PerkinElmer (PKI) Stock Rating Lowered by Zacks Investment Research

PerkinElmer (NYSE:PKI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “PerkinElmer’s core Diagnostics unit has been putting up a strong performance on strength in reproductive health, applied genomics and immunodiagnostics business for a considerable period of time. Robust international growth is also encouraging. The recent Cisbio Bioassays buyout is an added positive. Continued expansion in both gross and operating margins buoy optimism. Solid show by Tulip and EUROIMMUN also paints a bright picture. PerkinElmer has outperformed the industry in a year’s time. PerkinElmer exited the first quarter on solid note, with both earnings and revenues beating the consensus mark. Strength in reproductive health, applied genomics and immunodiagnostics business lines led to the impressive performance. Meanwhile, negative currency movement impacted the company’s top line in recent times. Furthermore, PerkinElmer continues to acquire companies, which increases integration risks.”

Several other research firms also recently issued reports on PKI. Desjardins reiterated an “average” rating and set a $45.00 price target on shares of PerkinElmer in a research note on Wednesday, January 16th. Royal Bank of Canada reiterated a “hold” rating and set a $41.00 price target on shares of PerkinElmer in a research note on Friday, May 3rd. Piper Jaffray Companies upped their price target on PerkinElmer to $104.00 and gave the stock an “overweight” rating in a research note on Friday, February 1st. UBS Group set a $92.00 price target on PerkinElmer and gave the stock a “hold” rating in a research note on Saturday, February 2nd. Finally, Goldman Sachs Group upgraded PerkinElmer from a “neutral” rating to a “buy” rating and set a $115.00 price target for the company in a research note on Tuesday, April 9th. Eleven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $82.32.



Shares of PKI traded up $1.71 during trading hours on Tuesday, hitting $89.82. 18,028 shares of the company were exchanged, compared to its average volume of 644,952. The company has a market cap of $10.25 billion, a PE ratio of 24.86, a price-to-earnings-growth ratio of 1.64 and a beta of 1.22. PerkinElmer has a 52 week low of $71.31 and a 52 week high of $103.00. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.17 and a current ratio of 1.68.

PerkinElmer (NYSE:PKI) last released its quarterly earnings results on Thursday, April 25th. The medical research company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.03. The company had revenue of $648.70 million during the quarter, compared to the consensus estimate of $645.38 million. PerkinElmer had a return on equity of 15.98% and a net margin of 8.89%. The firm’s revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.63 EPS. On average, research analysts predict that PerkinElmer will post 4.05 earnings per share for the current year.

In related news, Director Alexis P. Michas sold 2,118 shares of the stock in a transaction that occurred on Thursday, February 21st. The stock was sold at an average price of $92.96, for a total transaction of $196,889.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter Barrett sold 5,601 shares of the stock in a transaction that occurred on Wednesday, February 13th. The shares were sold at an average price of $93.62, for a total value of $524,365.62. Following the sale, the director now owns 27,630 shares of the company’s stock, valued at approximately $2,586,720.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,875 shares of company stock valued at $5,762,472. 1.80% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in PKI. Fort L.P. lifted its position in shares of PerkinElmer by 15.1% in the 1st quarter. Fort L.P. now owns 9,903 shares of the medical research company’s stock worth $954,000 after acquiring an additional 1,301 shares during the period. Hilton Capital Management LLC bought a new stake in shares of PerkinElmer in the 1st quarter worth approximately $82,000. Mitsubishi UFJ Securities Holdings Co. Ltd. bought a new stake in shares of PerkinElmer in the 1st quarter worth approximately $91,000. Williams Jones & Associates LLC bought a new stake in shares of PerkinElmer in the 1st quarter worth approximately $3,319,000. Finally, Neuburgh Advisers LLC lifted its position in shares of PerkinElmer by 7.9% in the 1st quarter. Neuburgh Advisers LLC now owns 7,854 shares of the medical research company’s stock worth $757,000 after acquiring an additional 578 shares during the period. Hedge funds and other institutional investors own 96.21% of the company’s stock.

PerkinElmer Company Profile

PerkinElmer, Inc provides products, services, and solutions to the diagnostics, life sciences, and applied services markets worldwide. The company operates in two segments, Discovery & Analytical Solutions and Diagnostics. The Discovery & Analytical Solutions segment offers a suite of solutions, including reagents, informatics, and detection and imaging technologies that enable scientists to enhance research breakthroughs in the life sciences research market, as well as laboratory services.

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