Zacks Investment Research upgraded shares of PerkinElmer, Inc. (NYSE:PKI) from a hold rating to a buy rating in a research report released on Wednesday. The firm currently has $78.00 price target on the medical research company’s stock.
According to Zacks, “PerkinElmer holds ground on a strong global foothold, courtesy of its impending acquisition of Germany-based EUROIMMUN and takeover of India-based Tulip Diagnostics. The company continues to offer a global diagnostics portfolio focused on reproductive health, infectious disease screening and genomics offerings for oncology and other molecular tests. With an enhanced focus on product innovation and expansion into emerging markets, PerkinElmer has considerable potential upside. PerkinElmer delivered a solid first quarter, beating the Zacks Consensus Estimate on both the counts. The quarter witnessed solid organic revenue growth across all the business segments. Furthermore, a positive guidance instills our confidence on the stock. On the flipside, despite having a solid portfolio, unfavorable foreign exchange is a primary concern for PerkinElmer. Furthermore, PerkinElmer’s share price movement in the past one year has been unsatisfactory.”
Other research analysts also recently issued reports about the stock. Citigroup Inc. lifted their target price on shares of PerkinElmer from $57.00 to $67.00 and gave the stock a buy rating in a research note on Friday, April 7th. Janney Montgomery Scott raised shares of PerkinElmer from a neutral rating to a buy rating in a research note on Monday, March 27th. BidaskClub downgraded shares of PerkinElmer from a strong-buy rating to a buy rating in a research note on Wednesday, June 14th. Jefferies Group LLC reaffirmed a hold rating and issued a $49.00 target price on shares of PerkinElmer in a research note on Monday, May 15th. Finally, Cantor Fitzgerald reaffirmed a hold rating and issued a $65.00 target price on shares of PerkinElmer in a research note on Monday, May 15th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $64.14.
PerkinElmer (PKI) traded up 0.09% during midday trading on Wednesday, hitting $69.52. 388,689 shares of the stock traded hands. PerkinElmer has a 52 week low of $45.35 and a 52 week high of $70.16. The stock’s 50-day moving average price is $67.00 and its 200 day moving average price is $59.34. The company has a market capitalization of $7.65 billion, a price-to-earnings ratio of 33.90 and a beta of 0.76.
PerkinElmer (NYSE:PKI) last issued its earnings results on Thursday, May 4th. The medical research company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.54 by $0.01. PerkinElmer had a net margin of 10.24% and a return on equity of 13.97%. The company had revenue of $514.12 million for the quarter, compared to the consensus estimate of $506.81 million. During the same period in the previous year, the firm earned $0.50 earnings per share. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, equities research analysts predict that PerkinElmer will post $2.86 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 10th. Shareholders of record on Friday, July 21st will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Wednesday, July 19th. PerkinElmer’s payout ratio is currently 13.66%.
In other news, insider Andrew Okun sold 4,358 shares of the company’s stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $65.00, for a total value of $283,270.00. Following the sale, the insider now directly owns 16,799 shares of the company’s stock, valued at approximately $1,091,935. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Patrick J. Sullivan sold 6,628 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $62.59, for a total transaction of $414,846.52. Following the completion of the sale, the director now directly owns 42,951 shares in the company, valued at $2,688,303.09. The disclosure for this sale can be found here. Over the last three months, insiders have sold 170,923 shares of company stock worth $10,340,269. Insiders own 2.20% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its stake in PerkinElmer by 28.1% in the first quarter. Envestnet Asset Management Inc. now owns 1,979 shares of the medical research company’s stock worth $115,000 after buying an additional 434 shares in the last quarter. Twin Tree Management LP acquired a new stake in PerkinElmer during the first quarter worth $122,000. Ameritas Investment Partners Inc. acquired a new stake in PerkinElmer during the first quarter worth $152,000. Federated Investors Inc. PA increased its stake in PerkinElmer by 158.4% in the fourth quarter. Federated Investors Inc. PA now owns 2,997 shares of the medical research company’s stock worth $156,000 after buying an additional 1,837 shares in the last quarter. Finally, LS Investment Advisors LLC increased its stake in PerkinElmer by 36.9% in the first quarter. LS Investment Advisors LLC now owns 2,817 shares of the medical research company’s stock worth $164,000 after buying an additional 759 shares in the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.
PerkinElmer Company Profile
PerkinElmer, Inc is a provider of products, services and solutions to the diagnostics, research, environmental, industrial and laboratory services markets. The Company operates through two segments: Discovery & Analytical Solutions and Diagnostics. The Discovery & Analytical Solutions segment serves the environmental, food, industrial, life sciences research and laboratory services markets.
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