Revvity, Inc. (NYSE:RVTY) Position Increased by CIBC Asset Management Inc

CIBC Asset Management Inc grew its position in Revvity, Inc. (NYSE:RVTY) by 8.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,993 shares of the company’s stock after buying an additional 1,368 shares during the quarter. CIBC Asset Management Inc’s holdings in Revvity were worth $2,299,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in RVTY. EdgePoint Investment Group Inc. acquired a new position in Revvity in the 2nd quarter worth approximately $209,221,000. Jane Street Group LLC grew its holdings in shares of Revvity by 516.4% during the first quarter. Jane Street Group LLC now owns 453,343 shares of the company’s stock valued at $47,601,000 after buying an additional 379,802 shares in the last quarter. Janus Henderson Group PLC raised its position in Revvity by 3.9% during the first quarter. Janus Henderson Group PLC now owns 5,664,528 shares of the company’s stock valued at $594,769,000 after buying an additional 210,100 shares during the period. Magnetar Financial LLC lifted its stake in Revvity by 441.3% in the 1st quarter. Magnetar Financial LLC now owns 136,371 shares of the company’s stock worth $14,319,000 after acquiring an additional 111,178 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in Revvity by 3,171.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 87,180 shares of the company’s stock worth $9,142,000 after acquiring an additional 84,515 shares in the last quarter. 86.65% of the stock is owned by hedge funds and other institutional investors.

Revvity Stock Performance

NYSE:RVTY opened at $109.91 on Wednesday. The firm has a market capitalization of $13.38 billion, a PE ratio of 53.10, a PEG ratio of 2.73 and a beta of 1.05. Revvity, Inc. has a 1 year low of $86.30 and a 1 year high of $129.50. The company has a current ratio of 3.56, a quick ratio of 2.97 and a debt-to-equity ratio of 0.40. The firm’s fifty day simple moving average is $121.33 and its 200 day simple moving average is $115.50.

Revvity (NYSE:RVTY) last issued its quarterly 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 company had revenue of $684.10 million for the quarter, compared to the consensus estimate of $679.66 million. During the same period last year, the business posted $1.18 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Revvity, Inc. will post 4.85 EPS for the current year.

Revvity declared that its board has approved a stock repurchase plan on Monday, November 4th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to buy up to 6.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Revvity Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 17th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.25%. The ex-dividend date is Friday, January 17th. Revvity’s dividend payout ratio is currently 13.53%.

Insider Transactions 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 shares were sold at an average price of $122.09, for a total transaction of $262,859.77. Following the transaction, the insider now owns 23,960 shares in the company, valued at approximately $2,925,276.40. The trade was a 8.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.60% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on RVTY shares. Citigroup upped their target price on Revvity from $135.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Leerink Partners upped their price objective on shares of Revvity from $130.00 to $135.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Wells Fargo & Company assumed coverage on shares of Revvity in a research note on Tuesday, August 27th. They set an “equal weight” rating and a $130.00 target price for the company. Jefferies Financial Group upped their price target on shares of Revvity from $115.00 to $125.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Finally, Robert W. Baird lifted their price objective on Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Seven 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $132.07.

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.