Southpoint Capital Advisors LP Invests $25.55 Million in Revvity, Inc. (NYSE:RVTY)

Southpoint Capital Advisors LP bought a new position in shares of Revvity, Inc. (NYSE:RVTY) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 200,000 shares of the company’s stock, valued at approximately $25,550,000. Southpoint Capital Advisors LP owned 0.16% of Revvity as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. EdgePoint Investment Group Inc. acquired a new stake in Revvity during the 2nd quarter worth about $209,221,000. Assenagon Asset Management S.A. raised its holdings in shares of Revvity by 3,171.3% during the second quarter. Assenagon Asset Management S.A. now owns 87,180 shares of the company’s stock valued at $9,142,000 after acquiring an additional 84,515 shares during the period. RGM Capital LLC boosted its stake in Revvity by 6.7% in the 2nd quarter. RGM Capital LLC now owns 950,858 shares of the company’s stock worth $99,707,000 after purchasing an additional 59,994 shares during the period. Verition Fund Management LLC grew its position in Revvity by 1,002.3% during the 3rd quarter. Verition Fund Management LLC now owns 65,864 shares of the company’s stock worth $8,414,000 after purchasing an additional 59,889 shares in the last quarter. Finally, TD Asset Management Inc raised its stake in Revvity by 139.1% during the 2nd quarter. TD Asset Management Inc now owns 100,927 shares of the company’s stock valued at $10,583,000 after purchasing an additional 58,719 shares during the period. 86.65% of the stock is owned by hedge funds and other institutional investors.

Revvity Stock Performance

Shares of NYSE RVTY opened at $116.14 on Friday. The business’s 50-day simple moving average is $119.71 and its 200-day simple moving average is $115.97. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.97 and a current ratio of 3.56. Revvity, Inc. has a 52 week low of $87.58 and a 52 week high of $129.50. The firm has a market cap of $14.13 billion, a price-to-earnings ratio of 56.11, a P/E/G ratio of 3.57 and a beta of 1.05.

Revvity (NYSE:RVTY) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.13 by $0.15. The company had revenue of $684.10 million for the quarter, compared to the consensus estimate of $679.66 million. Revvity had a return on equity of 7.42% and a net margin of 9.34%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.18 earnings per share. As a group, equities research analysts expect that Revvity, Inc. will post 4.85 earnings per share for the current fiscal year.

Revvity Dividend Announcement

The firm also recently declared 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. This represents a $0.28 annualized dividend and a dividend yield of 0.24%. The ex-dividend date of this dividend is Friday, January 17th. Revvity’s dividend payout ratio is currently 13.53%.

Revvity announced that its Board of Directors has authorized a share repurchase plan on Monday, November 4th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

RVTY has been the subject of several recent analyst reports. Raymond James raised their target price on Revvity from $144.00 to $146.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Barclays decreased their price objective on Revvity from $140.00 to $135.00 and set an “overweight” rating for the company in a research report on Monday, November 25th. Leerink Partners increased their price target on shares of Revvity from $130.00 to $135.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Sanford C. Bernstein decreased their price target on shares of Revvity from $150.00 to $145.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Finally, TD Cowen upped their price objective on shares of Revvity from $141.00 to $144.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Seven research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Revvity presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.73.

Insider Transactions at Revvity

In other news, insider Tajinder S. Vohra sold 2,154 shares of the firm’s stock in a transaction 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 sale, the insider now 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.60% of the stock is currently owned by corporate insiders.

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.