PerkinElmer, Inc. (NYSE:PKI) had its price objective lifted by analysts at Citigroup Inc. from $67.00 to $74.00 in a note issued to investors on Monday. The brokerage currently has a “buy” rating on the medical research company’s stock. Citigroup Inc.’s price target would suggest a potential upside of 12.46% from the company’s current price.

Several other research analysts have also weighed in on the stock. Piper Jaffray Companies increased their price objective on shares of PerkinElmer to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, July 25th. Morgan Stanley reiterated an “overweight” rating and set a $79.00 price objective (up from $73.00) on shares of PerkinElmer in a report on Monday, July 10th. Cantor Fitzgerald lowered shares of PerkinElmer from an “overweight” rating to a “neutral” rating and set a $60.00 price objective on the stock. in a report on Wednesday, April 19th. Zacks Investment Research upgraded shares of PerkinElmer from a “hold” rating to a “buy” rating and set a $74.00 price objective on the stock in a report on Tuesday, August 1st. Finally, Evercore ISI reiterated an “in-line” rating and set a $68.00 price objective (up from $62.50) on shares of PerkinElmer in a report on Thursday, June 22nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $67.00.

Shares of PerkinElmer (NYSE:PKI) traded up 2.35% during trading on Monday, reaching $65.80. 896,409 shares of the company’s stock were exchanged. PerkinElmer has a 52 week low of $45.35 and a 52 week high of $70.16. The stock has a 50 day moving average price of $67.63 and a 200-day moving average price of $60.20. The stock has a market capitalization of $7.24 billion, a price-to-earnings ratio of 32.08 and a beta of 0.75.

PerkinElmer (NYSE:PKI) last released its quarterly earnings results on Thursday, August 3rd. The medical research company reported $0.67 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.67. PerkinElmer had a net margin of 16.80% and a return on equity of 13.44%. The company had revenue of $547 million for the quarter, compared to analysts’ expectations of $554.14 million. During the same period last year, the company earned $0.67 EPS. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. Analysts predict that PerkinElmer will post $2.88 earnings per share for the current year.

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In related news, insider Andrew Okun sold 4,358 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 16,799 shares in the company, valued at $1,091,935. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Patrick J. Sullivan sold 6,628 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $62.59, for a total transaction of $414,846.52. Following the completion of the transaction, the director now owns 42,951 shares in the company, valued at approximately $2,688,303.09. The disclosure for this sale can be found here. Insiders sold 20,986 shares of company stock worth $1,330,317 in the last 90 days. 2.20% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of PKI. Vanguard Group Inc. raised its position in PerkinElmer by 1.8% in the first quarter. Vanguard Group Inc. now owns 10,612,667 shares of the medical research company’s stock valued at $616,171,000 after buying an additional 184,749 shares during the last quarter. BlackRock Inc. raised its position in PerkinElmer by 4,652.8% in the first quarter. BlackRock Inc. now owns 5,787,627 shares of the medical research company’s stock valued at $336,029,000 after buying an additional 5,665,854 shares during the last quarter. State Street Corp raised its position in PerkinElmer by 2.2% in the first quarter. State Street Corp now owns 3,875,455 shares of the medical research company’s stock valued at $225,011,000 after buying an additional 82,817 shares during the last quarter. Primecap Management Co. CA raised its position in PerkinElmer by 0.7% in the first quarter. Primecap Management Co. CA now owns 3,531,955 shares of the medical research company’s stock valued at $205,065,000 after buying an additional 25,825 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in PerkinElmer by 3.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,435,172 shares of the medical research company’s stock valued at $199,447,000 after buying an additional 99,801 shares during the last quarter. Hedge funds and other institutional investors own 92.77% of the company’s stock.

About PerkinElmer

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.

Analyst Recommendations for PerkinElmer (NYSE:PKI)

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