Revvity (NYSE:RVTY) Announces Earnings Results

Revvity (NYSE:RVTY) announced its earnings results on Monday. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.10, RTT News reports. The firm had revenue of $691.70 million during the quarter, compared to the consensus estimate of $690.33 million. Revvity had a return on equity of 7.35% and a net margin of 6.26%. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.21 EPS. Revvity updated its FY 2024 guidance to 4.700-4.800 EPS and its FY24 guidance to $4.70-4.80 EPS.

Revvity Stock Down 1.2 %

Shares of NYSE:RVTY traded down $1.55 during midday trading on Wednesday, hitting $125.61. The stock had a trading volume of 885,732 shares, compared to its average volume of 882,150. Revvity has a 12 month low of $79.50 and a 12 month high of $128.15. The company has a market cap of $15.50 billion, a P/E ratio of 103.87, a PEG ratio of 3.27 and a beta of 1.05. The business’s 50-day simple moving average is $109.37 and its 200-day simple moving average is $106.68. The company has a quick ratio of 1.92, a current ratio of 2.23 and a debt-to-equity ratio of 0.40.

Revvity Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, October 18th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, October 18th. This represents a $0.28 annualized dividend and a yield of 0.22%. Revvity’s dividend payout ratio (DPR) is presently 23.14%.

Analyst Ratings Changes

Several research firms have issued reports on RVTY. Bank of America upped their price objective on Revvity from $118.00 to $127.00 and gave the stock a “neutral” rating in a report on Tuesday. SVB Leerink began coverage on shares of Revvity in a research report on Monday, July 8th. They set an “outperform” rating and a $125.00 target price for the company. TD Cowen upped their price objective on Revvity from $130.00 to $141.00 and gave the company a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. upped their target price on shares of Revvity from $105.00 to $120.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Leerink Partnrs raised shares of Revvity to a “strong-buy” rating in a report on Monday, July 8th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $123.81.

Insider Activity

In related news, insider Joel S. Goldberg sold 4,000 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $110.46, for a total value of $441,840.00. Following the completion of the sale, the insider now directly owns 36,900 shares in the company, valued at approximately $4,075,974. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.60% 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.