Raymond James Lowers Revvity (NYSE:RVTY) Price Target to $140.00

Revvity (NYSE:RVTY) had its target price cut by analysts at Raymond James from $146.00 to $140.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Raymond James’ price objective suggests a potential upside of 13.30% from the stock’s previous close.

RVTY has been the topic of several other reports. Bank of America raised shares of Revvity from a “neutral” rating to a “buy” rating and set a $138.00 price target on the stock in a research note on Friday, December 13th. Leerink Partners lifted their target price on shares of Revvity from $130.00 to $135.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Barclays lowered their price target on shares of Revvity from $140.00 to $135.00 and set an “overweight” rating for the company in a research note on Monday, November 25th. Robert W. Baird raised their price objective on Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Finally, TD Cowen boosted their target price on Revvity from $141.00 to $144.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Revvity has a consensus rating of “Moderate Buy” and an average target price of $132.00.

Revvity Price Performance

Shares of Revvity stock traded up $5.18 on Tuesday, hitting $123.57. 474,144 shares of the company traded hands, compared to its average volume of 721,016. Revvity has a 12-month low of $97.32 and a 12-month high of $129.50. The company has a current ratio of 3.56, a quick ratio of 2.97 and a debt-to-equity ratio of 0.40. The company has a market cap of $15.04 billion, a P/E ratio of 59.68, a P/E/G ratio of 3.50 and a beta of 1.03. The firm’s 50-day simple moving average is $114.89 and its 200 day simple moving average is $117.77.

Revvity (NYSE:RVTY) last issued its quarterly earnings results 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. The firm had revenue of $684.10 million during the quarter, compared to analyst estimates of $679.66 million. Revvity had a return on equity of 7.42% and a net margin of 9.34%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.18 earnings per share. Analysts expect that Revvity will post 4.84 earnings per share for the current fiscal year.

Revvity declared that its Board of Directors has initiated a stock repurchase plan on Monday, November 4th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Tajinder S. Vohra sold 5,492 shares of Revvity stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $116.81, for a total transaction of $641,520.52. Following the completion of the transaction, the insider now directly 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Revvity

Several institutional investors and hedge funds have recently modified their holdings of the stock. Empirical Finance LLC increased its holdings in shares of Revvity by 2.0% in the 3rd quarter. Empirical Finance LLC now owns 4,237 shares of the company’s stock worth $541,000 after purchasing an additional 85 shares in the last quarter. CX Institutional raised its position in Revvity by 1.1% in the 3rd quarter. CX Institutional now owns 7,984 shares of the company’s stock worth $1,020,000 after buying an additional 86 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Revvity by 2.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,214 shares of the company’s stock valued at $470,000 after acquiring an additional 100 shares during the period. HB Wealth Management LLC boosted its holdings in shares of Revvity by 4.6% during the 4th quarter. HB Wealth Management LLC now owns 2,380 shares of the company’s stock valued at $266,000 after acquiring an additional 104 shares during the last quarter. Finally, Westside Investment Management Inc. grew its stake in shares of Revvity by 0.8% in the fourth quarter. Westside Investment Management Inc. now owns 14,363 shares of the company’s stock worth $1,603,000 after acquiring an additional 108 shares during the period. 86.65% of the stock is currently owned by institutional investors.

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.