PerkinElmer (NYSE:PKI) Price Target Raised to $52.00 at BMO Capital Markets

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PerkinElmer (NYSE:PKI) had its target price lifted by BMO Capital Markets from $50.00 to $52.00 in a report released on Wednesday morning, Stock Target Advisor reports. They currently have an outperform rating on the medical research company’s stock.

PKI has been the subject of a number of other research reports. Piper Jaffray Companies downgraded PerkinElmer from an overweight rating to a neutral rating and dropped their target price for the stock from $104.00 to $89.00 in a research report on Thursday, October 31st. Needham & Company LLC restated a hold rating on shares of PerkinElmer in a research report on Thursday, October 31st. Raymond James restated an average rating and set a $51.00 target price on shares of PerkinElmer in a research report on Tuesday, November 5th. Wood & Company restated an average rating and set a $49.00 target price on shares of PerkinElmer in a research report on Friday, July 19th. Finally, ValuEngine downgraded PerkinElmer from a buy rating to a hold rating in a research report on Wednesday, July 31st. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. PerkinElmer has an average rating of Hold and an average target price of $71.70.

PKI traded up $0.19 during trading on Wednesday, hitting $87.30. The company’s stock had a trading volume of 420,062 shares, compared to its average volume of 721,860. The firm’s 50 day moving average price is $84.80 and its two-hundred day moving average price is $88.41. The company has a quick ratio of 0.97, a current ratio of 1.30 and a debt-to-equity ratio of 0.70. PerkinElmer has a 12 month low of $71.83 and a 12 month high of $103.00. The stock has a market capitalization of $9.67 billion, a price-to-earnings ratio of 24.18, a price-to-earnings-growth ratio of 1.58 and a beta of 1.29.

PerkinElmer (NYSE:PKI) last released its earnings results on Wednesday, October 30th. The medical research company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.05. The company had revenue of $706.92 million during the quarter, compared to the consensus estimate of $722.69 million. PerkinElmer had a return on equity of 16.45% and a net margin of 8.27%. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.90 earnings per share. On average, sell-side analysts forecast that PerkinElmer will post 4.08 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, January 17th will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, January 16th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.32%. PerkinElmer’s dividend payout ratio (DPR) is presently 7.76%.

In related news, Director Alexis P. Michas sold 2,000 shares of PerkinElmer stock in a transaction on Friday, August 30th. The stock was sold at an average price of $82.56, for a total transaction of $165,120.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in PKI. Nuveen Asset Management LLC grew its stake in shares of PerkinElmer by 33,237.6% during the second quarter. Nuveen Asset Management LLC now owns 793,435 shares of the medical research company’s stock worth $76,439,000 after purchasing an additional 791,055 shares during the period. BlackRock Inc. grew its stake in shares of PerkinElmer by 10.8% during the second quarter. BlackRock Inc. now owns 7,400,482 shares of the medical research company’s stock worth $712,962,000 after purchasing an additional 721,797 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of PerkinElmer by 1,019.5% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 521,309 shares of the medical research company’s stock worth $50,223,000 after purchasing an additional 474,741 shares during the period. Echo Street Capital Management LLC grew its stake in shares of PerkinElmer by 70.6% during the second quarter. Echo Street Capital Management LLC now owns 900,694 shares of the medical research company’s stock worth $86,773,000 after purchasing an additional 372,800 shares during the period. Finally, Robecosam AG grew its stake in shares of PerkinElmer by 164.2% during the third quarter. Robecosam AG now owns 503,341 shares of the medical research company’s stock worth $42,865,000 after purchasing an additional 312,857 shares during the period. 95.44% of the stock is owned by institutional investors and hedge funds.

About PerkinElmer

PerkinElmer, Inc provides products, services, and solutions to the diagnostics, life sciences, and applied services markets worldwide. The company operates in two segments, Discovery & Analytical Solutions and Diagnostics. The Discovery & Analytical Solutions segment offers a suite of solutions, including reagents, informatics, and detection and imaging technologies that enable scientists to enhance research breakthroughs in the life sciences research market, as well as laboratory services.

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Analyst Recommendations for PerkinElmer (NYSE:PKI)

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