Charles Schwab Investment Management Inc. Acquires 24,726 Shares of Revvity, Inc. (NYSE:RVTY)
Charles Schwab Investment Management Inc. increased its stake in Revvity, Inc. (NYSE:RVTY) by 3.1% in Q3, acquiring an additional 24,726 shares, bringing its total to 830,488 shares. Revvity's stock is primarily held by institutional investors, with 86.65% ownership. Analysts have mixed ratings on Revvity, with a consensus rating of "Moderate Buy" and a target price of $20.73. Revvity recently reported earnings of $0.28 per share, exceeding estimates, and announced a quarterly dividend of $0.07, payable on February 7th, 2024.
Charles Schwab Investment Management Inc. grew its stake in shares of Revvity, Inc. (NYSE:RVTY - Free Report) by 3.1% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 830,488 shares of the company's stock after purchasing an additional 24,726 shares during the period. Charles Schwab Investment Management Inc. owned about 0.68% of Revvity worth $106,095,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Rothschild Investment LLC purchased a new stake in Revvity in the 2nd quarter valued at $25,000. Gladius Capital Management LP bought a new stake in Revvity in the 3rd quarter worth about $32,000. EverSource Wealth Advisors LLC increased its stake in Revvity by 74.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 392 shares of the company's stock valued at $41,000 after buying an additional 167 shares during the last quarter. Family Firm Inc. bought a new position in shares of Revvity during the 2nd quarter worth approximately $43,000. Finally, Fairfield Financial Advisors LTD bought a new position in shares of Revvity in the second quarter valued at approximately $43,000. 86.65% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on RVTY shares. Sanford C. Bernstein decreased their target price on Revvity from $150.00 to $145.00 and set an "outperform" rating for the company in a research report on Tuesday, November 5th. Bank of America increased their price objective on Revvity from $118.00 to $127.00 and gave the company a "neutral" rating in a report on Tuesday, July 30th. TD Cowen increased their price target on Revvity from $141.00 to $144.00 and gave the stock a "buy" rating in a research note on Tuesday, November 5th. Wells Fargo & Company initiated coverage on shares of Revvity in a research report on Tuesday, August 27th. They issued an "equal weight" rating and a $130.00 price target on the stock. Finally, Leerink Partners raised their price objective on shares of Revvity from $130.00 to $135.00 and gave the stock an "outperform" rating in a report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $131.73.
View Our Latest Report on Revvity
Insider Activity
In other Revvity news, insider Tajinder S. Vohra sold 2,154 shares of the company'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 of the company's stock, valued at $2,392,237.96. This represents a 9.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.60% of the company's stock.
Revvity Trading Up 2.3 %
Shares of RVTY opened at $114.66 on Tuesday. Revvity, Inc. has a 1-year low of $86.30 and a 1-year high of $129.50. The company has a market capitalization of $13.95 billion, a P/E ratio of 55.39, a P/E/G ratio of 2.80 and a beta of 1.05. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.56 and a quick ratio of 2.97. The firm's 50 day simple moving average is $120.37 and its 200 day simple moving average is $115.81.
Revvity (NYSE:RVTY - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.15. Revvity had a net margin of 9.34% and a return on equity of 7.42%. The firm had revenue of $684.10 million for the quarter, compared to analysts' expectations of $679.66 million. During the same quarter last year, the company posted $1.18 EPS. The business's quarterly revenue was up 2.1% on a year-over-year basis. Sell-side analysts forecast that Revvity, Inc. will post 4.85 earnings per share for the current fiscal year.
Revvity Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, January 17th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.24%. The ex-dividend date is Friday, January 17th. Revvity's payout ratio is currently 13.53%.
Revvity declared that its board has approved a stock buyback plan on Monday, November 4th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its shares are undervalued.
Revvity Profile
(Free Report)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.
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