CIBC Asset Management Inc Grows Stake in Revvity, Inc. (NYSE:RVTY)

CIBC Asset Management Inc lifted its stake in Revvity, Inc. (NYSE:RVTY) by 3.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,630 shares of the company’s stock after buying an additional 637 shares during the period. CIBC Asset Management Inc’s holdings in Revvity were worth $2,079,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of RVTY. Sanctuary Advisors LLC acquired a new position in shares of Revvity during the fourth quarter worth $209,000. Principal Securities Inc. increased its stake in Revvity by 54.9% during the 4th quarter. Principal Securities Inc. now owns 598 shares of the company’s stock worth $67,000 after buying an additional 212 shares during the period. Vontobel Holding Ltd. lifted its holdings in Revvity by 11.0% in the 4th quarter. Vontobel Holding Ltd. now owns 2,405 shares of the company’s stock worth $268,000 after buying an additional 238 shares in the last quarter. Empowered Funds LLC boosted its position in Revvity by 60.1% in the 4th quarter. Empowered Funds LLC now owns 2,839 shares of the company’s stock valued at $317,000 after buying an additional 1,066 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Revvity by 2.4% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 13,148 shares of the company’s stock valued at $1,467,000 after acquiring an additional 305 shares in the last quarter. Hedge funds and other institutional investors own 86.65% of the company’s stock.

Insiders Place Their Bets

In other news, insider Tajinder S. Vohra sold 5,492 shares of the company’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $116.81, for a total transaction of $641,520.52. Following the completion of the transaction, the insider now owns 19,652 shares in the company, valued at approximately $2,295,550.12. This represents a 21.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joel S. Goldberg sold 15,170 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $126.73, for a total transaction of $1,922,494.10. Following the completion of the sale, the insider now directly owns 33,400 shares in the company, valued at approximately $4,232,782. This trade represents a 31.23 % decrease in their position. The disclosure for this sale can be found here. 0.60% of the stock is owned by corporate insiders.

Revvity Trading Down 0.9 %

Revvity stock opened at $113.72 on Friday. Revvity, Inc. has a 1 year low of $97.32 and a 1 year high of $129.50. The firm’s 50-day moving average is $116.80 and its 200-day moving average is $118.68. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.03 and a current ratio of 3.60. The company has a market cap of $13.84 billion, a P/E ratio of 51.46, a PEG ratio of 3.83 and a beta of 1.03.

Revvity (NYSE:RVTY) last issued its earnings results on Friday, January 31st. The company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.05. Revvity had a net margin of 9.81% and a return on equity of 7.68%. During the same period in the previous year, the company earned $1.25 EPS. On average, equities analysts expect that Revvity, Inc. will post 4.94 earnings per share for the current year.

Revvity declared that its Board of Directors has initiated a share repurchase program on Monday, November 4th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Revvity Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 9th. Investors of record on Friday, April 18th will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, April 17th. This represents a $0.28 dividend on an annualized basis and a yield of 0.25%. Revvity’s payout ratio is currently 12.67%.

Wall Street Analyst Weigh In

Several research analysts recently commented on RVTY shares. Bank of America upgraded Revvity from a “neutral” rating to a “buy” rating and set a $138.00 price target on the stock in a research note on Friday, December 13th. KeyCorp upped their target price on Revvity from $132.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. TD Cowen increased their target price on Revvity from $141.00 to $144.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Robert W. Baird lifted their price target on shares of Revvity from $136.00 to $138.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Finally, Barclays increased their price objective on shares of Revvity from $135.00 to $140.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $136.25.

Revvity 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.