Revvity (NYSE:RVTY) Shares Gap Down - Here's What Happened

Key Points

• Revvity Inc. shares gapped down significantly, opening at $93.93 after closing at $103.67, with a current trading price at $92.85.
• Several analysts have reduced their price targets for Revvity, with Goldman Sachs lowering their target from $140.00 to $125.00, while Barclays set a new target at $110.00.
• Revvity announced a quarterly dividend of $0.07 per share, which will be paid on November 7th, representing an annualized yield of 0.29%.

Revvity Inc. (NYSE:RVTY - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $103.67, but opened at $93.93. Revvity shares last traded at $92.85, with a volume of 1,177,787 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group dropped their price objective on shares of Revvity from $140.00 to $125.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Barclays dropped their price target on shares of Revvity from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Evercore ISI dropped their price target 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. JPMorgan Chase & Co. dropped their target price on shares of Revvity from $120.00 to $100.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 29th. Finally, Bank of America lowered their price target on shares of Revvity from $116.00 to $110.00 and set a "buy" rating on the stock in a research report on Thursday, June 26th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $123.07.

Revvity Stock Performance

The firm's fifty day moving average price is $95.53 and its 200-day moving average price is $103.26. The firm has a market cap of $11.26 billion, a price-to-earnings ratio of 40.66, a PEG ratio of 2.61 and a beta of 0.98. The company has a current ratio of 3.58, a quick ratio of 2.99 and a debt-to-equity ratio of 0.41.

Revvity (NYSE:RVTY - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The company reported $1.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.14 by $0.04. The business had revenue of $720.28 million during the quarter, compared to the consensus estimate of $711.26 million. Revvity had a net margin of 10.35% and a return on equity of 7.73%. The business's revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.22 EPS. Analysts expect that Revvity Inc. will post 4.94 earnings per share for the current year.

Revvity Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Friday, October 17th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Friday, October 17th. This represents a $0.28 dividend on an annualized basis and a yield of 0.29%. Revvity's payout ratio is 11.91%.

Institutional Investors Weigh In On Revvity

Hedge funds have recently modified their holdings of the company. Optiver Holding B.V. acquired a new stake in shares of Revvity during the 4th quarter worth about $33,000. Quarry LP boosted its position in shares of Revvity by 45.7% in the fourth quarter. Quarry LP now owns 303 shares of the company's stock worth $34,000 after acquiring an additional 95 shares during the last quarter. UMB Bank n.a. boosted its position in shares of Revvity by 138.8% in the second quarter. UMB Bank n.a. now owns 406 shares of the company's stock worth $39,000 after acquiring an additional 236 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new stake in shares of Revvity in the fourth quarter worth approximately $41,000. Finally, New Age Alpha Advisors LLC acquired a new stake in shares of Revvity in the first quarter worth approximately $44,000. 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.

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