Kentucky Retirement Systems Reduces Holdings in Revvity, Inc. (NYSE:RVTY)

Kentucky Retirement Systems cut its stake in shares of Revvity, Inc. (NYSE:RVTY) by 7.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,592 shares of the company’s stock after selling 706 shares during the quarter. Kentucky Retirement Systems’ holdings in Revvity were worth $1,098,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of RVTY. Janus Henderson Group PLC lifted its holdings in Revvity by 3.9% in the 1st quarter. Janus Henderson Group PLC now owns 5,664,528 shares of the company’s stock worth $594,769,000 after buying an additional 210,100 shares during the period. EdgePoint Investment Group Inc. purchased a new stake in Revvity in the 2nd quarter worth approximately $209,221,000. Dimensional Fund Advisors LP lifted its holdings in Revvity by 5.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,149,122 shares of the company’s stock worth $120,506,000 after buying an additional 57,656 shares during the period. Ceredex Value Advisors LLC lifted its holdings in Revvity by 2.2% in the 2nd quarter. Ceredex Value Advisors LLC now owns 1,094,938 shares of the company’s stock worth $114,815,000 after buying an additional 23,318 shares during the period. Finally, RGM Capital LLC lifted its holdings in Revvity by 6.7% in the 2nd quarter. RGM Capital LLC now owns 950,858 shares of the company’s stock worth $99,707,000 after buying an additional 59,994 shares during the period. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Revvity

In other news, insider Tajinder S. Vohra sold 2,153 shares of the business’s stock in a transaction dated 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 directly owns 23,960 shares in the company, valued at $2,925,276.40. The trade was a 8.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Citigroup increased their price objective on Revvity from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Sanford C. Bernstein lowered their target price on Revvity from $150.00 to $145.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Leerink Partners raised their target price on Revvity from $130.00 to $135.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. raised their target price on Revvity from $105.00 to $120.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Finally, Wells Fargo & Company began coverage on Revvity in a research note on Tuesday, August 27th. They issued an “equal weight” rating and a $130.00 target price for the company. Seven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $132.07.

Revvity Stock Performance

Shares of RVTY opened at $109.91 on Wednesday. The firm has a market capitalization of $13.38 billion, a P/E ratio of 53.10, a PEG ratio of 2.73 and a beta of 1.05. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.56 and a quick ratio of 2.97. The business has a fifty day moving average of $121.33 and a 200 day moving average of $115.50. Revvity, Inc. has a one year low of $86.30 and a one year high of $129.50.

Revvity (NYSE:RVTY) last released its earnings results on Monday, November 4th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.15. The company had revenue of $684.10 million for the quarter, compared to the consensus estimate of $679.66 million. Revvity had a return on equity of 7.42% and a net margin of 9.34%. Revvity’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.18 earnings per share. As a group, sell-side analysts anticipate that Revvity, Inc. will post 4.85 EPS for the current year.

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

Revvity Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, January 17th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, January 17th. This represents a $0.28 annualized dividend and a yield of 0.25%. Revvity’s dividend payout ratio (DPR) is presently 13.53%.

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.