Sit Investment Associates Inc. Decreases Stake in PerkinElmer, Inc. (PKI)
Sit Investment Associates Inc. decreased its stake in PerkinElmer, Inc. (NYSE:PKI) by 1.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,475 shares of the medical research company’s stock after selling 250 shares during the period. Sit Investment Associates Inc.’s holdings in PerkinElmer were worth $1,191,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. increased 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 period. Pictet Asset Management Ltd. increased its position in PerkinElmer by 14.9% in the first quarter. Pictet Asset Management Ltd. now owns 3,362,119 shares of the medical research company’s stock valued at $195,204,000 after buying an additional 435,836 shares during the period. Levin Capital Strategies L.P. increased its position in PerkinElmer by 61.9% in the first quarter. Levin Capital Strategies L.P. now owns 980,463 shares of the medical research company’s stock valued at $56,926,000 after buying an additional 374,761 shares during the period. Honeywell International Inc. acquired a new position in PerkinElmer during the first quarter valued at approximately $13,191,000. Finally, Vanguard Group Inc. increased 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 period. 92.45% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PerkinElmer, Inc. (NYSE PKI) opened at 69.52 on Friday. PerkinElmer, Inc. has a 12-month low of $45.35 and a 12-month high of $70.16. The company has a 50-day moving average of $67.00 and a 200 day moving average of $59.34. The company has a market cap of $7.65 billion, a PE ratio of 33.90 and a beta of 0.76.
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, topping analysts’ consensus estimates of $0.54 by $0.01. PerkinElmer had a return on equity of 13.97% and a net margin of 10.24%. The business had revenue of $514.12 million for the quarter, compared to analyst estimates of $506.81 million. During the same quarter last year, the firm posted $0.50 earnings per share. The business’s revenue was up 3.2% compared to the same quarter last year. On average, equities research analysts expect that PerkinElmer, Inc. will post $2.86 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 10th. Shareholders of record on Friday, July 21st will be paid a $0.07 dividend. The ex-dividend date is Wednesday, July 19th. This represents a $0.28 dividend on an annualized basis and a yield of 0.40%. PerkinElmer’s payout ratio is 13.66%.
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Several research analysts have commented on PKI shares. Cantor Fitzgerald downgraded shares of PerkinElmer from an “overweight” rating to a “neutral” rating and set a $60.00 price target on the stock. in a research note on Wednesday, April 19th. Janney Montgomery Scott raised shares of PerkinElmer from a “neutral” rating to a “buy” rating in a research note on Monday, March 27th. Jefferies Group LLC reissued a “hold” rating and set a $49.00 price target on shares of PerkinElmer in a research note on Friday, May 5th. Evercore ISI restated an “in-line” rating and issued a $68.00 target price (up previously from $62.50) on shares of PerkinElmer in a report on Thursday, June 22nd. Finally, Morgan Stanley restated an “overweight” rating and issued a $79.00 target price (up previously from $73.00) on shares of PerkinElmer in a report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $64.14.
In other PerkinElmer news, insider Andrew Okun sold 4,358 shares of the stock in a transaction on Monday, June 19th. The stock was sold at an average price of $65.00, for a total value of $283,270.00. Following the sale, 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 SEC, which is accessible through the SEC website. Also, insider Robert F. Friel sold 25,100 shares of the stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $60.00, for a total value of $1,506,000.00. Following the completion of the sale, the insider now owns 597,071 shares in the company, valued at approximately $35,824,260. The disclosure for this sale can be found here. In the last quarter, insiders sold 170,923 shares of company stock worth $10,340,269. Insiders own 2.20% of the company’s stock.
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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