Primecap Management Co. CA Buys 193,700 Shares of Revvity Inc. (NYSE:RVTY)

Key Points

• Primecap Management Co. CA increased its stake in Revvity Inc. by 20.3%, bringing their total shares to approximately 1.1 million, valued at around $121.2 million.
• Revvity recently reported earnings of $1.18 EPS for the quarter, surpassing the analyst consensus estimate of $1.14 EPS, with revenue reaching $720.28 million.
• The company announced a quarterly dividend of $0.07 per share, with a dividend yield of 0.3% and a payout ratio of 11.86%.

Primecap Management Co. CA lifted its stake in Revvity Inc. (NYSE:RVTY - Free Report) by 20.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,145,585 shares of the company's stock after purchasing an additional 193,700 shares during the quarter. Primecap Management Co. CA owned 0.95% of Revvity worth $121,203,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of RVTY. T. Rowe Price Investment Management Inc. boosted its position in shares of Revvity by 16.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 20,761,308 shares of the company's stock valued at $2,317,170,000 after purchasing an additional 2,969,326 shares during the period. EdgePoint Investment Group Inc. boosted its position in shares of Revvity by 51.1% in the 4th quarter. EdgePoint Investment Group Inc. now owns 4,058,231 shares of the company's stock valued at $452,939,000 after purchasing an additional 1,372,456 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Revvity by 17.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,631,597 shares of the company's stock valued at $851,764,000 after purchasing an additional 1,151,821 shares during the period. GAMMA Investing LLC boosted its position in Revvity by 15,023.0% during the 1st quarter. GAMMA Investing LLC now owns 287,035 shares of the company's stock worth $30,368,000 after acquiring an additional 285,137 shares during the period. Finally, Invesco Ltd. boosted its position in Revvity by 18.8% during the 4th quarter. Invesco Ltd. now owns 1,740,933 shares of the company's stock worth $194,306,000 after acquiring an additional 274,923 shares during the period. Institutional investors and hedge funds own 86.65% of the company's stock.

Wall Street Analyst Weigh In

RVTY has been the subject of a number of research reports. Robert W. Baird decreased their price objective on Revvity from $127.00 to $125.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. Wells Fargo & Company decreased their price objective on Revvity from $130.00 to $102.00 and set an "equal weight" rating for the company in a research report on Thursday, April 17th. Wall Street Zen lowered Revvity from a "buy" rating to a "hold" rating in a research report on Sunday, August 3rd. Evercore ISI decreased their price objective on Revvity from $116.00 to $115.00 and set an "outperform" rating for the company in a research report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. decreased their price objective on Revvity from $120.00 to $100.00 and set a "neutral" rating for the company in a research report on Tuesday, April 29th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $120.07.

Revvity Stock Up 0.6%

Shares of NYSE RVTY traded up $0.49 during trading hours on Friday, hitting $86.95. The stock had a trading volume of 763,351 shares, compared to its average volume of 1,578,712. Revvity Inc. has a 52 week low of $85.12 and a 52 week high of $129.50. The company has a market capitalization of $10.09 billion, a P/E ratio of 36.84, a P/E/G ratio of 2.32 and a beta of 0.91. The firm's 50-day moving average price is $95.13 and its two-hundred day moving average price is $101.40. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.75 and a current ratio of 3.33.

Revvity (NYSE:RVTY - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The company reported $1.18 EPS for the quarter, topping analysts' consensus estimates of $1.14 by $0.04. Revvity had a return on equity of 7.66% and a net margin of 10.19%. The company had revenue of $720.28 million during the quarter, compared to analyst estimates of $711.26 million. During the same period in the previous year, the company earned $1.22 earnings per share. The company's quarterly revenue was up 4.1% compared to the same quarter last year. Analysts anticipate that Revvity Inc. will post 4.94 EPS for the current fiscal year.

Revvity Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Stockholders of record on Friday, October 17th will be issued a dividend of $0.07 per share. The ex-dividend date is Friday, October 17th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.3%. Revvity's payout ratio is 11.86%.

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.