Truist Financial Corp Cuts Stock Holdings in Revvity, Inc. (NYSE:RVTY)

Truist Financial Corp trimmed its holdings in shares of Revvity, Inc. (NYSE:RVTY) by 0.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 57,389 shares of the company’s stock after selling 114 shares during the period. Truist Financial Corp’s holdings in Revvity were worth $6,405,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its stake in shares of Revvity by 13.7% during the third quarter. JPMorgan Chase & Co. now owns 344,115 shares of the company’s stock valued at $43,961,000 after acquiring an additional 41,497 shares during the last quarter. Contravisory Investment Management Inc. raised its stake in shares of Revvity by 1,715.9% during the fourth quarter. Contravisory Investment Management Inc. now owns 69,186 shares of the company’s stock valued at $7,722,000 after acquiring an additional 65,376 shares during the last quarter. Bretton Capital Management LLC bought a new position in shares of Revvity during the third quarter valued at about $1,405,000. FMR LLC raised its stake in shares of Revvity by 40.8% during the third quarter. FMR LLC now owns 155,556 shares of the company’s stock valued at $19,872,000 after acquiring an additional 45,040 shares during the last quarter. Finally, International Assets Investment Management LLC raised its stake in shares of Revvity by 12,674.8% during the third quarter. International Assets Investment Management LLC now owns 13,669 shares of the company’s stock valued at $1,746,000 after acquiring an additional 13,562 shares during the last quarter. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Joel S. Goldberg sold 15,170 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $126.73, for a total value of $1,922,494.10. Following the sale, the insider now owns 33,400 shares in the company, valued at approximately $4,232,782. This trade represents a 31.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Tajinder S. Vohra sold 5,492 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $116.81, for a total transaction of $641,520.52. Following the completion of the sale, the insider now owns 19,652 shares in the company, valued at $2,295,550.12. This represents a 21.84 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.

Revvity Price Performance

Shares of NYSE RVTY opened at $113.72 on Friday. Revvity, Inc. has a fifty-two week low of $97.32 and a fifty-two week high of $129.50. The company has a 50 day simple moving average of $116.76 and a two-hundred day simple moving average of $118.63. The company has a market capitalization of $13.84 billion, a price-to-earnings ratio of 51.46, a P/E/G ratio of 3.82 and a beta of 1.03. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.03 and a current ratio of 3.60.

Revvity (NYSE:RVTY) last announced its earnings results on Friday, January 31st. The company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.05. Revvity had a net margin of 9.81% and a return on equity of 7.68%. During the same quarter in the prior year, the business earned $1.25 earnings per share. Analysts expect that Revvity, Inc. will post 4.94 EPS for the current fiscal year.

Revvity announced that its Board of Directors has initiated a stock buyback program on Monday, November 4th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Revvity Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 18th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.25%. The ex-dividend date of this dividend is Thursday, April 17th. Revvity’s payout ratio is 12.67%.

Wall Street Analyst Weigh In

RVTY has been the subject of several recent analyst reports. Bank of America raised shares of Revvity from a “neutral” rating to a “buy” rating and set a $138.00 price objective for the company in a research note on Friday, December 13th. KeyCorp upped their price objective on shares of Revvity from $132.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. TD Cowen increased their price target on shares of Revvity from $141.00 to $144.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Raymond James reissued an “outperform” rating and issued a $145.00 price target (up from $140.00) on shares of Revvity in a research note on Monday, February 3rd. Finally, 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 research note on Tuesday, November 5th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Revvity presently has an average rating of “Moderate Buy” and an average target price of $136.25.

Revvity 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.