Simplify Asset Management Inc. Sells 1,469 Shares of Revvity, Inc. (NYSE:RVTY)

Simplify Asset Management Inc. cut its stake in shares of Revvity, Inc. (NYSE:RVTY) by 5.7% during the 3rd quarter, Holdings Channel reports. The fund owned 24,303 shares of the company’s stock after selling 1,469 shares during the period. Simplify Asset Management Inc.’s holdings in Revvity were worth $3,105,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of RVTY. Janney Montgomery Scott LLC lifted its stake in shares of Revvity by 104.7% in the first quarter. Janney Montgomery Scott LLC now owns 9,353 shares of the company’s stock valued at $982,000 after buying an additional 4,783 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Revvity by 8.0% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 3,258 shares of the company’s stock valued at $342,000 after buying an additional 240 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Revvity in the first quarter valued at $214,000. Sei Investments Co. lifted its stake in shares of Revvity by 12.5% in the first quarter. Sei Investments Co. now owns 22,585 shares of the company’s stock valued at $2,372,000 after buying an additional 2,506 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Revvity in the first quarter valued at $56,000. 86.65% of the stock is owned by institutional investors.

Revvity Stock Performance

Shares of RVTY traded down $3.16 during trading hours on Friday, hitting $112.89. The company’s stock had a trading volume of 199,301 shares, compared to its average volume of 827,375. The company has a market cap of $13.74 billion, a price-to-earnings ratio of 56.06, a PEG ratio of 2.99 and a beta of 1.05. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.56 and a quick ratio of 2.97. The business has a 50 day simple moving average of $121.65 and a two-hundred day simple moving average of $115.22. Revvity, Inc. has a 52-week low of $86.30 and a 52-week high of $129.50.

Revvity (NYSE:RVTY) last posted its 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 firm had revenue of $684.10 million during 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%. The company’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the company earned $1.18 earnings per share. On average, equities analysts expect that Revvity, Inc. will post 4.85 earnings per share for the current fiscal year.

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

Revvity Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, January 17th will be given a $0.07 dividend. The ex-dividend date is Friday, January 17th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.25%. Revvity’s dividend payout ratio (DPR) is currently 13.53%.

Insider Activity

In other news, insider Tajinder S. Vohra sold 2,154 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $121.73, for a total value of $262,206.42. Following the completion of the transaction, the insider now directly owns 19,652 shares in the company, valued at approximately $2,392,237.96. This trade represents a 9.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RVTY. Raymond James raised their price objective on shares of Revvity from $144.00 to $146.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Sanford C. Bernstein dropped their price target on shares of Revvity from $150.00 to $145.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. Wells Fargo & Company started coverage on shares of Revvity in a research report on Tuesday, August 27th. They set an “equal weight” rating and a $130.00 price target on the stock. Citigroup raised their price target on shares of Revvity from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. raised their price target on shares of Revvity from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Seven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Revvity currently has an average rating of “Moderate Buy” and a consensus price target of $132.07.

Revvity Company 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.