Truist Financial Corp Cuts Position in Revvity, Inc. (NYSE:RVTY)

Truist Financial Corp lessened its holdings in Revvity, Inc. (NYSE:RVTY) by 0.2% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 57,389 shares of the company’s stock after selling 114 shares during the period. Truist Financial Corp’s holdings in Revvity were worth $6,405,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in shares of Revvity by 13.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 344,115 shares of the company’s stock worth $43,961,000 after buying an additional 41,497 shares during the last quarter. Contravisory Investment Management Inc. boosted its stake in shares of Revvity by 1,715.9% in the 4th quarter. Contravisory Investment Management Inc. now owns 69,186 shares of the company’s stock worth $7,722,000 after buying an additional 65,376 shares during the last quarter. Bretton Capital Management LLC purchased a new position in shares of Revvity in the 3rd quarter worth approximately $1,405,000. FMR LLC raised its holdings in shares of Revvity by 40.8% in the 3rd quarter. FMR LLC now owns 155,556 shares of the company’s stock worth $19,872,000 after purchasing an additional 45,040 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in shares of Revvity by 12,674.8% in the 3rd quarter. International Assets Investment Management LLC now owns 13,669 shares of the company’s stock worth $1,746,000 after purchasing an additional 13,562 shares during the period. Hedge funds and other institutional investors own 86.65% of the company’s stock.

Revvity Trading Down 0.9 %

Revvity stock opened at $113.72 on Friday. The stock has a market cap of $13.84 billion, a P/E ratio of 51.46, a PEG ratio of 3.82 and a beta of 1.03. Revvity, Inc. has a fifty-two week low of $97.32 and a fifty-two week high of $129.50. The firm’s fifty day moving average price is $116.76 and its 200-day moving average price is $118.63. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.03 and a current ratio of 3.60.

Revvity (NYSE:RVTY) last released its quarterly earnings results on Friday, January 31st. The company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.05. Revvity had a net margin of 9.81% and a return on equity of 7.68%. During the same period in the previous year, the company earned $1.25 EPS. Equities research analysts forecast that Revvity, Inc. will post 4.94 earnings per share for the current fiscal year.

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

Revvity Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 18th will be issued a $0.07 dividend. The ex-dividend date is Thursday, April 17th. This represents a $0.28 annualized dividend and a dividend yield of 0.25%. Revvity’s payout ratio is currently 12.67%.

Insider Transactions at Revvity

In related news, insider Joel S. Goldberg sold 15,170 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $126.73, for a total value of $1,922,494.10. Following the completion of the transaction, the insider now directly owns 33,400 shares in the company, valued at approximately $4,232,782. The trade was a 31.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tajinder S. Vohra sold 5,492 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was 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 owns 19,652 shares of the company’s stock, valued at $2,295,550.12. This trade represents a 21.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.

Wall Street Analysts Forecast Growth

RVTY has been the topic of a number of research reports. Barclays lifted their price target on shares of Revvity from $135.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. 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 report on Tuesday, November 5th. Raymond James reaffirmed an “outperform” rating and issued a $145.00 price target (up previously from $140.00) on shares of Revvity in a report on Monday, February 3rd. 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 report on Friday, December 13th. Finally, Robert W. Baird lifted their price target on shares of Revvity from $136.00 to $138.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Revvity presently has a consensus rating of “Moderate Buy” and an average price target of $136.25.

Revvity 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.