PerkinElmer, Inc. (NYSE:PKI) Rating Increased to Buy at Zacks Investment Research
PerkinElmer, Inc. (NYSE:PKI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage currently has a $78.00 price target on the medical research company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.38% from the company’s current price.
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.”
Several other equities research analysts have also issued reports on the stock. Cantor Fitzgerald reissued a “hold” rating on shares of PerkinElmer in a research report on Sunday. Wells Fargo & Company assumed coverage on shares of PerkinElmer in a research report on Thursday, July 13th. They issued a “market perform” rating and a $72.00 price objective for the company. Morgan Stanley reissued an “overweight” rating and issued a $79.00 price objective (up previously from $73.00) on shares of PerkinElmer in a research report on Monday, July 10th. Evercore ISI reissued an “in-line” rating and issued a $68.00 price objective (up previously from $62.50) on shares of PerkinElmer in a research report on Thursday, June 22nd. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $69.00 price objective (up previously from $58.00) on shares of PerkinElmer in a research report on Tuesday, June 20th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company. PerkinElmer has an average rating of “Hold” and an average price target of $64.14.
PerkinElmer (NYSE PKI) traded up 0.30% during mid-day trading on Wednesday, reaching $69.55. 146,142 shares of the company traded hands. PerkinElmer has a 52-week low of $45.35 and a 52-week high of $70.16. The stock has a market capitalization of $7.65 billion, a PE ratio of 33.91 and a beta of 0.76. The stock has a 50-day moving average of $66.64 and a 200 day moving average of $59.19.
PerkinElmer (NYSE:PKI) last posted its quarterly earnings results on Thursday, May 4th. The medical research company reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.01. The company had revenue of $514.12 million for the quarter, compared to the consensus estimate of $506.81 million. PerkinElmer had a net margin of 10.24% and a return on equity of 13.97%. PerkinElmer’s revenue was up 3.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.50 earnings per share. Equities research analysts expect that PerkinElmer will post $2.86 earnings per share for the current year.
In other news, Director Patrick J. Sullivan sold 6,628 shares of the firm’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 transaction, the director now directly owns 42,951 shares in the company, valued at approximately $2,688,303.09. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter Barrett sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $63.22, for a total transaction of $632,200.00. Following the completion of the transaction, the director now owns 29,200 shares in the company, valued at $1,846,024. The disclosure for this sale can be found here. Over the last three months, insiders have sold 170,923 shares of company stock valued at $10,340,269. 2.20% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Levin Capital Strategies L.P. increased its position in PerkinElmer by 61.9% in the first quarter. Levin Capital Strategies L.P. now owns 980,463 shares of the medical research company’s stock worth $56,926,000 after buying an additional 374,761 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its position in PerkinElmer by 3.0% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 94,643 shares of the medical research company’s stock worth $5,495,000 after buying an additional 2,759 shares during the last quarter. Dimensional Fund Advisors LP increased its position in PerkinElmer by 8.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 772,837 shares of the medical research company’s stock worth $40,304,000 after buying an additional 59,736 shares during the last quarter. Swiss National Bank increased its position in PerkinElmer by 0.8% in the first quarter. Swiss National Bank now owns 181,200 shares of the medical research company’s stock worth $10,520,000 after buying an additional 1,400 shares during the last quarter. Finally, Boston Private Wealth LLC increased its position in PerkinElmer by 10.0% in the first quarter. Boston Private Wealth LLC now owns 10,736 shares of the medical research company’s stock worth $623,000 after buying an additional 975 shares during the last quarter. Institutional investors own 92.45% of the company’s stock.
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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