Zacks: Analysts Anticipate PerkinElmer, Inc. (PKI) Will Post Quarterly Sales of $552.68 Million
Equities research analysts predict that PerkinElmer, Inc. (NYSE:PKI) will post $552.68 million in sales for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for PerkinElmer’s earnings, with estimates ranging from $550.00 million to $554.70 million. PerkinElmer reported sales of $572.67 million during the same quarter last year, which indicates a negative year over year growth rate of 3.5%. The company is expected to announce its next earnings report after the market closes on Thursday, August 3rd.
According to Zacks, analysts expect that PerkinElmer will report full year sales of $552.68 million for the current year, with estimates ranging from $2.20 billion to $2.23 billion. For the next fiscal year, analysts forecast that the firm will report sales of $2.36 billion per share, with estimates ranging from $2.29 billion to $2.70 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for PerkinElmer.
PerkinElmer (NYSE:PKI) last released its earnings results on Thursday, May 4th. The medical research company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. PerkinElmer had a net margin of 10.24% and a return on equity of 13.97%. The firm had revenue of $514.12 million during the quarter, compared to the consensus estimate of $506.81 million. During the same period in the previous year, the firm earned $0.50 earnings per share. PerkinElmer’s revenue was up 3.2% compared to the same quarter last year.
A number of equities analysts have recently weighed in on the company. Cowen and Company reiterated a “market perform” rating and issued a $70.00 target price (up previously from $61.00) on shares of PerkinElmer in a report on Tuesday, June 20th. Jefferies Group LLC reiterated a “hold” rating and issued a $49.00 target price on shares of PerkinElmer in a report on Monday, May 15th. Wells Fargo & Company assumed coverage on PerkinElmer in a report on Thursday, July 13th. They issued a “market perform” rating and a $72.00 target price on the stock. BidaskClub downgraded PerkinElmer from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. Finally, Cantor Fitzgerald downgraded PerkinElmer from an “overweight” rating to a “neutral” rating and set a $60.00 target price on the stock. in a report on Wednesday, April 19th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $64.14.
In other PerkinElmer news, insider Robert F. Friel sold 124,837 shares of the company’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $60.11, for a total transaction of $7,503,952.07. Following the completion of the sale, the insider now owns 696,810 shares of the company’s stock, valued at $41,885,249.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew Okun sold 4,358 shares of the company’s stock in a transaction that occurred on Monday, June 19th. The stock was sold at an average price of $65.00, for a total value of $283,270.00. Following the sale, the insider now directly owns 16,799 shares of the company’s stock, valued at approximately $1,091,935. The disclosure for this sale can be found here. Insiders have sold 170,923 shares of company stock valued at $10,340,269 in the last ninety days. Company insiders own 2.20% of the company’s stock.
A number of large investors have recently made changes to their positions in PKI. Russell Investments Group Ltd. bought a new stake in shares of PerkinElmer during the fourth quarter worth about $988,000. Dimensional Fund Advisors LP boosted its stake in shares of 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. Federated Investors Inc. PA boosted its stake in shares of 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. Kentucky Retirement Systems bought a new stake in shares of PerkinElmer during the fourth quarter worth about $415,000. Finally, Chevy Chase Trust Holdings Inc. boosted its stake in shares of 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. 92.45% of the stock is owned by hedge funds and other institutional investors.
PerkinElmer (PKI) traded up 0.09% during midday trading on Friday, reaching $69.52. 388,689 shares of the company were exchanged. The firm’s 50-day moving average price is $67.00 and its 200 day moving average price is $59.34. The stock has a market capitalization of $7.65 billion, a price-to-earnings ratio of 33.90 and a beta of 0.76. PerkinElmer has a 52-week low of $45.35 and a 52-week high of $70.16.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 10th. Shareholders of record on Friday, July 21st will be given a dividend of $0.07 per share. The ex-dividend date is Wednesday, July 19th. This represents a $0.28 dividend on an annualized basis and a yield of 0.40%. PerkinElmer’s payout ratio is currently 13.66%.
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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