Citigroup Inc. Sells 12,912 Shares of Revvity, Inc. (NYSE:RVTY)

Citigroup Inc. decreased its holdings in shares of Revvity, Inc. (NYSE:RVTY) by 13.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 81,884 shares of the company’s stock after selling 12,912 shares during the quarter. Citigroup Inc.’s holdings in Revvity were worth $10,461,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rothschild Investment LLC bought a new position in Revvity in the 2nd quarter valued at $25,000. Gladius Capital Management LP bought a new position in shares of Revvity in the third 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 worth $41,000 after buying an additional 167 shares during the period. Family Firm Inc. purchased a new stake in Revvity in the 2nd quarter valued at about $43,000. Finally, Fairfield Financial Advisors LTD bought a new position in Revvity in the 2nd quarter worth about $43,000. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Revvity

In other Revvity 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 transaction, the insider now directly owns 19,652 shares of the company’s stock, valued at approximately $2,392,237.96. The trade was a 9.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.60% of the company’s stock.

Revvity Price Performance

NYSE RVTY opened at $116.23 on Friday. The stock’s fifty day moving average price is $119.84 and its 200 day moving average price is $115.89. Revvity, Inc. has a 1 year low of $86.30 and a 1 year high of $129.50. 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 company has a market cap of $14.15 billion, a price-to-earnings ratio of 56.15, a PEG ratio of 2.86 and a beta of 1.05.

Revvity (NYSE:RVTY) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.15. The firm had revenue of $684.10 million during the quarter, compared to analysts’ expectations of $679.66 million. Revvity had a return on equity of 7.42% and a net margin of 9.34%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the business posted $1.18 earnings per share. As a group, equities research analysts forecast that Revvity, Inc. will post 4.85 earnings per share for the current year.

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

Revvity Dividend Announcement

The firm 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 annualized dividend and a dividend yield of 0.24%. The ex-dividend date of this dividend is Friday, January 17th. Revvity’s dividend payout ratio (DPR) is currently 13.53%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RVTY. Robert W. Baird boosted their price target on Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Barclays dropped their price target on Revvity from $140.00 to $135.00 and set an “overweight” rating on the stock in a research report on Monday. Leerink Partners lifted their price objective on Revvity from $130.00 to $135.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Wells Fargo & Company assumed coverage on shares of Revvity in a report on Tuesday, August 27th. They set an “equal weight” rating and a $130.00 target price on the stock. Finally, Sanford C. Bernstein reduced their price target on shares of Revvity from $150.00 to $145.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Revvity presently has an average rating of “Moderate Buy” and an average price target of $131.73.

About Revvity

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.