Revvity (NYSE:RVTY) Stock Rating Upgraded by Bank of America

Revvity (NYSE:RVTY) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage presently has a $138.00 price objective on the stock. Bank of America‘s price target would suggest a potential upside of 19.03% from the stock’s current price.

A number of other analysts have also recently issued reports on the company. Wells Fargo & Company initiated coverage on Revvity in a research report on Tuesday, August 27th. They set an “equal weight” rating and a $130.00 price objective on the stock. TD Cowen lifted their price target on shares of Revvity from $141.00 to $144.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Sanford C. Bernstein reduced their price objective on shares of Revvity from $150.00 to $145.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Leerink Partners upped their target price on shares of Revvity from $130.00 to $135.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Raymond James upped their target price on shares of Revvity from $144.00 to $146.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Revvity currently has a consensus rating of “Moderate Buy” and an average target price of $132.47.

Revvity Price Performance

Shares of NYSE:RVTY opened at $115.94 on Friday. 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 business has a 50 day moving average price of $118.09 and a 200 day moving average price of $116.36. The company has a market cap of $14.11 billion, a price-to-earnings ratio of 56.01, a PEG ratio of 3.59 and a beta of 1.03. Revvity has a twelve month low of $97.32 and a twelve month high of $129.50.

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

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

Insider Activity at Revvity

In other news, insider Tajinder S. Vohra sold 2,154 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Empirical Finance LLC increased its stake in shares of Revvity by 2.0% in the 3rd quarter. Empirical Finance LLC now owns 4,237 shares of the company’s stock valued at $541,000 after buying an additional 85 shares during the period. CX Institutional increased its position in Revvity by 1.1% in the third quarter. CX Institutional now owns 7,984 shares of the company’s stock worth $1,020,000 after purchasing an additional 86 shares during the period. Garrison Asset Management LLC raised its holdings in Revvity by 0.5% during the 2nd quarter. Garrison Asset Management LLC now owns 21,328 shares of the company’s stock worth $2,236,000 after purchasing an additional 103 shares during the last quarter. Coldstream Capital Management Inc. lifted its position in Revvity by 5.1% during the 3rd quarter. Coldstream Capital Management Inc. now owns 2,247 shares of the company’s stock valued at $286,000 after purchasing an additional 110 shares during the period. Finally, NorthCrest Asset Manangement LLC boosted its stake in shares of Revvity by 2.1% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 7,398 shares of the company’s stock valued at $945,000 after purchasing an additional 154 shares during the last quarter. Institutional investors and hedge funds own 86.65% of the company’s stock.

About Revvity

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.