Empowered Funds LLC Takes $227,000 Position in Revvity, Inc. (NYSE:RVTY)

Empowered Funds LLC bought a new position in Revvity, Inc. (NYSE:RVTY) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 1,773 shares of the company’s stock, valued at approximately $227,000.

Other institutional investors have also added to or reduced their stakes in the company. Empirical Finance LLC grew its position in Revvity by 2.0% during the third quarter. Empirical Finance LLC now owns 4,237 shares of the company’s stock valued at $541,000 after acquiring an additional 85 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Revvity by 8.2% in the 3rd quarter. CIBC Asset Management Inc now owns 17,993 shares of the company’s stock valued at $2,299,000 after purchasing an additional 1,368 shares in the last quarter. Sivik Global Healthcare LLC bought a new position in shares of Revvity during the 3rd quarter valued at $5,110,000. Metis Global Partners LLC raised its position in Revvity by 6.5% in the 3rd quarter. Metis Global Partners LLC now owns 7,825 shares of the company’s stock worth $1,000,000 after purchasing an additional 481 shares during the period. Finally, Bretton Capital Management LLC bought a new stake in Revvity in the third quarter worth $1,405,000. Institutional investors own 86.65% of the company’s stock.

Insider Activity at Revvity

In related news, insider Tajinder S. Vohra sold 2,153 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $122.09, for a total transaction 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. This trade represents a 8.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.60% of the stock is currently owned by corporate insiders.

Revvity Stock Performance

Revvity stock opened at $115.14 on Wednesday. Revvity, Inc. has a fifty-two week low of $86.30 and a fifty-two week high of $129.50. The stock has a market cap of $14.01 billion, a price-to-earnings ratio of 55.62, a PEG ratio of 2.80 and a beta of 1.05. The stock’s 50 day simple moving average is $120.22 and its two-hundred day simple moving average is $115.89. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.97 and a current ratio of 3.56.

Revvity (NYSE:RVTY) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.15. The company had revenue of $684.10 million for 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 firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.18 earnings per share. As a group, analysts expect that Revvity, Inc. will post 4.85 earnings per share for the current fiscal year.

Revvity declared that its Board of Directors has authorized a stock repurchase plan on Monday, November 4th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 6.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Revvity Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, January 17th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Friday, January 17th. This represents a $0.28 annualized dividend and a dividend yield of 0.24%. Revvity’s payout ratio is 13.53%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on RVTY shares. Barclays reduced their price objective on Revvity from $140.00 to $135.00 and set an “overweight” rating on the stock in a research note on Monday. Robert W. Baird raised their price target on Revvity from $136.00 to $138.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Wells Fargo & Company assumed coverage on Revvity in a research report on Tuesday, August 27th. They issued an “equal weight” rating and a $130.00 price objective for the company. Leerink Partners raised their target price on shares of Revvity from $130.00 to $135.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, Citigroup upped their price target on shares of Revvity from $135.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $131.73.

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.