Revvity (NYSE:RVTY) Raised to "Buy" at Wall Street Zen

Key Points

• Revvity (NYSE:RVTY) has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen analysts.
• Several brokerages have reduced their price targets for Revvity, with the average consensus price target now at $123.07.
• The company reported $1.01 earnings per share, exceeding analysts' expectations, and experienced a 2.3% revenue increase year-over-year.

Wall Street Zen upgraded shares of Revvity (NYSE:RVTY - Free Report) from a hold rating to a buy rating in a report released on Saturday.

RVTY has been the topic of a number of other reports. Raymond James Financial reaffirmed an "outperform" rating and set a $120.00 target price (down from $145.00) on shares of Revvity in a research report on Tuesday, April 29th. The Goldman Sachs Group dropped their target price on Revvity from $140.00 to $125.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Robert W. Baird dropped their target price on Revvity from $127.00 to $125.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. Bank of America dropped their target price on Revvity from $116.00 to $110.00 and set a "buy" rating on the stock in a research report on Thursday, June 26th. Finally, UBS Group raised Revvity from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $145.00 to $115.00 in a research report on Thursday, May 1st. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Revvity has an average rating of "Moderate Buy" and a consensus price target of $121.94.

Revvity Stock Down 0.5%

Shares of RVTY traded down $0.44 during midday trading on Friday, reaching $94.60. 2,512,833 shares of the company were exchanged, compared to its average volume of 1,329,744. The stock has a 50-day moving average price of $95.57 and a 200-day moving average price of $103.07. The company has a market cap of $11.15 billion, a price-to-earnings ratio of 40.08, a P/E/G ratio of 2.34 and a beta of 0.98. Revvity has a 1-year low of $87.70 and a 1-year high of $129.50. The company has a current ratio of 3.33, a quick ratio of 2.99 and a debt-to-equity ratio of 0.43.

Revvity (NYSE:RVTY - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The company reported $1.18 EPS for the quarter, topping analysts' consensus estimates of $1.14 by $0.04. Revvity had a return on equity of 7.66% and a net margin of 10.19%. The company had revenue of $720.28 million for the quarter, compared to analysts' expectations of $711.26 million. During the same quarter in the previous year, the firm posted $1.22 earnings per share. The firm's quarterly revenue was up 4.1% on a year-over-year basis. Research analysts expect that Revvity will post 4.94 earnings per share for the current year.

Revvity Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 7th. Shareholders of record on Friday, October 17th will be paid a $0.07 dividend. The ex-dividend date is Friday, October 17th. This represents a $0.28 dividend on an annualized basis and a yield of 0.30%. Revvity's payout ratio is currently 11.86%.

Hedge Funds Weigh In On Revvity

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Nomura Holdings Inc. acquired a new position in Revvity in the fourth quarter valued at approximately $447,000. Wealth Enhancement Advisory Services LLC boosted its stake in Revvity by 3.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 5,139 shares of the company's stock valued at $544,000 after acquiring an additional 187 shares during the period. Ritholtz Wealth Management acquired a new position in shares of Revvity during the first quarter worth approximately $210,000. Amalgamated Bank boosted its position in shares of Revvity by 1.0% during the first quarter. Amalgamated Bank now owns 23,777 shares of the company's stock worth $2,516,000 after buying an additional 227 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Revvity by 11.1% during 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 period. 86.65% of the stock is currently 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.