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

Revvity (NYSE:RVTY) was downgraded by Sanford C. Bernstein from an “outperform” rating to a “market perform” rating in a report released on Friday, MarketBeat reports. They presently have a $130.00 price objective on the stock. Sanford C. Bernstein’s price target would indicate a potential upside of 11.70% from the stock’s current price.

A number of other research firms have also recently issued reports on RVTY. Robert W. Baird boosted their price objective on shares of Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Barclays reduced their price target on Revvity from $140.00 to $135.00 and set an “overweight” rating on the stock in a report on Monday, November 25th. TD Cowen lifted their price objective on Revvity from $141.00 to $144.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Bank of America upgraded Revvity from a “neutral” rating to a “buy” rating and set a $138.00 target price for the company in a report on Friday, December 13th. Finally, Leerink Partners boosted their price objective on shares of Revvity from $130.00 to $135.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Revvity has a consensus rating of “Moderate Buy” and a consensus target price of $131.93.

Revvity Stock Down 0.2 %

Shares of NYSE:RVTY opened at $116.38 on Friday. The stock has a market capitalization of $14.16 billion, a P/E ratio of 56.22, a price-to-earnings-growth ratio of 3.56 and a beta of 1.03. The stock’s 50-day moving average price is $115.53 and its 200-day moving average price is $116.86. The company has a current ratio of 3.56, a quick ratio of 2.97 and a debt-to-equity ratio of 0.40. Revvity has a 12-month low of $97.32 and a 12-month high of $129.50.

Revvity (NYSE:RVTY) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.28 earnings per share (EPS) for the quarter, topping 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 business had revenue of $684.10 million for the quarter, compared to analyst estimates of $679.66 million. During the same period last year, the company earned $1.18 EPS. Revvity’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, equities analysts anticipate that Revvity will post 4.85 earnings per share for the current year.

Revvity declared that its Board of Directors has initiated a share buyback plan on Monday, November 4th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Tajinder S. Vohra sold 5,492 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $116.81, for a total value of $641,520.52. Following the transaction, the insider now directly owns 19,652 shares of the company’s stock, valued at approximately $2,295,550.12. This represents a 21.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Gladius Capital Management LP purchased a new position in Revvity in the 3rd quarter worth about $32,000. EverSource Wealth Advisors LLC raised its holdings in shares of Revvity by 74.2% during the second quarter. EverSource Wealth Advisors LLC now owns 392 shares of the company’s stock valued at $41,000 after purchasing an additional 167 shares during the last quarter. Fairfield Financial Advisors LTD purchased a new position in shares of Revvity during the second quarter valued at approximately $43,000. Continuum Advisory LLC boosted its holdings in Revvity by 2,972.7% in the third quarter. Continuum Advisory LLC now owns 338 shares of the company’s stock worth $43,000 after purchasing an additional 327 shares during the last quarter. Finally, Avior Wealth Management LLC grew its position in Revvity by 7,980.0% in the 3rd quarter. Avior Wealth Management LLC now owns 404 shares of the company’s stock worth $52,000 after purchasing an additional 399 shares during the period. 86.65% of the stock is owned by institutional investors.

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.