PerkinElmer, Inc. (NYSE:PKI) was the recipient of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 2,560,000 shares, an increase of 19.6% from the August 15th total of 2,140,000 shares. Approximately 2.3% of the shares of the stock are short sold. Based on an average daily volume of 914,600 shares, the short-interest ratio is presently 2.8 days.
In other news, insider Joel S. Goldberg sold 23,387 shares of the firm's stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $117.84, for a total transaction of $2,755,924.08. Following the completion of the sale, the insider now owns 95,179 shares of the company's stock, valued at $11,215,893.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Andrew Okun sold 6,699 shares of the firm's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $120.00, for a total transaction of $803,880.00. Following the sale, the insider now directly owns 17,009 shares of the company's stock, valued at approximately $2,041,080. The disclosure for this sale can be found here. 0.62% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Ameritas Investment Company LLC bought a new position in shares of PerkinElmer during the first quarter worth $26,000. Ceredex Value Advisors LLC bought a new position in shares of PerkinElmer during the first quarter worth $30,000. Glenmede Trust Co. NA boosted its position in shares of PerkinElmer by 45.3% during the second quarter. Glenmede Trust Co. NA now owns 369 shares of the medical research company's stock worth $36,000 after purchasing an additional 115 shares in the last quarter. Bartlett & Co. LLC bought a new position in shares of PerkinElmer during the first quarter worth $37,000. Finally, Pathstone Family Office LLC bought a new stake in PerkinElmer in the 1st quarter valued at $38,000. 92.23% of the stock is currently owned by institutional investors.
Several research firms have recently weighed in on PKI. JPMorgan Chase & Co. raised their price objective on shares of PerkinElmer from $85.00 to $105.00 and gave the stock a "neutral" rating in a report on Wednesday, July 29th. Zacks Investment Research raised shares of PerkinElmer from a "sell" rating to a "hold" rating and set a $105.00 price objective for the company in a report on Thursday, May 28th. Stifel Nicolaus raised their price objective on shares of PerkinElmer from $95.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Needham & Company LLC raised shares of PerkinElmer from a "hold" rating to a "buy" rating and set a $139.00 price objective for the company in a report on Friday, September 11th. Finally, BMO Capital Markets raised their price objective on shares of PerkinElmer from $44.00 to $45.00 and gave the stock an "outperform" rating in a report on Monday, August 10th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. PerkinElmer currently has a consensus rating of "Buy" and a consensus price target of $95.75.
PKI traded up $1.80 during trading on Wednesday, reaching $120.31. 744,961 shares of the company's stock were exchanged, compared to its average volume of 895,951. The company's fifty day moving average price is $117.59 and its 200-day moving average price is $97.34. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.91 and a current ratio of 1.32. PerkinElmer has a fifty-two week low of $62.91 and a fifty-two week high of $123.21. The firm has a market capitalization of $13.45 billion, a PE ratio of 45.75, a P/E/G ratio of 1.27 and a beta of 1.36.
PerkinElmer (NYSE:PKI) last released its earnings results on Tuesday, July 28th. The medical research company reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.87. PerkinElmer had a net margin of 9.87% and a return on equity of 18.40%. The firm had revenue of $811.91 million during the quarter, compared to analyst estimates of $703.32 million. During the same quarter in the previous year, the business earned $1.00 EPS. The business's quarterly revenue was up 12.3% compared to the same quarter last year. Research analysts forecast that PerkinElmer will post 5.33 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 6th. Stockholders of record on Friday, October 16th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.23%. PerkinElmer's dividend payout ratio is 6.83%.
PerkinElmer Company Profile
PerkinElmer, Inc provides products, services, and solutions to the diagnostics, life sciences, and applied services markets worldwide. The company operates in two segments, Discovery & Analytical Solutions and Diagnostics. The Discovery & Analytical Solutions segment offers a suite of solutions, including reagents, informatics, and detection and imaging technologies that enable scientists to enhance research breakthroughs in the life sciences research market, as well as laboratory services.
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7 Gold Stocks to Buy Before the Fed Changes Its Mind
Just when investors thought that the price of gold couldn’t go any higher, the Federal Reserve added fuel to the fire. On July 29, the Fed said there was not sufficient evidence of an economic recovery to warrant changing their current policies.
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This is creating the perfect scenario for gold and gold stocks. The price of gold has surged over 25% in 2020. At the time of this writing, it sits at $1,953 per ounce. Of course as soon as gold starts to near $2,000 the cries that the rally is over begin.
Are they right again? Maybe, but I’m a little skeptical. Gold always climbs during times of uncertainty. That’s true today more than ever. We’re months away from a presidential election. We’re learning how to live with a novel virus for which there is no vaccine. We have social unrest that has turned into riots in many major cities.
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View the "7 Gold Stocks to Buy Before the Fed Changes Its Mind".