Analysts Expect PerkinElmer, Inc. (PKI) Will Post Quarterly Sales of $550.95 Million
Wall Street analysts expect PerkinElmer, Inc. (NYSE:PKI) to report $550.95 million in sales for the current quarter, Zacks Investment Research reports. Six analysts have made estimates for PerkinElmer’s earnings, with the lowest sales estimate coming in at $544.90 million and the highest estimate coming in at $553.20 million. PerkinElmer posted sales of $548.05 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 0.5%. The company is scheduled to announce its next quarterly earnings report on Monday, November 6th.
According to Zacks, analysts expect that PerkinElmer will report full-year sales of $550.95 million for the current year, with estimates ranging from $2.21 billion to $2.24 billion. For the next financial year, analysts anticipate that the company will post sales of $2.43 billion per share, with estimates ranging from $2.30 billion to $2.72 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover PerkinElmer.
PerkinElmer (NYSE:PKI) last posted its earnings results on Thursday, August 3rd. The medical research company reported $0.67 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.67. The company had revenue of $547 million during the quarter, compared to analysts’ expectations of $554.14 million. PerkinElmer had a net margin of 16.80% and a return on equity of 13.44%. PerkinElmer’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period last year, the company posted $0.67 earnings per share.
PKI has been the subject of a number of research analyst reports. Piper Jaffray Companies upped their price objective on shares of PerkinElmer to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 25th. Morgan Stanley restated an “overweight” rating and set a $79.00 price objective (up from $73.00) on shares of PerkinElmer in a research report on Monday, July 10th. Cantor Fitzgerald cut shares of PerkinElmer from an “overweight” rating to a “neutral” rating and set a $60.00 price objective for the company. in a research 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 for the company in a research report on Tuesday, August 1st. Finally, Evercore ISI restated an “in-line” rating and set a $68.00 price objective (up from $62.50) on shares of PerkinElmer in a research report on Thursday, June 22nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $67.00.
In related news, Director Peter Barrett sold 10,000 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $63.22, for a total value of $632,200.00. Following the completion of the sale, the director now owns 29,200 shares of the company’s stock, valued at $1,846,024. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew Okun sold 4,358 shares of the company’s stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $65.00, for a total transaction of $283,270.00. Following the completion of 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 sold 20,986 shares of company stock valued at $1,330,317 in the last three months. 2.20% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in PKI. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of PerkinElmer by 0.4% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,175 shares of the medical research company’s stock worth $557,000 after buying an additional 31 shares in the last quarter. ING Groep NV raised its stake in shares of PerkinElmer by 0.6% in the second quarter. ING Groep NV now owns 6,057 shares of the medical research company’s stock worth $413,000 after buying an additional 38 shares in the last quarter. CIBC Asset Management Inc raised its stake in shares of PerkinElmer by 0.4% in the second quarter. CIBC Asset Management Inc now owns 9,549 shares of the medical research company’s stock worth $651,000 after buying an additional 40 shares in the last quarter. LS Investment Advisors LLC raised its stake in shares of PerkinElmer by 2.1% in the second quarter. LS Investment Advisors LLC now owns 2,877 shares of the medical research company’s stock worth $196,000 after buying an additional 60 shares in the last quarter. Finally, Tributary Capital Management LLC raised its stake in shares of PerkinElmer by 0.3% in the second quarter. Tributary Capital Management LLC now owns 22,300 shares of the medical research company’s stock worth $1,520,000 after buying an additional 75 shares in the last quarter. 92.77% of the stock is owned by hedge funds and other institutional investors.
PerkinElmer (PKI) traded up 1.56% during trading on Friday, reaching $63.93. 497,434 shares of the company traded hands. The company has a market capitalization of $7.05 billion, a P/E ratio of 19.28 and a beta of 0.75. PerkinElmer has a 52 week low of $45.35 and a 52 week high of $70.16. The firm has a 50-day moving average price of $67.37 and a 200-day moving average price of $60.75.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 10th. Investors of record on Friday, October 20th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend is Thursday, October 19th. PerkinElmer’s dividend payout ratio is currently 8.46%.
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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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