Revvity (NYSE:RVTY) Downgraded by Wall Street Zen to Hold

Key Points

• Revvity's stock was downgraded from a "buy" to a "hold" rating by Wall Street Zen, reflecting recent changes in market sentiment.
• Several analysts have decreased their price targets for Revvity, with the average target now at $120.07, indicating a shift in expectations for the company's performance.
• The company's recent quarterly earnings exceeded estimates, reporting $1.18 EPS and $720.28 million in revenue, showcasing growth despite the rating downgrade.

Wall Street Zen downgraded shares of Revvity (NYSE:RVTY - Free Report) from a buy rating to a hold rating in a research report sent to investors on Sunday.

A number of other brokerages also recently commented on RVTY. JPMorgan Chase & Co. reduced their price objective on shares of Revvity from $120.00 to $100.00 and set a "neutral" rating for the company in a research note on Tuesday, April 29th. 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 note on Tuesday, April 29th. Stifel Nicolaus cut their target price on Revvity from $120.00 to $110.00 and set a "hold" rating on the stock in a research note on Tuesday, July 29th. Raymond James Financial restated an "outperform" rating and issued a $115.00 price target (down from $120.00) on shares of Revvity in a report on Tuesday, July 29th. Finally, Evercore ISI cut their price objective on shares of Revvity from $116.00 to $115.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 8th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $120.07.

Revvity Stock Down 3.3%

Shares of RVTY traded down $2.97 during midday trading on Friday, reaching $85.71. 422,305 shares of the stock were exchanged, compared to its average volume of 1,182,979. The company has a market capitalization of $10.10 billion, a P/E ratio of 36.29, a PEG ratio of 2.37 and a beta of 0.91. The company has a current ratio of 3.33, a quick ratio of 2.75 and a debt-to-equity ratio of 0.43. Revvity has a 52 week low of $85.79 and a 52 week high of $129.50. The company's 50 day moving average is $95.42 and its two-hundred day moving average is $101.99.

Revvity (NYSE:RVTY - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The company reported $1.18 earnings per share for the quarter, topping analysts' consensus estimates of $1.14 by $0.04. Revvity had a net margin of 10.19% and a return on equity of 7.66%. 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 prior year, the firm earned $1.22 earnings per share. The firm's revenue for the quarter was up 4.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Revvity will post 4.94 earnings per share for the current year.

Revvity Dividend Announcement

The business also recently disclosed 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 of this dividend 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%.

Hedge Funds Weigh In On Revvity

Several hedge funds have recently made changes to their positions in RVTY. Optiver Holding B.V. purchased a new stake in Revvity during the 4th quarter valued at about $33,000. Quarry LP lifted its holdings in shares of Revvity by 45.7% during the fourth quarter. Quarry LP now owns 303 shares of the company's stock worth $34,000 after purchasing an additional 95 shares during the period. Vermillion Wealth Management Inc. acquired a new position in Revvity in the 4th quarter worth approximately $41,000. UMB Bank n.a. raised its position in Revvity by 138.8% during the 2nd quarter. UMB Bank n.a. now owns 406 shares of the company's stock worth $39,000 after buying an additional 236 shares during the last quarter. Finally, CVA Family Office LLC raised its position in Revvity by 79.0% during the 2nd quarter. CVA Family Office LLC now owns 410 shares of the company's stock worth $40,000 after buying an additional 181 shares during the last quarter. 86.65% of the stock is owned by institutional investors and hedge funds.

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.