Revvity (NYSE:RVTY) Releases Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Revvity (NYSE:RVTY) released its quarterly earnings data on Monday. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.15, Briefing.com reports. The firm had revenue of $684.10 million for the quarter, compared to analysts’ expectations of $679.66 million. Revvity had a net margin of 6.26% and a return on equity of 7.34%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.18 earnings per share. Revvity updated its FY 2024 guidance to 4.830-4.870 EPS and its FY24 guidance to $4.83-4.87 EPS.

Revvity Trading Down 0.9 %

Shares of NYSE RVTY traded down $1.10 during trading hours on Wednesday, reaching $124.86. The stock had a trading volume of 1,441,848 shares, compared to its average volume of 828,478. The company has a current ratio of 2.27, a quick ratio of 1.98 and a debt-to-equity ratio of 0.40. The firm has a market cap of $15.40 billion, a price-to-earnings ratio of 90.48, a P/E/G ratio of 3.34 and a beta of 1.05. The business’s fifty day moving average price is $121.60 and its two-hundred day moving average price is $114.54. Revvity has a 52-week low of $82.17 and a 52-week high of $129.50.

Revvity Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, January 17th will be issued a $0.07 dividend. The ex-dividend date is Friday, January 17th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.22%. Revvity’s payout ratio is 20.29%.

Revvity announced that its Board of Directors has initiated a share repurchase plan on Monday, November 4th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at Revvity

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

Analyst Ratings Changes

A number of research firms recently issued reports on RVTY. Robert W. Baird upped their price target on shares of Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a research note on Tuesday. Citigroup lifted their price target on Revvity from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. JPMorgan Chase & Co. lifted their price target on Revvity from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. TD Cowen lifted their price target on Revvity from $141.00 to $144.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Sanford C. Bernstein dropped their price target on Revvity from $150.00 to $145.00 and set an “outperform” rating for the company in a research report on Tuesday. Seven equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $132.07.

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.