Analysts at Wells Fargo & Company began coverage on shares of PerkinElmer, Inc. (NYSE:PKI) in a research note issued to investors on Thursday, July 13th, Marketbeat Ratings reports. The firm set a “market perform” rating and a $72.00 price target on the medical research company’s stock. Wells Fargo & Company’s target price would suggest a potential upside of 12.62% from the stock’s current price.
A number of other brokerages have also issued reports on PKI. Evercore ISI restated an “in-line” rating and set a $68.00 target price (up previously from $62.50) on shares of PerkinElmer in a research report on Thursday, June 22nd. Barclays PLC set a $55.00 price target on shares of PerkinElmer and gave the stock a “sell” rating in a report on Saturday, May 6th. Cantor Fitzgerald reaffirmed a “hold” rating and set a $65.00 price target on shares of PerkinElmer in a report on Friday, May 5th. Jefferies Group LLC reaffirmed a “hold” rating and set a $49.00 price target on shares of PerkinElmer in a report on Friday, May 5th. Finally, Janney Montgomery Scott raised shares of PerkinElmer from a “neutral” rating to a “buy” rating in a report on Monday, March 27th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. PerkinElmer has an average rating of “Hold” and a consensus price target of $67.00.
PerkinElmer (PKI) traded up 1.56% during midday trading on Thursday, hitting $63.93. 497,434 shares of the company traded hands. The stock’s 50-day moving average price is $67.48 and its 200 day moving average price is $60.66. PerkinElmer has a 12-month low of $45.35 and a 12-month high of $70.16. The company has a market capitalization of $7.05 billion, a price-to-earnings ratio of 19.28 and a beta of 0.75.
PerkinElmer (NYSE:PKI) last announced its earnings results on Thursday, August 3rd. The medical research company reported $0.67 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.67. PerkinElmer had a net margin of 16.80% and a return on equity of 13.44%. The firm had revenue of $547 million for the quarter, compared to analyst estimates of $554.14 million. During the same quarter in the prior year, the business posted $0.67 EPS. The business’s revenue was up 2.0% compared to the same quarter last year. On average, equities analysts forecast that PerkinElmer will post $2.89 EPS for the current year.
In related news, Director Peter Barrett sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $63.22, for a total value of $632,200.00. Following the completion of the transaction, the director now owns 29,200 shares of the company’s stock, valued at approximately $1,846,024. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Patrick J. Sullivan sold 6,628 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $62.59, for a total transaction of $414,846.52. Following the completion of the transaction, the director now owns 42,951 shares of the company’s stock, valued at $2,688,303.09. The disclosure for this sale can be found here. In the last three months, insiders sold 20,986 shares of company stock valued at $1,330,317. 2.20% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. acquired a new position in shares of PerkinElmer during the fourth quarter valued at about $988,000. Dimensional Fund Advisors LP boosted its position in shares of PerkinElmer by 8.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 772,837 shares of the medical research company’s stock valued at $40,304,000 after buying an additional 59,736 shares during the period. Federated Investors Inc. PA boosted its position in shares of PerkinElmer by 158.4% in the fourth quarter. Federated Investors Inc. PA now owns 2,997 shares of the medical research company’s stock valued at $156,000 after buying an additional 1,837 shares during the period. Norges Bank acquired a new position in shares of PerkinElmer during the fourth quarter valued at about $46,002,000. Finally, Kentucky Retirement Systems acquired a new position in shares of PerkinElmer during the fourth quarter valued at about $415,000. Hedge funds and other institutional investors own 92.77% of the company’s stock.
PerkinElmer, Inc is a provider of products, services and solutions to the diagnostics, research, environmental, industrial and laboratory services markets. The Company operates through two segments: Discovery & Analytical Solutions and Diagnostics. The Discovery & Analytical Solutions segment serves the environmental, food, industrial, life sciences research and laboratory services markets.
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