Revvity (NYSE:RVTY) Shares Gap Up on Better-Than-Expected Earnings

Revvity, Inc. (NYSE:RVTY - Get Free Report) gapped up before the market opened 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 for the quarter, topping the consensus estimate of $0.95 by $0.06. Revvity had a return on equity of 7.68% and a net margin of 9.81%.

Revvity Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Friday, July 18th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, July 18th. This represents a $0.28 dividend on an annualized basis and a yield of 0.29%. Revvity's dividend payout ratio is presently 12.67%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RVTY. Sanford C. Bernstein cut Revvity from an "outperform" rating to a "market perform" rating and set a $130.00 target price on the stock. in a research report on Friday, January 10th. Robert W. Baird decreased their price target on shares of Revvity from $141.00 to $127.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Raymond James restated an "outperform" rating and issued a $145.00 price objective (up from $140.00) on shares of Revvity in a research note on Monday, February 3rd. KeyCorp lifted their target price on Revvity from $132.00 to $145.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Finally, Barclays decreased their price objective on Revvity from $140.00 to $110.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $130.50.

Insider Activity

In other news, insider Joel S. Goldberg sold 15,170 shares of the business's stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $126.73, for a total value of $1,922,494.10. Following the completion of the transaction, the insider now directly owns 33,400 shares of the company's stock, valued at approximately $4,232,782. The trade was a 31.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.68% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RVTY. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Revvity by 2.4% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 13,458 shares of the company's stock worth $1,424,000 after buying an additional 310 shares during the last quarter. Amalgamated Bank increased its holdings in shares of Revvity by 1.0% during the first quarter. Amalgamated Bank now owns 23,777 shares of the company's stock valued at $2,516,000 after acquiring an additional 227 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Revvity by 11.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,415 shares of the company's stock worth $1,417,000 after buying an additional 1,343 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Revvity by 7.7% during the first quarter. Sequoia Financial Advisors LLC now owns 27,921 shares of the company's stock valued at $2,954,000 after buying an additional 1,992 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its position in shares of Revvity by 4.4% in the 1st quarter. Asset Management One Co. Ltd. now owns 50,725 shares of the company's stock valued at $5,367,000 after acquiring an additional 2,130 shares during the period. Institutional investors own 86.65% of the company's stock.

Revvity Trading Up 1.6 %

The stock has a 50-day simple moving average of $104.87 and a 200 day simple moving average of $112.98. The company has a current ratio of 3.60, a quick ratio of 3.03 and a debt-to-equity ratio of 0.41. The company has a market cap of $11.51 billion, a price-to-earnings ratio of 43.49, a PEG ratio of 3.82 and a beta of 1.07.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.