PerkinElmer Inc. (PKI) Sets New 12-Month High at $56.91
PerkinElmer Inc. (NYSE:PKI)’s share price hit a new 52-week high during trading on Friday . The stock traded as high as $56.91 and last traded at $56.83, with a volume of 347,888 shares changing hands. The stock had previously closed at $55.59.
Several brokerages have recently commented on PKI. Mizuho boosted their price objective on PerkinElmer from $52.00 to $56.00 and gave the company a “buy” rating in a research report on Friday, May 6th. Robert W. Baird reiterated a “buy” rating on shares of PerkinElmer in a research report on Sunday, May 8th. Morgan Stanley reiterated a “buy” rating on shares of PerkinElmer in a research report on Sunday, May 8th. Stifel Nicolaus boosted their target price on PerkinElmer from $51.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, May 6th. Finally, Cantor Fitzgerald reiterated a “buy” rating and issued a $60.00 target price on shares of PerkinElmer in a research report on Friday, May 6th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $54.07.
The stock has a 50-day moving average of $53.73 and a 200 day moving average of $50.78. The stock has a market cap of $6.21 billion and a P/E ratio of 29.22.
PerkinElmer (NYSE:PKI) last issued its quarterly earnings results on Thursday, May 5th. The company reported $0.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.05. The company earned $538.70 million during the quarter, compared to analysts’ expectations of $532.55 million. During the same period in the prior year, the business posted $0.50 earnings per share. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. Equities analysts expect that PerkinElmer Inc. will post $2.80 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Friday, October 14th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date is Wednesday, October 12th.
In related news, CEO Robert F. Friel sold 4,116 shares of the firm’s stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $55.00, for a total value of $226,380.00. Following the transaction, the chief executive officer now directly owns 566,647 shares of the company’s stock, valued at approximately $31,165,585. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Vicki L. Sato sold 12,586 shares of the firm’s stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $54.51, for a total transaction of $686,062.86. Following the completion of the transaction, the director now directly owns 36,960 shares in the company, valued at $2,014,689.60. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have added to or reduced their stakes in PKI. Marshall Wace LLP acquired a new position in PerkinElmer during the fourth quarter worth $1,076,000. Utah Retirement Systems raised its position in PerkinElmer by 0.5% in the fourth quarter. Utah Retirement Systems now owns 20,276 shares of the company’s stock worth $1,086,000 after buying an additional 100 shares during the period. GSA Capital Partners LLP acquired a new position in PerkinElmer during the fourth quarter worth $1,101,000. Aberdeen Asset Management PLC UK raised its position in PerkinElmer by 21.3% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 26,237 shares of the company’s stock worth $1,285,000 after buying an additional 4,600 shares during the period. Finally, Bank of Montreal Can raised its position in PerkinElmer by 25.4% in the fourth quarter. Bank of Montreal Can now owns 27,300 shares of the company’s stock worth $1,461,000 after buying an additional 5,533 shares during the period.
PerkinElmer, Inc is a provider of products, services and solutions to the diagnostics, research, environmental and laboratory markets. The Company’s operating segments include Human Health, Environmental Health and Corporate. The Human Health segment concentrates on developing diagnostics, tools and applications to help detect diseases earlier.
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