PerkinElmer (NYSE:PKI) had its price target hoisted by Morgan Stanley from $95.00 to $100.00 in a research note issued to investors on Wednesday. The brokerage currently has an overweight rating on the medical research company’s stock.
PKI has been the topic of several other reports. Cleveland Research raised PerkinElmer from a neutral rating to a buy rating in a report on Thursday, August 30th. Bank of America increased their target price on PerkinElmer from $83.00 to $86.00 and gave the stock a neutral rating in a report on Thursday, August 2nd. Cowen reissued a hold rating and set a $85.00 target price on shares of PerkinElmer in a report on Thursday, August 2nd. ValuEngine raised PerkinElmer from a hold rating to a buy rating in a report on Thursday, July 26th. Finally, Robert W. Baird reissued a buy rating and set a $89.00 target price on shares of PerkinElmer in a report on Thursday, August 2nd. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $86.21.
Shares of PKI traded down $0.70 during trading hours on Wednesday, hitting $85.45. 31,647 shares of the company were exchanged, compared to its average volume of 627,885. The firm has a market cap of $10.77 billion, a P/E ratio of 29.66, a price-to-earnings-growth ratio of 2.15 and a beta of 1.00. PerkinElmer has a fifty-two week low of $69.21 and a fifty-two week high of $98.33. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.17 and a current ratio of 1.69.
PerkinElmer (NYSE:PKI) last released its earnings results on Wednesday, August 1st. The medical research company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.05. The company had revenue of $703.55 million for the quarter, compared to analyst estimates of $694.70 million. PerkinElmer had a return on equity of 14.25% and a net margin of 5.51%. PerkinElmer’s quarterly revenue was up 28.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.67 EPS. On average, research analysts predict that PerkinElmer will post 3.65 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Friday, October 19th will be given a dividend of $0.07 per share. The ex-dividend date is Thursday, October 18th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.33%. PerkinElmer’s dividend payout ratio (DPR) is 9.66%.
In other news, CEO Robert F. Friel sold 2,709 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $80.00, for a total transaction of $216,720.00. Following the completion of the transaction, the chief executive officer now directly owns 575,366 shares in the company, valued at $46,029,280. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Patrick J. Sullivan sold 12,672 shares of the firm’s stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $86.20, for a total value of $1,092,326.40. The disclosure for this sale can be found here. Insiders have sold 70,443 shares of company stock valued at $6,145,255 over the last 90 days. 2.10% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Select Equity Group L.P. boosted its position in shares of PerkinElmer by 12.2% during the first quarter. Select Equity Group L.P. now owns 8,048,037 shares of the medical research company’s stock valued at $609,397,000 after buying an additional 876,923 shares during the last quarter. Allianz Asset Management GmbH boosted its position in shares of PerkinElmer by 59.3% during the first quarter. Allianz Asset Management GmbH now owns 405,729 shares of the medical research company’s stock valued at $30,722,000 after buying an additional 151,013 shares during the last quarter. Bank of America Corp DE boosted its position in shares of PerkinElmer by 30.1% during the second quarter. Bank of America Corp DE now owns 424,925 shares of the medical research company’s stock valued at $31,117,000 after buying an additional 98,416 shares during the last quarter. Partner Fund Management L.P. boosted its position in shares of PerkinElmer by 7.4% during the second quarter. Partner Fund Management L.P. now owns 1,161,817 shares of the medical research company’s stock valued at $85,080,000 after buying an additional 80,310 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of PerkinElmer by 2.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,268,621 shares of the medical research company’s stock valued at $239,362,000 after buying an additional 77,337 shares during the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.
PerkinElmer, Inc provides products, services, and solutions to the diagnostics, research, environmental, industrial, food, and laboratory services markets worldwide. The company operates in two segments, Discovery & Analytical Solutions and Diagnostics. The Discovery & Analytical Solutions segment offers analytical technologies, solutions, and services for the environmental market that enable its customers to understand the characterization and health of various aspects, including air, water, and soil.
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