Revvity, Inc. (NYSE:RVTY) Sees Large Increase in Short Interest

Revvity, Inc. (NYSE:RVTY) was the target of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 3,600,000 shares, a growth of 33.8% from the March 31st total of 2,690,000 shares. Based on an average trading volume of 888,500 shares, the days-to-cover ratio is presently 4.1 days. Currently, 2.9% of the company’s stock are sold short.

Revvity Price Performance

Revvity stock traded down $2.55 during mid-day trading on Tuesday, reaching $102.47. The company had a trading volume of 902,519 shares, compared to its average volume of 850,532. The stock’s 50-day simple moving average is $104.71 and its 200-day simple moving average is $101.34. The company has a market capitalization of $12.66 billion, a P/E ratio of 18.83, a P/E/G ratio of 2.64 and a beta of 1.09. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.07 and a quick ratio of 1.77. Revvity has a 1 year low of $79.50 and a 1 year high of $132.54.

Revvity (NYSE:RVTY) last announced its quarterly earnings results on Monday, April 29th. The company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.04. Revvity had a return on equity of 7.41% and a net margin of 25.20%. The business had revenue of $649.90 million during the quarter, compared to analyst estimates of $646.83 million. During the same period in the previous year, the company earned $1.01 EPS. The firm’s revenue was down 3.7% on a year-over-year basis. On average, equities analysts predict that Revvity will post 4.65 EPS for the current year.

Revvity Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, July 19th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date is Friday, July 19th. Revvity’s dividend payout ratio is currently 5.09%.

Insider Activity

In other Revvity news, insider Prahlad R. Singh sold 21,217 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $104.28, for a total transaction of $2,212,508.76. Following the completion of the sale, the insider now directly owns 92,801 shares in the company, valued at approximately $9,677,288.28. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Revvity

Several large investors have recently bought and sold shares of the business. Commonwealth Equity Services LLC raised its stake in Revvity by 1.4% in the first quarter. Commonwealth Equity Services LLC now owns 16,707 shares of the company’s stock valued at $1,754,000 after buying an additional 229 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Revvity by 1.5% in the first quarter. Principal Financial Group Inc. now owns 141,239 shares of the company’s stock valued at $14,830,000 after buying an additional 2,067 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in Revvity by 11.6% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 36,440 shares of the company’s stock worth $3,826,000 after buying an additional 3,800 shares during the period. Keene & Associates Inc. purchased a new stake in shares of Revvity during the first quarter worth approximately $407,000. Finally, V Square Quantitative Management LLC increased its holdings in shares of Revvity by 26.8% in the 1st quarter. V Square Quantitative Management LLC now owns 2,174 shares of the company’s stock valued at $228,000 after purchasing an additional 460 shares in the last quarter. 86.65% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on RVTY shares. Stifel Nicolaus lifted their target price on shares of Revvity from $95.00 to $110.00 and gave the stock a “hold” rating in a research note on Friday, February 2nd. UBS Group cut shares of Revvity from a “buy” rating to a “neutral” rating and raised their target price for the stock from $105.00 to $125.00 in a report on Tuesday, January 16th. Barclays lifted their target price on shares of Revvity from $92.00 to $105.00 and gave the stock an “equal weight” rating in a report on Thursday, January 25th. TD Cowen lifted their target price on shares of Revvity from $123.00 to $130.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Evercore ISI raised shares of Revvity from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $88.00 to $125.00 in a research note on Thursday, January 4th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.17.

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.