LPL Financial LLC Grows Stock Position in Revvity Inc. (NYSE:RVTY)

LPL Financial LLC increased its stake in Revvity Inc. (NYSE:RVTY) by 9.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 29,982 shares of the company’s stock after purchasing an additional 2,702 shares during the quarter. LPL Financial LLC’s holdings in Revvity were worth $3,172,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Nomura Holdings Inc. purchased a new position in shares of Revvity in the fourth quarter valued at $447,000. Wealth Enhancement Advisory Services LLC grew its position in shares of 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 purchasing an additional 187 shares in the last quarter. Ritholtz Wealth Management purchased a new position in shares of Revvity in the first quarter valued at $210,000. Amalgamated Bank grew its position in shares of Revvity by 1.0% in the first quarter. Amalgamated Bank now owns 23,777 shares of the company’s stock valued at $2,516,000 after purchasing an additional 227 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position 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 valued at $1,417,000 after purchasing an additional 1,343 shares in the last quarter. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

Revvity Stock Up 1.6%

Shares of NYSE RVTY opened at $90.91 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.75 and a current ratio of 3.33. The firm has a market capitalization of $10.55 billion, a price-to-earnings ratio of 38.52, a PEG ratio of 2.44 and a beta of 0.91. The stock has a 50 day moving average price of $94.94 and a 200 day moving average price of $100.04. Revvity Inc. has a 52-week low of $85.12 and a 52-week high of $129.50.

Revvity (NYSE:RVTY) 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. The company had revenue of $720.28 million during the quarter, compared to the consensus estimate of $711.26 million. Revvity had a net margin of 10.19% and a return on equity of 7.66%. Revvity’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.22 earnings per share. Sell-side analysts expect that Revvity Inc. will post 4.94 earnings per share for the current year.

Revvity Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Shareholders of record on Friday, October 17th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Friday, October 17th. Revvity’s dividend payout ratio is presently 11.86%.

Analyst Ratings Changes

RVTY has been the subject of several research analyst reports. JPMorgan Chase & Co. dropped their price objective on Revvity from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, April 29th. Evercore ISI dropped their price objective on Revvity from $116.00 to $115.00 and set an “outperform” rating for the company in a research note on Tuesday, July 8th. Stifel Nicolaus dropped their price objective on Revvity from $120.00 to $110.00 and set a “hold” rating for the company in a research note on Tuesday, July 29th. Bank of America dropped their price objective on Revvity from $116.00 to $110.00 and set a “buy” rating for the company in a research note on Thursday, June 26th. Finally, Wall Street Zen lowered Revvity from a “buy” rating to a “hold” rating in a research note on Sunday, August 3rd. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.07.

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.