PerkinElmer, Inc. (PKI) Price Target Raised to $80.00

PerkinElmer, Inc. (NYSE:PKI) had its target price hoisted by Piper Jaffray Companies to $80.00 in a research report report published on Tuesday, July 25th, The Fly reports. Piper Jaffray Companies currently has an overweight rating on the medical research company’s stock.

Other equities research analysts have also recently issued research reports about the stock. Jefferies Group LLC reaffirmed a hold rating and issued a $69.00 price target (up previously from $58.00) on shares of PerkinElmer in a research report on Tuesday, June 20th. Cantor Fitzgerald reissued a hold rating and set a $65.00 target price on shares of PerkinElmer in a research report on Monday, May 15th. Barclays PLC set a $55.00 target price on shares of PerkinElmer and gave the company a sell rating in a research report on Saturday, May 6th. Citigroup Inc. increased their target price on shares of PerkinElmer from $57.00 to $67.00 and gave the company a buy rating in a research report on Friday, April 7th. Finally, BidaskClub cut shares of PerkinElmer from a strong-buy rating to a buy rating in a research report on Wednesday, June 14th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. PerkinElmer has an average rating of Hold and a consensus price target of $67.00.

PerkinElmer (NYSE:PKI) traded up 1.56% during trading on Tuesday, hitting $63.93. 497,434 shares of the stock traded hands. The firm has a 50-day moving average price of $67.37 and a 200 day moving average price of $60.75. The firm has a market cap of $7.05 billion, a PE ratio of 19.28 and a beta of 0.75. PerkinElmer has a 12 month low of $45.35 and a 12 month high of $70.16.

PerkinElmer (NYSE:PKI) last announced its quarterly earnings results on Thursday, August 3rd. The medical research company reported $0.67 earnings per share for the quarter, hitting the 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 during the quarter, compared to analysts’ expectations of $554.14 million. During the same quarter in the prior year, the company earned $0.67 EPS. The company’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 fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 10th. Shareholders of record on Friday, October 20th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend is Thursday, October 19th. PerkinElmer’s payout ratio is 8.46%.

In other news, Director Patrick J. Sullivan sold 6,628 shares of the firm’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $62.59, for a total value of $414,846.52. Following the transaction, the director now directly owns 42,951 shares of the company’s stock, valued at $2,688,303.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Andrew Okun sold 4,358 shares of the firm’s stock in a transaction dated Monday, June 19th. The stock was sold at an average price of $65.00, for a total transaction of $283,270.00. Following the completion of the transaction, the insider now directly owns 16,799 shares in the company, valued at $1,091,935. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,986 shares of company stock worth $1,330,317. Insiders own 2.20% of the company’s stock.

Several institutional investors have recently bought and sold shares of PKI. Ontario Teachers Pension Plan Board increased its position in PerkinElmer by 36.3% in the second quarter. Ontario Teachers Pension Plan Board now owns 95,415 shares of the medical research company’s stock valued at $6,502,000 after buying an additional 25,404 shares in the last quarter. Veritable L.P. increased its position in shares of PerkinElmer by 9.3% in the second quarter. Veritable L.P. now owns 14,017 shares of the medical research company’s stock worth $955,000 after buying an additional 1,190 shares during the period. Hancock Holding Co. purchased a new position in shares of PerkinElmer during the second quarter worth approximately $906,000. Parametric Portfolio Associates LLC increased its position in shares of PerkinElmer by 34.8% in the second quarter. Parametric Portfolio Associates LLC now owns 220,949 shares of the medical research company’s stock worth $15,055,000 after buying an additional 57,039 shares during the period. Finally, Cibc World Markets Corp increased its position in shares of PerkinElmer by 35.5% in the second quarter. Cibc World Markets Corp now owns 15,549 shares of the medical research company’s stock worth $1,060,000 after buying an additional 4,075 shares during the period. 92.77% of the stock is currently owned by hedge funds and other institutional investors.

About PerkinElmer

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.

The Fly

Analyst Recommendations for PerkinElmer (NYSE:PKI)

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