Zacks Investment Research upgraded shares of PerkinElmer, Inc. (NYSE:PKI) from a hold rating to a buy rating in a research note published on Wednesday, July 19th. The brokerage currently has $78.00 price target on the medical research company’s stock.
According to Zacks, “PerkinElmer holds ground on a strong global foothold, courtesy of its impending acquisition of Germany-based EUROIMMUN and takeover of India-based Tulip Diagnostics. The company continues to offer a global diagnostics portfolio focused on reproductive health, infectious disease screening and genomics offerings for oncology and other molecular tests. With an enhanced focus on product innovation and expansion into emerging markets, PerkinElmer has considerable potential upside. PerkinElmer delivered a solid first quarter, beating the Zacks Consensus Estimate on both the counts. The quarter witnessed solid organic revenue growth across all the business segments. Furthermore, a positive guidance instills our confidence on the stock. On the flipside, despite having a solid portfolio, unfavorable foreign exchange is a primary concern for PerkinElmer. Furthermore, PerkinElmer’s share price movement in the past one year has been unsatisfactory.”
Other research analysts also recently issued reports about the company. Citigroup Inc. boosted their price target on PerkinElmer from $57.00 to $67.00 and gave the company a buy rating in a report on Friday, April 7th. Janney Montgomery Scott raised PerkinElmer from a neutral rating to a buy rating in a research note on Monday, March 27th. BidaskClub cut PerkinElmer from a strong-buy rating to a buy rating in a research report on Wednesday, June 14th. Jefferies Group LLC reiterated a hold rating and set a $49.00 price target on shares of PerkinElmer in a research report on Monday, May 15th. Finally, Cantor Fitzgerald reiterated a hold rating and set a $65.00 price target on shares of PerkinElmer in a research report on Monday, May 15th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $67.00.
Shares of PerkinElmer (NYSE:PKI) traded up 1.56% during mid-day trading on Wednesday, reaching $63.93. 497,434 shares of the company traded hands. The stock has a market capitalization of $7.05 billion, a PE ratio of 19.28 and a beta of 0.75. PerkinElmer has a 52 week low of $45.35 and a 52 week high of $70.16. The firm has a 50 day moving average of $67.37 and a 200-day moving average of $60.75.
PerkinElmer (NYSE:PKI) last announced its quarterly earnings results on Thursday, August 3rd. The medical research company reported $0.67 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.67. PerkinElmer had a return on equity of 13.44% and a net margin of 16.80%. The company had revenue of $547 million during the quarter, compared to the consensus estimate of $554.14 million. During the same period in the previous year, the company posted $0.67 earnings per share. PerkinElmer’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, equities research analysts expect that PerkinElmer will post $2.89 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Stockholders 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 dividend yield of 0.44%. The ex-dividend date is Thursday, October 19th. PerkinElmer’s dividend payout ratio (DPR) is presently 8.46%.
In other news, Director Patrick J. Sullivan sold 6,628 shares of the company’s stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andrew Okun sold 4,358 shares of the stock in a transaction on Monday, June 19th. The stock was sold at an average price of $65.00, for a total transaction of $283,270.00. Following 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. Insiders have sold 20,986 shares of company stock valued at $1,330,317 over the last ninety days. Corporate insiders own 2.20% of the company’s stock.
Several large investors have recently modified their holdings of the stock. Ontario Teachers Pension Plan Board increased its stake in shares of 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. boosted its stake in PerkinElmer by 9.3% in the second quarter. Veritable L.P. now owns 14,017 shares of the medical research company’s stock valued at $955,000 after buying an additional 1,190 shares during the last quarter. Hancock Holding Co. bought a new stake in PerkinElmer during the second quarter valued at $906,000. Parametric Portfolio Associates LLC boosted its stake in PerkinElmer by 34.8% in the second quarter. Parametric Portfolio Associates LLC now owns 220,949 shares of the medical research company’s stock valued at $15,055,000 after buying an additional 57,039 shares during the last quarter. Finally, Cibc World Markets Corp boosted 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 in the last quarter. 92.77% of the stock is currently owned by institutional investors.
PerkinElmer Company Profile
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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