Revvity (NYSE:RVTY) Updates FY24 Earnings Guidance

Revvity (NYSE:RVTY) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $4.83-4.87 for the period, compared to the consensus EPS estimate of $4.75. The company issued revenue guidance of $2.75-2.77 billion, compared to the consensus revenue estimate of $2.77 billion. Revvity also updated its FY 2024 guidance to 4.830-4.870 EPS.

Analyst Upgrades and Downgrades

RVTY has been the topic of a number of analyst reports. Sanford C. Bernstein dropped their price objective on Revvity from $150.00 to $145.00 and set an “outperform” rating on the stock in a research note on Tuesday. Citigroup upped their price target on shares of Revvity from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Robert W. Baird lifted their target price on Revvity from $136.00 to $138.00 and gave the stock an “outperform” rating in a research note on Tuesday. Barclays upgraded Revvity from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $125.00 to $140.00 in a research note on Tuesday, October 15th. Finally, Wells Fargo & Company assumed coverage on shares of Revvity in a report on Tuesday, August 27th. They issued an “equal weight” rating and a $130.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $132.07.

Revvity Stock Down 2.1 %

NYSE RVTY traded down $2.66 on Wednesday, reaching $123.30. The company had a trading volume of 578,704 shares, compared to its average volume of 824,463. Revvity has a 52-week low of $82.17 and a 52-week high of $129.04. The company has a quick ratio of 1.98, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $15.21 billion, a P/E ratio of 91.28, a P/E/G ratio of 3.34 and a beta of 1.05. The company’s fifty day moving average is $121.53 and its 200 day moving average is $114.47.

Revvity (NYSE:RVTY) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.15. The business had revenue of $684.10 million during the quarter, compared to the consensus estimate of $679.66 million. Revvity had a net margin of 6.26% and a return on equity of 7.34%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.18 EPS. Sell-side analysts anticipate that Revvity will post 4.75 earnings per share for the current fiscal year.

Revvity Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 17th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, January 17th. This represents a $0.28 annualized dividend and a dividend yield of 0.23%. Revvity’s dividend payout ratio is currently 20.29%.

Revvity announced that its Board of Directors has initiated a share repurchase program on Monday, November 4th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity at Revvity

In other news, insider Tajinder S. Vohra sold 2,154 shares of the stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $121.73, for a total value of $262,206.42. Following the transaction, the insider now owns 19,652 shares of the company’s stock, valued at $2,392,237.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Revvity news, insider Tajinder S. Vohra sold 2,154 shares of Revvity stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $121.73, for a total value of $262,206.42. Following the transaction, the insider now directly owns 19,652 shares of the company’s stock, valued at $2,392,237.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tajinder S. Vohra sold 2,153 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $122.09, for a total transaction of $262,859.77. Following the completion of the transaction, the insider now owns 23,960 shares in the company, valued at $2,925,276.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.60% of the stock is owned by corporate insiders.

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.