Revvity (NYSE:RVTY) Issues FY24 Earnings Guidance

Revvity (NYSE:RVTY) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $4.83-4.87 for the period, compared to the consensus estimate of $4.75. The company issued revenue guidance of $2.75-2.77 billion, compared to the consensus revenue estimate of $2.77 billion. Revvity also updated its FY 2024 guidance to 4.830-4.870 EPS.

Revvity Stock Performance

Shares of RVTY stock traded down $1.96 during trading on Tuesday, hitting $122.86. The company’s stock had a trading volume of 93,783 shares, compared to its average volume of 821,733. The business has a fifty day moving average of $121.46 and a 200-day moving average of $114.29. The company has a current ratio of 2.27, a quick ratio of 1.98 and a debt-to-equity ratio of 0.40. Revvity has a 52 week low of $82.17 and a 52 week high of $128.83. The company has a market cap of $15.15 billion, a PE ratio of 90.45, a P/E/G ratio of 3.34 and a beta of 1.05.

Revvity (NYSE:RVTY) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.13 by $0.15. Revvity had a net margin of 6.26% and a return on equity of 7.34%. The business had revenue of $684.10 million for the quarter, compared to analyst estimates of $679.66 million. During the same quarter in the previous year, the firm posted $1.18 earnings per share. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, research analysts anticipate that Revvity will post 4.75 earnings per share for the current year.

Revvity Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 17th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, January 17th. This represents a $0.28 dividend on an annualized basis and a yield of 0.23%. Revvity’s payout ratio is 20.29%.

Revvity declared that its Board of Directors 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 repurchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently commented on RVTY. Robert W. Baird increased their price target on shares of Revvity from $136.00 to $138.00 and gave the stock an “outperform” rating in a report on Tuesday. Leerink Partnrs raised Revvity to a “strong-buy” rating in a research note on Monday, July 8th. Jefferies Financial Group increased their price objective on Revvity from $115.00 to $125.00 and gave the company a “hold” rating in a research report on Monday, July 29th. TD Cowen boosted their price target on shares of Revvity from $130.00 to $141.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Finally, Leerink Partners lifted their price objective on Revvity from $130.00 to $135.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $129.57.

Insider Buying and Selling at Revvity

In other news, insider Joel S. Goldberg sold 3,500 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $117.86, for a total value of $412,510.00. Following the completion of the sale, the insider now directly owns 33,400 shares of the company’s stock, valued at $3,936,524. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Revvity news, insider Tajinder S. Vohra sold 2,154 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $121.73, for a total transaction of $262,206.42. Following the completion of the sale, the insider now directly owns 19,652 shares of the company’s stock, valued at $2,392,237.96. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Joel S. Goldberg sold 3,500 shares of Revvity stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $117.86, for a total transaction of $412,510.00. Following the sale, the insider now owns 33,400 shares in the company, valued at approximately $3,936,524. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,807 shares of company stock worth $937,576. Insiders own 0.60% of the company’s stock.

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.