PNC Financial Services Group Inc. Makes New Investment in Revvity, Inc. (NYSE:RVTY)

PNC Financial Services Group Inc. purchased a new position in shares of Revvity, Inc. (NYSE:RVTY) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 32,369 shares of the company’s stock, valued at approximately $3,538,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S bought a new position in Revvity during the 4th quarter worth approximately $120,000. Norges Bank bought a new stake in shares of Revvity in the 4th quarter valued at $129,483,000. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Revvity in the 4th quarter valued at $481,000. Kentucky Retirement Systems bought a new stake in shares of Revvity in the 4th quarter valued at $1,079,000. Finally, Robeco Institutional Asset Management B.V. bought a new stake in shares of Revvity in the 4th quarter valued at $334,000. Institutional investors own 86.65% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. TD Cowen lifted their price objective on shares of Revvity from $123.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. Raymond James lifted their price target on shares of Revvity from $106.00 to $127.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. KeyCorp lifted their price target on shares of Revvity from $110.00 to $126.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. Robert W. Baird lifted their price target on shares of Revvity from $126.00 to $127.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. Finally, Stifel Nicolaus lifted their price target on shares of Revvity from $95.00 to $110.00 and gave the company a “hold” rating in a research report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $118.17.

Revvity Price Performance

RVTY opened at $113.27 on Friday. The firm’s fifty day moving average price is $104.74 and its two-hundred day moving average price is $102.81. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.23 and a quick ratio of 1.92. The company has a market capitalization of $13.98 billion, a price-to-earnings ratio of 93.61, a P/E/G ratio of 2.91 and a beta of 1.09. Revvity, Inc. has a 1 year low of $79.50 and a 1 year high of $131.96.

Revvity (NYSE:RVTY) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.04. The company had revenue of $649.90 million for the quarter, compared to the consensus estimate of $646.83 million. Revvity had a net margin of 5.49% and a return on equity of 7.37%. The firm’s quarterly revenue was down 3.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.01 EPS. As a group, analysts anticipate that Revvity, Inc. will post 4.66 earnings per share for the current fiscal year.

Revvity Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, July 19th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 0.25%. The ex-dividend date is Friday, July 19th. Revvity’s dividend payout ratio is currently 23.14%.

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.