PerkinElmer’s Neutral Rating Reaffirmed at Zacks (PKI)
PerkinElmer (NYSE:PKI)‘s stock had its “neutral” rating restated by Zacks in a research report issued on Monday. They currently have a $47.00 price target on the stock. Zacks‘s price target suggests a potential upside of 5.52% from the company’s current price.
Zacks’ analyst wrote, “PerkinElmer’s second-quarter earnings per share of $0.59 exceeded the year-ago level by 15.7% and were in line with the Zacks Consensus Estimate. Revenues went up 2.9% but fell short of the mark. Revenues improved on the back of sales mix, synergies from productivity initiatives implemented in the previous year and restructuring activities. Though the company reaffirmed its adjusted earnings per share guidance for 2014, we remain cautious regarding the lowered reported earnings guidance for the year. Also, the company continues to face flat growth in Europe. We maintain our Neutral recommendation on PerkinElmer and set a target price of $47.00.”
A number of other firms have also recently commented on PKI. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of PerkinElmer in a research note on Friday. They now have a $51.00 price target on the stock, up previously from $50.00. Separately, analysts at Wedbush cut their price target on shares of PerkinElmer from $52.00 to $51.00 in a research note on Friday. Finally, analysts at Leerink Swann raised their price target on shares of PerkinElmer from $50.00 to $51.00 in a research note on Friday. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $48.07.
Shares of PerkinElmer (NYSE:PKI) traded down 0.04% on Monday, hitting $44.52. The stock had a trading volume of 331,609 shares. PerkinElmer has a 52 week low of $35.71 and a 52 week high of $48.26. The stock’s 50-day moving average is $46.87 and its 200-day moving average is $44.95. The company has a market cap of $5.074 billion and a price-to-earnings ratio of 26.45.
PerkinElmer (NYSE:PKI) last announced its earnings results on Thursday, August 7th. The company reported $0.59 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.59. The company had revenue of $556.20 million for the quarter, compared to the consensus estimate of $572.26 million. During the same quarter last year, the company posted $0.51 earnings per share. PerkinElmer’s revenue was up 2.9% compared to the same quarter last year. On average, analysts predict that PerkinElmer will post $2.46 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, November 7th. Stockholders of record on Friday, October 17th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date of this dividend is Wednesday, October 15th.
PerkinElmer, Inc is a provider of products, services and solutions to the diagnostics, research, environmental, industrial and laboratory services markets.
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