Barclays Issues Pessimistic Forecast for Revvity (NYSE:RVTY) Stock Price

Revvity (NYSE:RVTY) had its price target cut by equities researchers at Barclays from $140.00 to $135.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price would indicate a potential upside of 17.25% from the company’s previous close.

Other analysts have also issued reports about the company. Raymond James lifted their price target on Revvity from $144.00 to $146.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. lifted their price target on Revvity from $105.00 to $120.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Wells Fargo & Company began coverage on Revvity in a research note on Tuesday, August 27th. They set an “equal weight” rating and a $130.00 price target on the stock. Leerink Partners lifted their price target on Revvity from $130.00 to $135.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Bank of America lifted their price target on Revvity from $118.00 to $127.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Seven equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $131.73.

Revvity Stock Performance

NYSE:RVTY opened at $115.14 on Monday. The stock’s 50-day simple moving average is $120.22 and its 200 day simple moving average is $115.89. The firm has a market capitalization of $14.01 billion, a PE ratio of 55.62, a price-to-earnings-growth ratio of 2.80 and a beta of 1.05. The company has a quick ratio of 2.97, a current ratio of 3.56 and a debt-to-equity ratio of 0.40. Revvity has a twelve month low of $86.30 and a twelve month high of $129.50.

Revvity (NYSE:RVTY) last released its quarterly earnings data 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 business had revenue of $684.10 million for the quarter, compared to analyst estimates of $679.66 million. Revvity had a return on equity of 7.42% and a net margin of 9.34%. Revvity’s revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm posted $1.18 earnings per share. On average, analysts anticipate that Revvity will post 4.85 EPS for the current fiscal year.

Revvity announced that its Board of Directors has initiated a stock buyback program 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 programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Revvity news, insider Tajinder S. Vohra sold 2,154 shares of the business’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $121.73, for a total value of $262,206.42. Following the transaction, the insider now owns 19,652 shares of the company’s stock, valued at approximately $2,392,237.96. The trade was a 9.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RVTY. Jane Street Group LLC lifted its position in shares of Revvity by 516.4% during the 1st 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 during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Revvity by 3,171.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 87,180 shares of the company’s stock valued at $9,142,000 after buying an additional 84,515 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Revvity by 27.8% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 84,383 shares of the company’s stock valued at $8,790,000 after buying an additional 18,367 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Revvity during the 1st quarter valued at $1,214,000. Finally, Artemis Investment Management LLP lifted its position in shares of Revvity by 21.3% during the 2nd quarter. Artemis Investment Management LLP now owns 107,634 shares of the company’s stock valued at $11,287,000 after buying an additional 18,916 shares during the last quarter. Hedge funds and other 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.