PerkinElmer Inc. (PKI) Downgraded by Zacks Investment Research to Sell
According to Zacks, “The major concerns for PerkinElmer are- a sluggish European macro-economic environment and restrained spending and challenges in Japan that are likely to hurt top-line growth in the near term. In fact, organic revenues in the Environmental Health business also witnessed a decline in the last reported quarter on a year-over-year basis. Additionally, an increasing exposure to the international markets enhances the risk of foreign exchange volatility impacting the company’s international sales. Meanwhile, estimates are stable the current year before the third quarter of fiscal 2016 earnings release. With an enhanced focus on product innovation and expansion into emerging markets like China, PerkinElmer has considerable potential upsides as well.”
PKI has been the topic of a number of other research reports. Morgan Stanley set a $61.00 price target on shares of PerkinElmer and gave the stock a buy rating in a research note on Friday, August 5th. BTIG Research started coverage on shares of PerkinElmer in a research note on Friday, July 22nd. They set a neutral rating on the stock. Jefferies Group upped their target price on shares of PerkinElmer from $52.00 to $55.00 and gave the company a hold rating in a research note on Friday, August 5th. Mizuho cut shares of PerkinElmer from a buy rating to a neutral rating and set a $56.00 target price on the stock. in a research note on Friday, August 5th. Finally, JPMorgan Chase & Co. upped their target price on shares of PerkinElmer from $52.00 to $55.00 and gave the company a neutral rating in a research note on Friday, August 5th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. The company has an average rating of Hold and an average target price of $54.93.
PerkinElmer (NYSE:PKI) traded up 0.83% during trading on Monday, hitting $52.24. 65,603 shares of the stock traded hands. PerkinElmer has a 52-week low of $39.50 and a 52-week high of $57.28. The firm has a 50-day moving average price of $54.19 and a 200 day moving average price of $53.64. The company has a market cap of $5.72 billion, a P/E ratio of 24.96 and a beta of 0.85.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Friday, October 14th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.54%. The ex-dividend date is Wednesday, October 12th. PerkinElmer’s dividend payout ratio is 13.33%.
In related news, insider Joel S. Goldberg sold 38,095 shares of the stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $55.00, for a total value of $2,095,225.00. Following the completion of the sale, the insider now directly owns 96,299 shares of the company’s stock, valued at approximately $5,296,445. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Patrick J. Sullivan sold 8,308 shares of the stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $54.74, for a total transaction of $454,779.92. Following the completion of the sale, the director now directly owns 41,829 shares of the company’s stock, valued at $2,289,719.46. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Eqis Capital Management Inc. purchased a new stake in PerkinElmer during the second quarter valued at about $278,000. Artemis Investment Management LLP raised its stake in PerkinElmer by 61.9% in the second quarter. Artemis Investment Management LLP now owns 332,703 shares of the company’s stock valued at $17,442,000 after buying an additional 127,152 shares in the last quarter. Capital Fund Management S.A. raised its stake in PerkinElmer by 876.0% in the second quarter. Capital Fund Management S.A. now owns 109,309 shares of the company’s stock valued at $5,730,000 after buying an additional 98,109 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in PerkinElmer by 9.4% in the second quarter. Nisa Investment Advisors LLC now owns 101,780 shares of the company’s stock valued at $5,335,000 after buying an additional 8,780 shares in the last quarter. Finally, ING Groep NV purchased a new stake in PerkinElmer during the second quarter valued at about $201,000. 90.32% of the stock is owned by institutional investors.
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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