Revvity (NYSE:RVTY) Shares Gap Up Following Earnings Beat

Revvity, Inc. (NYSE:RVTY - Get Free Report) gapped up prior to trading on Monday following a stronger than expected earnings report. The stock had previously closed at $94.29, but opened at $101.23. Revvity shares last traded at $94.75, with a volume of 397,651 shares traded.

The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.05. Revvity had a net margin of 9.81% and a return on equity of 7.68%. The company had revenue of $664.76 million during the quarter, compared to the consensus estimate of $662.30 million. During the same quarter in the previous year, the firm earned $0.98 earnings per share. The firm's quarterly revenue was up 2.3% on a year-over-year basis.

Revvity Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Investors of record on Friday, July 18th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.30%. The ex-dividend date of this dividend is Friday, July 18th. Revvity's dividend payout ratio (DPR) is presently 11.91%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RVTY shares. Sanford C. Bernstein downgraded Revvity from an "outperform" rating to a "market perform" rating and set a $130.00 price objective on the stock. in a report on Friday, January 10th. Robert W. Baird reduced their price objective on shares of Revvity from $127.00 to $125.00 and set an "outperform" rating for the company in a research report on Tuesday. Wells Fargo & Company dropped their target price on shares of Revvity from $130.00 to $102.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 17th. The Goldman Sachs Group reduced their price target on shares of Revvity from $140.00 to $125.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, KeyCorp raised their price objective on Revvity from $132.00 to $145.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $125.64.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Tidal Investments LLC lifted its stake in shares of Revvity by 2,388.8% in the third quarter. Tidal Investments LLC now owns 52,787 shares of the company's stock valued at $6,744,000 after purchasing an additional 50,666 shares during the period. Principal Financial Group Inc. increased its holdings in Revvity by 3.1% in the third quarter. Principal Financial Group Inc. now owns 141,871 shares of the company's stock valued at $18,124,000 after buying an additional 4,263 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Revvity by 13.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 344,115 shares of the company's stock valued at $43,961,000 after acquiring an additional 41,497 shares during the period. GAMMA Investing LLC boosted its stake in shares of Revvity by 10.8% during the 4th quarter. GAMMA Investing LLC now owns 1,898 shares of the company's stock worth $212,000 after acquiring an additional 185 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in shares of Revvity by 8.0% in the 4th quarter. Nordea Investment Management AB now owns 9,681 shares of the company's stock worth $1,084,000 after acquiring an additional 719 shares during the period. Institutional investors and hedge funds own 86.65% of the company's stock.

Revvity Stock Up 1.2 %

The firm has a 50 day moving average of $102.80 and a two-hundred day moving average of $112.12. The stock has a market capitalization of $11.30 billion, a PE ratio of 42.55, a P/E/G ratio of 3.82 and a beta of 1.07. The company has a current ratio of 3.60, a quick ratio of 3.03 and a debt-to-equity ratio of 0.41.

About Revvity

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.