PerkinElmer (PKI) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of PerkinElmer (NYSE:PKI) from a hold rating to a buy rating in a research note issued to investors on Monday. The firm currently has $86.00 price objective on the medical research company’s stock.
According to Zacks, “PerkinElmer’s share price movement in the last year has been unsatisfactory. However, the company is well poised on solid organic revenue growth. Furthermore, a positive guidance instills our confidence in the stock. PerkinElmer’s strong global foothold is noteworthy, courtesy of its acquisition of Germany-based EUROIMMUN and India-based Tulip Diagnostics. The acquisition of EUROIMMUN should expand PerkinElmer’s reach into autoimmune and allergy diagnostic markets. Management expects the addition to drive R&D expense margin. With an enhanced focus on product innovation, PerkinElmer has considerable potential upside. On the flipside, despite having a solid portfolio, unfavorable foreign exchange is a primary concern. PerkinElmer continues to acquire a large number of companies. While this improves revenue opportunities, it adds to integration risks. Also, high debt levels may hinder the company’s expansion plans.”
Several other research analysts have also issued reports on PKI. Citigroup reiterated a buy rating and set a $80.00 price objective (up from $74.00) on shares of PerkinElmer in a research note on Tuesday, September 26th. Goldman Sachs Group reiterated a neutral rating and set a $67.00 price objective on shares of PerkinElmer in a research note on Tuesday, September 26th. Evercore ISI assumed coverage on PerkinElmer in a research note on Wednesday, January 3rd. They set an in-line rating and a $77.00 price objective for the company. ValuEngine lowered PerkinElmer from a buy rating to a hold rating in a research note on Friday, December 1st. Finally, Morgan Stanley increased their price objective on PerkinElmer from $77.00 to $78.00 and gave the stock an overweight rating in a research note on Friday, November 3rd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $72.29.
Shares of PerkinElmer (NYSE PKI) traded up $0.48 during midday trading on Monday, hitting $77.62. The company had a trading volume of 279,016 shares, compared to its average volume of 574,490. The company has a quick ratio of 2.09, a current ratio of 2.59 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $8,490.00, a price-to-earnings ratio of 35.12, a price-to-earnings-growth ratio of 1.85 and a beta of 0.77. PerkinElmer has a twelve month low of $50.59 and a twelve month high of $78.19.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 9th. Stockholders of record on Friday, January 19th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 0.36%. The ex-dividend date of this dividend is Thursday, January 18th. PerkinElmer’s payout ratio is presently 12.67%.
In other news, Director Peter Barrett sold 7,071 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $71.07, for a total transaction of $502,535.97. Following the sale, the director now owns 26,271 shares in the company, valued at $1,867,079.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Nicholas A. Lopardo sold 24,050 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $70.72, for a total value of $1,700,816.00. The disclosure for this sale can be found here. Insiders have sold 86,336 shares of company stock worth $6,114,917 in the last 90 days. Company insiders own 2.20% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of PerkinElmer by 0.4% during 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 purchasing an additional 31 shares during the last quarter. Sentry Investment Management LLC grew its holdings in shares of PerkinElmer by 1.0% during the second quarter. Sentry Investment Management LLC now owns 8,025 shares of the medical research company’s stock worth $547,000 after purchasing an additional 78 shares during the last quarter. Westside Investment Management Inc. grew its holdings in shares of PerkinElmer by 1.9% during the second quarter. Westside Investment Management Inc. now owns 14,718 shares of the medical research company’s stock worth $1,008,000 after purchasing an additional 275 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of PerkinElmer by 9.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,870 shares of the medical research company’s stock worth $264,000 after purchasing an additional 318 shares during the last quarter. Finally, Mutual of America Capital Management LLC grew its holdings in shares of PerkinElmer by 3.5% during the second quarter. Mutual of America Capital Management LLC now owns 13,470 shares of the medical research company’s stock worth $918,000 after purchasing an additional 450 shares during the last quarter. Institutional investors own 91.37% of the company’s stock.
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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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