Revvity (NYSE:RVTY) Rating Lowered to Market Perform at Sanford C. Bernstein

Revvity (NYSE:RVTY) was downgraded by investment analysts at Sanford C. Bernstein from an “outperform” rating to a “market perform” rating in a research note issued to investors on Friday, MarketBeat.com reports. They presently have a $130.00 price target on the stock. Sanford C. Bernstein’s price objective points to a potential upside of 11.70% from the company’s current price.

RVTY has been the subject of a number of other research reports. Bank of America upgraded Revvity from a “neutral” rating to a “buy” rating and set a $138.00 price target for the company in a research report on Friday, December 13th. Leerink Partners raised their target price on shares of Revvity from $130.00 to $135.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Robert W. Baird upped their price target on shares of Revvity from $136.00 to $138.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Raymond James raised their price objective on shares of Revvity from $144.00 to $146.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Finally, Barclays dropped their target price on shares of Revvity from $140.00 to $135.00 and set an “overweight” rating for the company in a report on Monday, November 25th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $131.93.

Revvity Price Performance

Shares of NYSE:RVTY opened at $116.38 on Friday. The company has a quick ratio of 2.97, a current ratio of 3.56 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $14.16 billion, a PE ratio of 56.22, a price-to-earnings-growth ratio of 3.56 and a beta of 1.03. The firm’s 50 day moving average price is $115.53 and its 200-day moving average price is $116.86. Revvity has a twelve month low of $97.32 and a twelve month high of $129.50.

Revvity (NYSE:RVTY) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.15. Revvity had a net margin of 9.34% and a return on equity of 7.42%. The business had revenue of $684.10 million for the quarter, compared to analysts’ expectations of $679.66 million. During the same quarter last year, the company posted $1.18 EPS. The company’s revenue was up 2.1% compared to the same quarter last year. Equities research analysts expect that Revvity will post 4.85 EPS for the current year.

Revvity announced that its Board of Directors has authorized a stock repurchase program on Monday, November 4th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity at Revvity

In related news, insider Tajinder S. Vohra sold 5,492 shares of the 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 sale, the insider now owns 19,652 shares in the company, valued at approximately $2,295,550.12. This represents a 21.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. EdgePoint Investment Group Inc. purchased a new stake in shares of Revvity in the second quarter worth approximately $209,221,000. Southpoint Capital Advisors LP bought a new position in Revvity in the 3rd quarter valued at $25,550,000. Janus Henderson Group PLC increased its stake in Revvity by 1.7% in the third quarter. Janus Henderson Group PLC now owns 6,335,302 shares of the company’s stock worth $809,332,000 after purchasing an additional 108,401 shares during the period. Holocene Advisors LP lifted its position in shares of Revvity by 14.6% during the third quarter. Holocene Advisors LP now owns 725,917 shares of the company’s stock worth $92,736,000 after purchasing an additional 92,240 shares during the last quarter. Finally, RGM Capital LLC boosted its stake in shares of Revvity by 6.7% during the second quarter. RGM Capital LLC now owns 950,858 shares of the company’s stock valued at $99,707,000 after purchasing an additional 59,994 shares during the period. Institutional investors own 86.65% 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.