PerkinElmer (PKI) Raised to “Buy” at Zacks Investment Research

PerkinElmer (NYSE:PKI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm currently has a $86.00 price objective on the medical research company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.78% from the company’s current price.

According to Zacks, “PerkinElmer’s share price movement in the last year has been unsatisfactory. However, the company is well poised on solid organic revenue growth. Furthermore, a positive guidance instills our confidence in the stock. PerkinElmer’s strong global foothold is noteworthy, courtesy of its acquisition of Germany-based EUROIMMUN and India-based Tulip Diagnostics. The acquisition of EUROIMMUN should expand PerkinElmer’s reach into autoimmune and allergy diagnostic markets. Management expects the addition to drive R&D expense margin. With an enhanced focus on product innovation, PerkinElmer has considerable potential upside. On the flipside, despite having a solid portfolio, unfavorable foreign exchange is a primary concern. PerkinElmer continues to acquire a large number of companies. While this improves revenue opportunities, it adds to integration risks. Also, high debt levels may hinder the company’s expansion plans.”

PKI has been the topic of several other reports. Robert W. Baird increased their price target on shares of PerkinElmer from $75.00 to $78.00 and gave the company an “outperform” rating in a research note on Friday, November 3rd. Morgan Stanley increased their price target on shares of PerkinElmer from $77.00 to $78.00 and gave the company an “overweight” rating in a research note on Friday, November 3rd. Jefferies Group reissued a “hold” rating and set a $70.00 price target on shares of PerkinElmer in a research note on Friday, October 20th. Goldman Sachs Group reissued a “neutral” rating and set a $67.00 price target on shares of PerkinElmer in a research note on Tuesday, September 26th. Finally, ValuEngine cut shares of PerkinElmer from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $72.29.

Shares of PerkinElmer (NYSE PKI) traded up $0.58 during trading on Monday, reaching $76.94. 558,200 shares of the company’s stock traded hands, compared to its average volume of 681,000. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.59 and a quick ratio of 2.09. The company has a market capitalization of $8,440.00, a PE ratio of 34.81, a price-to-earnings-growth ratio of 1.85 and a beta of 0.77. PerkinElmer has a 1 year low of $50.59 and a 1 year high of $77.01.

In related news, Director Peter Barrett sold 7,071 shares of the stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $71.07, for a total value of $502,535.97. Following the transaction, the director now directly owns 26,271 shares in the company, valued at $1,867,079.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Alexis P. Michas sold 5,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $73.18, for a total transaction of $365,900.00. The disclosure for this sale can be found here. Insiders sold 86,336 shares of company stock worth $6,114,917 over the last 90 days. 2.20% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in PerkinElmer by 0.4% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,175 shares of the medical research company’s stock valued at $557,000 after buying an additional 31 shares during the period. Sentry Investment Management LLC lifted its holdings in PerkinElmer by 1.0% in the second quarter. Sentry Investment Management LLC now owns 8,025 shares of the medical research company’s stock valued at $547,000 after buying an additional 78 shares during the period. Westside Investment Management Inc. raised its holdings in PerkinElmer by 1.9% in the second quarter. Westside Investment Management Inc. now owns 14,718 shares of the medical research company’s stock worth $1,008,000 after purchasing an additional 275 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in PerkinElmer by 9.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,870 shares of the medical research company’s stock worth $264,000 after purchasing an additional 318 shares during the period. Finally, Mutual of America Capital Management LLC raised its holdings in PerkinElmer by 3.5% in the second quarter. Mutual of America Capital Management LLC now owns 13,470 shares of the medical research company’s stock worth $918,000 after purchasing an additional 450 shares during the period. Institutional investors and hedge funds own 91.37% of the company’s stock.

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About PerkinElmer

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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