 2.2% during the second quarter. Ceredex Value Advisors LLC now owns 1,094,938 shares of the company’s stock valued at $114,815,000 after purchasing an additional 23,318 shares during the last quarter. RGM Capital LLC lifted its position in Revvity by 6.7% during the second quarter. RGM Capital LLC now owns 950,858 shares of the company’s stock valued at $99,707,000 after purchasing an additional 59,994 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Revvity by 0.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 921,411 shares of the company’s stock worth $117,710,000 after purchasing an additional 4,022 shares during the last quarter. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RVTY. Robert W. Baird boosted their target price on shares of Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Sanford C. Bernstein lowered their target price on Revvity from $150.00 to $145.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Wells Fargo & Company started coverage on Revvity in a research report on Tuesday, August 27th. They issued an “equal weight” rating and a $130.00 target price on the stock. Raymond James increased their price objective on shares of Revvity from $144.00 to $146.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Finally, Leerink Partners boosted their target price on shares of Revvity from $130.00 to $135.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $131.73.

Insider Transactions at Revvity

In other Revvity news, insider Tajinder S. Vohra sold 2,153 shares of the stock in a transaction on Monday, October 7th. The shares were sold at an average price of $122.09, for a total transaction of $262,859.77. Following the completion of the transaction, the insider now owns 23,960 shares in the company, valued at $2,925,276.40. This trade represents a 8.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.60% of the company’s stock.

Revvity Trading Up 1.0 %

RVTY stock opened at $116.23 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.56 and a quick ratio of 2.97. Revvity, Inc. has a 1-year low of $86.30 and a 1-year high of $129.50. The business has a 50 day simple moving average of $119.84 and a two-hundred day simple moving average of $115.89. The company has a market capitalization of $14.15 billion, a price-to-earnings ratio of 56.15, a PEG ratio of 2.86 and a beta of 1.05.

Revvity (NYSE:RVTY) last posted its earnings results on Monday, November 4th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.15. The company had revenue of $684.10 million during the quarter, compared to analysts’ expectations of $679.66 million. Revvity had a net margin of 9.34% and a return on equity of 7.42%. Revvity’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the company posted $1.18 earnings per share. Research analysts anticipate that Revvity, Inc. will post 4.85 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. This represents a $0.28 dividend on an annualized basis and a yield of 0.24%. The ex-dividend date is Friday, January 17th. Revvity’s payout ratio is 13.53%.

Revvity announced that its Board of Directors has initiated a share repurchase plan on Monday, November 4th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Revvity Company 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.