Revvity (NYSE:RVTY) Downgraded by Sanford C. Bernstein to Market Perform

Revvity (NYSE:RVTY) was downgraded by research analysts at Sanford C. Bernstein from an “outperform” rating to a “market perform” rating in a research report issued on Friday, Marketbeat reports. They currently have a $130.00 price objective on the stock. Sanford C. Bernstein’s price target points to a potential upside of 14.18% from the stock’s previous close.

Several other equities research analysts have also issued reports on RVTY. Leerink Partners raised their price target on shares of Revvity from $130.00 to $135.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Barclays decreased their target price on Revvity from $140.00 to $135.00 and set an “overweight” rating for the company in a research report on Monday, November 25th. Robert W. Baird upped their price target on Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Raymond James lifted their price objective on Revvity from $144.00 to $146.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Finally, TD Cowen upped their price objective on shares of Revvity from $141.00 to $144.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $131.93.

Revvity Stock Performance

Shares of Revvity stock opened at $113.86 on Friday. The business’s fifty day simple moving average is $115.38 and its 200 day simple moving average is $116.99. The company has a current ratio of 3.56, a quick ratio of 2.97 and a debt-to-equity ratio of 0.40. Revvity has a 12 month low of $97.32 and a 12 month high of $129.50. The firm has a market capitalization of $13.86 billion, a P/E ratio of 55.00, a price-to-earnings-growth ratio of 3.56 and a beta of 1.03.

Revvity (NYSE:RVTY) last released its 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 business posted $1.18 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, analysts anticipate that Revvity will post 4.85 EPS for the current year.

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

Insider Buying and Selling at Revvity

In other Revvity news, insider Tajinder S. Vohra sold 5,492 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $116.81, for a total value of $641,520.52. Following the sale, the insider now owns 19,652 shares of the company’s stock, valued at $2,295,550.12. This trade represents a 21.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RVTY. Wealth Enhancement Advisory Services LLC lifted its position in Revvity by 2.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,214 shares of the company’s stock valued at $470,000 after purchasing an additional 100 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Revvity by 8.0% during the 4th quarter. Nordea Investment Management AB now owns 9,681 shares of the company’s stock valued at $1,084,000 after buying an additional 719 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Revvity by 10.8% during the 4th quarter. GAMMA Investing LLC now owns 1,898 shares of the company’s stock worth $212,000 after acquiring an additional 185 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Revvity by 13.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 344,115 shares of the company’s stock worth $43,961,000 after acquiring an additional 41,497 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in Revvity by 3.1% in the third quarter. Principal Financial Group Inc. now owns 141,871 shares of the company’s stock worth $18,124,000 after acquiring an additional 4,263 shares in the last quarter. Hedge funds and other institutional investors own 86.65% of the company’s stock.

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.