Revvity (NYSE:RVTY) Issues FY24 Earnings Guidance

Revvity (NYSE:RVTY) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $4.83-4.87 for the period, compared to the consensus earnings per share estimate of $4.75. The company issued revenue guidance of $2.75-2.77 billion, compared to the consensus revenue estimate of $2.77 billion. Revvity also updated its FY 2024 guidance to 4.830-4.870 EPS.

Revvity Stock Performance

RVTY stock traded down $0.33 during trading on Thursday, reaching $124.53. The company had a trading volume of 141,845 shares, compared to its average volume of 825,299. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.98 and a current ratio of 3.56. Revvity has a twelve month low of $82.17 and a twelve month high of $129.50. The company has a market cap of $15.36 billion, a price-to-earnings ratio of 60.32, a price-to-earnings-growth ratio of 3.44 and a beta of 1.05. The firm has a 50-day simple moving average of $121.60 and a 200-day simple moving average of $114.54.

Revvity (NYSE:RVTY) last released its earnings results on Monday, November 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.15. Revvity had a return on equity of 7.42% and a net margin of 9.34%. The firm had revenue of $684.10 million for the quarter, compared to the consensus estimate of $679.66 million. During the same period in the prior year, the firm earned $1.18 EPS. The firm’s revenue was up 2.1% on a year-over-year basis. As a group, sell-side analysts expect that Revvity will post 4.75 earnings per share for the current year.

Revvity Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, January 17th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date is Friday, January 17th. Revvity’s dividend payout ratio (DPR) is 13.53%.

Revvity declared that its Board of Directors has authorized a stock buyback program on Monday, November 4th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Jefferies Financial Group raised their target price on shares of Revvity from $115.00 to $125.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Leerink Partners boosted their price objective on Revvity from $130.00 to $135.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Sanford C. Bernstein dropped their target price on Revvity from $150.00 to $145.00 and set an “outperform” rating on the stock in a report on Tuesday. Wells Fargo & Company started coverage on Revvity in a research report on Tuesday, August 27th. They issued an “equal weight” rating and a $130.00 price objective on the stock. Finally, TD Cowen lifted their target price on shares of Revvity from $141.00 to $144.00 and gave the company a “buy” rating in a report on Tuesday. Seven equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $132.07.

Insider Activity at Revvity

In other news, insider Tajinder S. Vohra sold 2,153 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $122.09, for a total value of $262,859.77. Following the transaction, the insider now owns 23,960 shares in the company, valued at $2,925,276.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Tajinder S. Vohra sold 2,153 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $122.09, for a total transaction of $262,859.77. Following the completion of the sale, the insider now owns 23,960 shares of the company’s stock, valued at $2,925,276.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Tajinder S. Vohra sold 2,154 shares of the stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $121.73, for a total transaction of $262,206.42. Following the completion of the sale, the insider now owns 19,652 shares of the company’s stock, valued at $2,392,237.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate insiders.

Revvity Company 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.