Revvity (NYSE:RVTY) Stock Price Down 2.8% – Here’s Why

Revvity, Inc. (NYSE:RVTY) dropped 2.8% on Wednesday . The company traded as low as $119.70 and last traded at $120.83. Approximately 110,596 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 813,755 shares. The stock had previously closed at $124.36.

Analyst Ratings Changes

Several research firms recently issued reports on RVTY. TD Cowen increased their target price on Revvity from $130.00 to $141.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Bank of America lifted their price objective on shares of Revvity from $118.00 to $127.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Leerink Partners initiated coverage on shares of Revvity in a report on Monday, July 8th. They set an “outperform” rating and a $125.00 target price on the stock. Wells Fargo & Company initiated coverage on shares of Revvity in a research note on Tuesday, August 27th. They issued an “equal weight” rating and a $130.00 price target for the company. Finally, Leerink Partnrs raised Revvity to a “strong-buy” rating in a research note on Monday, July 8th. Seven analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $126.53.

Revvity Stock Performance

The company has a market cap of $14.87 billion, a price-to-earnings ratio of 102.78, a price-to-earnings-growth ratio of 3.35 and a beta of 1.05. The firm has a 50-day simple moving average of $121.50 and a 200 day simple moving average of $112.77. The company has a quick ratio of 1.98, a current ratio of 2.27 and a debt-to-equity ratio of 0.40.

Revvity (NYSE:RVTY) last issued its quarterly earnings results on Monday, July 29th. The company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. The firm had revenue of $691.70 million during the quarter, compared to analysts’ expectations of $690.33 million. Revvity had a net margin of 6.26% and a return on equity of 7.34%. Revvity’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.21 EPS. On average, sell-side analysts predict that Revvity, Inc. will post 4.75 earnings per share for the current fiscal year.

Revvity Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, October 18th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.23%. The ex-dividend date of this dividend is Friday, October 18th. Revvity’s dividend payout ratio (DPR) is presently 23.14%.

Insiders Place Their Bets

In other news, insider Joel S. Goldberg sold 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $117.86, for a total transaction of $412,510.00. Following the completion of the sale, the insider now owns 33,400 shares in the company, valued at $3,936,524. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 shares were sold at an average price of $121.73, for a total transaction of $262,206.42. Following the sale, the insider now directly owns 19,652 shares in the company, valued at approximately $2,392,237.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joel S. Goldberg sold 3,500 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $117.86, for a total transaction of $412,510.00. Following the sale, the insider now directly owns 33,400 shares in the company, valued at approximately $3,936,524. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,807 shares of company stock valued at $937,576. 0.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Revvity

Several institutional investors have recently modified their holdings of the company. Rothschild Investment LLC purchased a new stake in Revvity during the second quarter worth $25,000. EverSource Wealth Advisors LLC raised its position in Revvity by 74.2% during the second quarter. EverSource Wealth Advisors LLC now owns 392 shares of the company’s stock worth $41,000 after acquiring an additional 167 shares during the last quarter. Family Firm Inc. purchased a new stake in shares of Revvity in the second quarter valued at about $43,000. Fairfield Financial Advisors LTD acquired a new stake in shares of Revvity in the second quarter valued at approximately $43,000. Finally, EntryPoint Capital LLC purchased a new position in shares of Revvity during the 1st quarter worth approximately $48,000. Hedge funds and other institutional investors own 86.65% of the company’s stock.

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.