Covestor Ltd Has $55,000 Stake in Revvity, Inc. (NYSE:RVTY)

Covestor Ltd lessened its position in Revvity, Inc. (NYSE:RVTY) by 17.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 433 shares of the company’s stock after selling 92 shares during the period. Covestor Ltd’s holdings in Revvity were worth $55,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. EdgePoint Investment Group Inc. acquired a new position in Revvity in the second quarter valued at about $209,221,000. Jane Street Group LLC grew its position in Revvity by 516.4% during the 1st quarter. Jane Street Group LLC now owns 453,343 shares of the company’s stock worth $47,601,000 after acquiring an additional 379,802 shares during the last quarter. Janus Henderson Group PLC raised its position in Revvity by 3.9% in the 1st quarter. Janus Henderson Group PLC now owns 5,664,528 shares of the company’s stock valued at $594,769,000 after purchasing an additional 210,100 shares during the last quarter. Magnetar Financial LLC boosted its stake in Revvity by 441.3% in the first quarter. Magnetar Financial LLC now owns 136,371 shares of the company’s stock worth $14,319,000 after purchasing an additional 111,178 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Revvity by 3,171.3% during the second quarter. Assenagon Asset Management S.A. now owns 87,180 shares of the company’s stock worth $9,142,000 after purchasing an additional 84,515 shares during the last quarter. Institutional investors own 86.65% of the company’s stock.

Insiders Place Their Bets

In other Revvity news, insider Tajinder S. Vohra sold 2,153 shares of the company’s 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 completion of the transaction, the insider now owns 23,960 shares of the company’s stock, valued at $2,925,276.40. This represents a 8.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.60% of the company’s stock.

Revvity Stock Down 3.1 %

Shares of Revvity stock opened at $116.05 on Friday. The company has a market capitalization of $14.12 billion, a P/E ratio of 56.06, a price-to-earnings-growth ratio of 3.01 and a beta of 1.05. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.56 and a quick ratio of 2.97. The business has a 50-day moving average of $121.65 and a two-hundred day moving average of $115.22. Revvity, Inc. has a 1 year low of $86.30 and a 1 year high of $129.50.

Revvity (NYSE:RVTY) last posted its earnings results on Monday, November 4th. The company reported $1.28 earnings per share (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 business had revenue of $684.10 million during the quarter, compared to analysts’ expectations of $679.66 million. During the same period in the prior year, the business earned $1.18 EPS. Revvity’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities analysts predict that Revvity, Inc. will post 4.85 EPS for the current year.

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

Revvity Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Investors 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 presently 13.53%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Robert W. Baird increased their price objective on shares of Revvity from $136.00 to $138.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Leerink Partners raised their price target on shares of Revvity from $130.00 to $135.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Sanford C. Bernstein lowered their target price on Revvity from $150.00 to $145.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Wells Fargo & Company initiated coverage on Revvity in a research note on Tuesday, August 27th. They set an “equal weight” rating and a $130.00 price target on the stock. Finally, Raymond James lifted their price objective on Revvity from $144.00 to $146.00 and gave the stock an “outperform” rating in a research 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.07.

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.