Insider Selling: PerkinElmer, Inc. (PKI) Director Sells 6,628 Shares of Stock
PerkinElmer, Inc. (NYSE:PKI) Director Patrick J. Sullivan sold 6,628 shares of the business’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 completion of 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 Securities & Exchange Commission, which is available at the SEC website.
PerkinElmer, Inc. (NYSE:PKI) traded down 0.35% during mid-day trading on Tuesday, reaching $62.54. The company’s stock had a trading volume of 706,948 shares. The firm has a 50 day moving average price of $59.06 and a 200 day moving average price of $54.67. The company has a market cap of $6.89 billion, a price-to-earnings ratio of 30.49 and a beta of 0.80. PerkinElmer, Inc. has a 52-week low of $45.35 and a 52-week high of $62.92.
PerkinElmer (NYSE:PKI) last posted its quarterly earnings results on Thursday, May 4th. The medical research company reported $0.55 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.01. PerkinElmer had a net margin of 10.52% and a return on equity of 14.26%. The firm had revenue of $514.12 million for the quarter, compared to analysts’ expectations of $506.81 million. During the same quarter in the prior year, the company posted $0.50 earnings per share. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. Equities research analysts anticipate that PerkinElmer, Inc. will post $2.86 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 10th. Stockholders of record on Friday, July 21st will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date of this dividend is Wednesday, July 19th. PerkinElmer’s payout ratio is 13.15%.
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Large investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. boosted its stake in PerkinElmer by 28.1% in the first quarter. Envestnet Asset Management Inc. now owns 1,979 shares of the medical research company’s stock worth $115,000 after buying an additional 434 shares during the last quarter. Twin Tree Management LP purchased a new stake in PerkinElmer during the first quarter worth approximately $122,000. Acrospire Investment Management LLC boosted its stake in PerkinElmer by 37.5% in the third quarter. Acrospire Investment Management LLC now owns 2,200 shares of the medical research company’s stock worth $123,000 after buying an additional 600 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in PerkinElmer during the first quarter worth approximately $152,000. Finally, Federated Investors Inc. PA boosted its stake in PerkinElmer by 158.4% in the fourth quarter. Federated Investors Inc. PA now owns 2,997 shares of the medical research company’s stock worth $156,000 after buying an additional 1,837 shares during the last quarter. Hedge funds and other institutional investors own 89.82% of the company’s stock.
PKI has been the topic of a number of research reports. Bank of America Corp lowered PerkinElmer from a “neutral” rating to an “underperform” rating and set a $48.00 price target on the stock. in a report on Friday, February 3rd. BTIG Research restated a “hold” rating on shares of PerkinElmer in a report on Sunday, February 5th. Janney Montgomery Scott upgraded PerkinElmer from a “neutral” rating to a “buy” rating in a report on Monday, March 27th. Cantor Fitzgerald lowered PerkinElmer from an “overweight” rating to a “neutral” rating and set a $60.00 price target on the stock. in a report on Wednesday, April 19th. Finally, Deutsche Bank AG restated a “hold” rating and issued a $55.00 price target on shares of PerkinElmer in a report on Wednesday, January 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $57.30.
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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