PerkinElmer, Inc. Announces Quarterly Dividend of $0.07 (PKI)
PerkinElmer, Inc. (NYSE:PKI) announced a quarterly dividend on Monday, July 24th, RTT News reports. Stockholders of record on Friday, October 20th will be paid a dividend of 0.07 per share by the medical research company on Friday, November 10th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.40%.
PerkinElmer has a dividend payout ratio of 9.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect PerkinElmer to earn $3.18 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 8.8%.
PerkinElmer (NYSE PKI) traded down 0.22% during mid-day trading on Monday, reaching $69.37. 348,629 shares of the company were exchanged. The stock has a market capitalization of $7.63 billion, a price-to-earnings ratio of 33.82 and a beta of 0.76. The stock’s 50-day moving average price is $67.00 and its 200-day moving average price is $59.34. PerkinElmer has a 1-year low of $45.35 and a 1-year high of $70.16.
PerkinElmer (NYSE:PKI) last released its earnings results on Thursday, May 4th. The medical research company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.01. The company had revenue of $514.12 million during the quarter, compared to the consensus estimate of $506.81 million. PerkinElmer had a return on equity of 13.97% and a net margin of 10.24%. PerkinElmer’s revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.50 EPS. On average, equities research analysts anticipate that PerkinElmer will post $2.86 EPS for the current fiscal year.
In other news, Director Peter Barrett sold 10,000 shares of the company’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $63.22, for a total value of $632,200.00. Following the sale, the director now directly owns 29,200 shares in the company, valued at $1,846,024. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew Okun sold 4,358 shares of the company’s stock in a transaction on Monday, June 19th. The shares were sold at an average price of $65.00, for a total value of $283,270.00. Following the completion of the sale, the insider now owns 16,799 shares in the company, valued at $1,091,935. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 170,923 shares of company stock worth $10,340,269. 2.20% of the stock is owned by company insiders.
PKI has been the subject of several research reports. Cantor Fitzgerald downgraded PerkinElmer from an “overweight” rating to a “neutral” rating and set a $60.00 target price for the company. in a research report on Wednesday, April 19th. Janney Montgomery Scott raised PerkinElmer from a “neutral” rating to a “buy” rating in a research report on Monday, March 27th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $49.00 target price on shares of PerkinElmer in a research report on Friday, May 5th. Evercore ISI reaffirmed an “in-line” rating and issued a $68.00 target price (up from $62.50) on shares of PerkinElmer in a research report on Thursday, June 22nd. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $79.00 price objective (up previously from $73.00) on shares of PerkinElmer in a research note on Monday, July 10th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $64.14.
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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