Primecap Management Co. CA Sells 33,440 Shares of Revvity, Inc. (NYSE:RVTY)

Primecap Management Co. CA lessened its holdings in shares of Revvity, Inc. (NYSE:RVTY) by 3.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 933,305 shares of the company’s stock after selling 33,440 shares during the quarter. Primecap Management Co. CA’s holdings in Revvity were worth $119,230,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Jane Street Group LLC lifted its stake in shares of Revvity by 516.4% in the 1st quarter. Jane Street Group LLC now owns 453,343 shares of the company’s stock valued at $47,601,000 after purchasing an additional 379,802 shares during the last quarter. Quadrature Capital Ltd bought a new stake in shares of Revvity during the 1st quarter worth about $1,267,000. Assenagon Asset Management S.A. increased its holdings 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 acquiring an additional 84,515 shares during the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of Revvity by 27.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 84,383 shares of the company’s stock valued at $8,790,000 after acquiring an additional 18,367 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in Revvity in the 1st quarter worth approximately $1,214,000. 86.65% of the stock is currently owned by institutional investors and hedge funds.

Revvity Price Performance

Shares of NYSE:RVTY opened at $111.11 on Friday. The firm has a market capitalization of $13.52 billion, a PE ratio of 53.68, a PEG ratio of 2.74 and a beta of 1.05. 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, Inc. has a 1-year low of $86.30 and a 1-year high of $129.50. The business’s 50 day moving average is $120.91 and its 200-day moving average is $115.53.

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

Revvity declared that its board has initiated a stock repurchase program on Monday, November 4th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Revvity Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors 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 of this dividend is Friday, January 17th. Revvity’s dividend payout ratio (DPR) is presently 13.53%.

Insiders Place Their Bets

In other news, insider Tajinder S. Vohra sold 2,153 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $122.09, for a total value of $262,859.77. Following the completion of the transaction, the insider now directly owns 23,960 shares of the company’s stock, valued at approximately $2,925,276.40. This represents a 8.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Bank of America increased their price target on Revvity from $118.00 to $127.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Barclays upgraded shares of Revvity from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $125.00 to $140.00 in a research note on Tuesday, October 15th. TD Cowen boosted their target price on shares of Revvity from $141.00 to $144.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Citigroup raised their price target on Revvity from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Sanford C. Bernstein cut their price objective on Revvity from $150.00 to $145.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Seven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $132.07.

Revvity 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.