Revvity (NYSE:RVTY) Releases FY 2024 Earnings Guidance

Revvity (NYSE:RVTY) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 4.830-4.870 for the period, compared to the consensus earnings per share estimate of 4.750. The company issued revenue guidance of $2.8 billion-$2.8 billion, compared to the consensus revenue estimate of $2.8 billion. Revvity also updated its FY24 guidance to $4.83-4.87 EPS.

Revvity Price Performance

Shares of Revvity stock opened at $124.86 on Thursday. The company’s fifty day simple moving average is $121.60 and its two-hundred day simple moving average is $114.54. Revvity has a 12-month low of $82.17 and a 12-month high of $129.50. The firm has a market cap of $15.40 billion, a PE ratio of 60.32, a price-to-earnings-growth ratio of 3.44 and a beta of 1.05. The company has a quick ratio of 1.98, a current ratio of 3.56 and a debt-to-equity ratio of 0.40.

Revvity (NYSE:RVTY) last released its earnings results on Monday, November 4th. The company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.15. The firm had revenue of $684.10 million for the quarter, compared to analysts’ expectations of $679.66 million. Revvity had a return on equity of 7.42% and a net margin of 9.34%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.18 earnings per share. As a group, equities analysts expect that Revvity will post 4.75 EPS for the current year.

Revvity Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, January 17th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date is Friday, January 17th. Revvity’s payout ratio is 13.53%.

Revvity announced that its Board of Directors has initiated a share buyback program on Monday, November 4th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to repurchase up to 6.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

RVTY has been the topic of a number of research reports. Robert W. Baird raised their target price on shares of Revvity from $136.00 to $138.00 and gave the company an “outperform” rating in a research report on Tuesday. Barclays upgraded Revvity from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $125.00 to $140.00 in a report on Tuesday, October 15th. Citigroup increased 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. Bank of America increased their target price on shares of Revvity from $118.00 to $127.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Finally, Jefferies Financial Group lifted their price target on shares of Revvity from $115.00 to $125.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Seven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Revvity currently has an average rating of “Moderate Buy” and an average target price of $132.07.

Insider Transactions at Revvity

In related news, insider Tajinder S. Vohra sold 2,154 shares of the business’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $121.73, for a total transaction of $262,206.42. Following the transaction, the insider now directly owns 19,652 shares in the company, valued at approximately $2,392,237.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Revvity news, insider Tajinder S. Vohra sold 2,154 shares of the business’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $121.73, for a total transaction of $262,206.42. Following the transaction, the insider now owns 19,652 shares of the company’s stock, valued at approximately $2,392,237.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Tajinder S. Vohra sold 2,153 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $122.09, for a total value of $262,859.77. Following the completion of the sale, the insider now owns 23,960 shares of the company’s stock, valued at approximately $2,925,276.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.