Southpoint Capital Advisors LP Takes Position in Revvity, Inc. (NYSE:RVTY)

Southpoint Capital Advisors LP purchased a new position in shares of Revvity, Inc. (NYSE:RVTY) in the third quarter, HoldingsChannel reports. The institutional investor purchased 200,000 shares of the company’s stock, valued at approximately $25,550,000.

Other institutional investors also recently added to or reduced their stakes in the company. Verition Fund Management LLC boosted its stake in shares of Revvity by 1,002.3% in the 3rd quarter. Verition Fund Management LLC now owns 65,864 shares of the company’s stock valued at $8,414,000 after purchasing an additional 59,889 shares in the last quarter. Public Sector Pension Investment Board lifted its holdings in Revvity by 14.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 5,383 shares of the company’s stock valued at $688,000 after purchasing an additional 700 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Revvity by 7.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 684,078 shares of the company’s stock valued at $87,391,000 after buying an additional 48,700 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Revvity by 23.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,805 shares of the company’s stock worth $4,830,000 after buying an additional 7,237 shares during the last quarter. Finally, RGM Capital LLC increased its holdings in shares of Revvity by 3.2% during the third quarter. RGM Capital LLC now owns 980,858 shares of the company’s stock worth $125,305,000 after buying an additional 30,000 shares in the last quarter. 86.65% of the stock is owned by institutional investors and hedge funds.

Revvity Stock Down 0.1 %

Shares of Revvity stock opened at $116.14 on Friday. The business has a fifty day simple moving average of $119.71 and a 200 day simple moving average of $115.97. The stock has a market cap of $14.13 billion, a PE ratio of 56.11, a price-to-earnings-growth ratio of 3.57 and a beta of 1.05. The company has a quick ratio of 2.97, a current ratio of 3.56 and a debt-to-equity ratio of 0.40. Revvity, Inc. has a 12 month low of $87.58 and a 12 month high of $129.50.

Revvity (NYSE:RVTY) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.15. The business had revenue of $684.10 million for the quarter, compared to the consensus estimate of $679.66 million. Revvity had a net margin of 9.34% and a return on equity of 7.42%. Revvity’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the company posted $1.18 EPS. Research analysts predict that Revvity, Inc. will post 4.85 EPS for the current year.

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

Revvity Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, January 17th will be given 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 of this dividend is Friday, January 17th. Revvity’s dividend payout ratio is currently 13.53%.

Insider Buying and Selling

In related news, insider Tajinder S. Vohra sold 2,153 shares of the business’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 value of $262,859.77. Following the completion of the transaction, the insider now directly owns 23,960 shares in the company, valued at approximately $2,925,276.40. The trade was a 8.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently commented on RVTY. Barclays decreased 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, November 25th. Wells Fargo & Company initiated coverage on Revvity in a report on Tuesday, August 27th. They issued an “equal weight” rating and a $130.00 price target for the company. Raymond James upped their price target on shares of Revvity from $144.00 to $146.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Sanford C. Bernstein lowered their price objective on shares of Revvity from $150.00 to $145.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Finally, TD Cowen upped their target price on shares of Revvity from $141.00 to $144.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Seven investment 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 data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.