PerkinElmer Inc. (PKI) Cut to Sell at Zacks Investment Research
PerkinElmer Inc. (NYSE:PKI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.
According to Zacks, “The major concerns for PerkinElmer are- a sluggish European macro-economic environment and restrained spending and challenges in Japan that are likely to hurt top-line growth in the near term. In fact, organic revenues in the Environmental Health business also witnessed a decline in the last reported quarter on a year-over-year basis. Additionally, an increasing exposure to the international markets enhances the risk of foreign exchange volatility impacting the company’s international sales. Meanwhile, estimates are stable the current year before the third quarter of fiscal 2016 earnings release. With an enhanced focus on product innovation and expansion into emerging markets like China, PerkinElmer has considerable potential upsides as well.”
PKI has been the topic of a number of other research reports. BTIG Research restated a “hold” rating on shares of PerkinElmer in a report on Friday, August 5th. Mizuho lowered PerkinElmer from a “buy” rating to a “neutral” rating and set a $56.00 price objective on the stock. in a report on Friday, August 5th. Morgan Stanley set a $61.00 price objective on PerkinElmer and gave the company a “buy” rating in a report on Friday, August 5th. Barclays PLC raised their price objective on PerkinElmer from $50.00 to $52.00 and gave the company an “underweight” rating in a report on Friday, August 5th. Finally, Jefferies Group raised their price objective on PerkinElmer from $52.00 to $55.00 and gave the company a “hold” rating in a report on Friday, August 5th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. PerkinElmer currently has a consensus rating of “Hold” and a consensus target price of $54.93.
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Shares of PerkinElmer (NYSE:PKI) traded down 0.42% during mid-day trading on Monday, hitting $51.89. 260,956 shares of the stock were exchanged. PerkinElmer has a 12 month low of $39.50 and a 12 month high of $57.28. The stock has a market cap of $5.68 billion, a price-to-earnings ratio of 24.79 and a beta of 0.85. The company has a 50-day moving average price of $54.26 and a 200-day moving average price of $53.56.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Friday, October 14th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.54%. The ex-dividend date is Wednesday, October 12th. PerkinElmer’s dividend payout ratio is currently 13.33%.
In other PerkinElmer news, insider Joel S. Goldberg sold 38,095 shares of PerkinElmer stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $55.00, for a total value of $2,095,225.00. Following the completion of the transaction, the insider now directly owns 96,299 shares of the company’s stock, valued at approximately $5,296,445. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Kenton J. Sicchitano sold 15,189 shares of PerkinElmer stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $54.87, for a total value of $833,420.43. Following the completion of the transaction, the director now directly owns 43,160 shares of the company’s stock, valued at $2,368,189.20. The disclosure for this sale can be found here. 2.30% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Fuller & Thaler Asset Management Inc. purchased a new position in PerkinElmer during the second quarter valued at $121,000. Citizens Financial Group Inc RI purchased a new position in PerkinElmer during the first quarter valued at $124,000. BNP Paribas Arbitrage SA increased its position in PerkinElmer by 49.1% in the third quarter. BNP Paribas Arbitrage SA now owns 2,570 shares of the company’s stock valued at $144,000 after buying an additional 846 shares in the last quarter. C M Bidwell & Associates Ltd. purchased a new position in PerkinElmer during the second quarter valued at $167,000. Finally, Advisor Group Inc. purchased a new position in PerkinElmer during the second quarter valued at $182,000. 90.32% of the stock is owned by institutional investors.
PerkinElmer, Inc is a provider of products, services and solutions to the diagnostics, research, environmental and laboratory markets. The Company’s operating segments include Human Health, Environmental Health and Corporate. The Human Health segment concentrates on developing diagnostics, tools and applications to help detect diseases earlier.
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