Zacks Investment Research Downgrades PerkinElmer (PKI) to Hold
According to Zacks, “PerkinElmer has outperformed the industry in a year’s time. The company’s core DAS and Diagnostics units have put up a strong performance of late on strength in the life sciences market and immunodiagnostics business lines. Solid international growth is also encouraging. The recent CE-IVD mark for the company’s Vanadis NIPT is an added positive. Continued expansion in both gross and operating margins buoy optimism. Solid show by Tulip and EUROIMMUN also paints a bright picture. On the flip side, negative currency movement impacted the company’s top line in recent times. Furthermore, PerkinElmer continues to acquire companies, which increases integration risks. The stock is overvalued at the moment.”
Other equities analysts have also recently issued reports about the stock. Desjardins reiterated an average rating and set a $45.00 price objective on shares of PerkinElmer in a research report on Wednesday, January 16th. CIBC reiterated an average rating and set a $44.50 price objective on shares of PerkinElmer in a research report on Thursday, January 10th. Goldman Sachs Group upgraded shares of PerkinElmer from a neutral rating to a buy rating and set a $115.00 price objective for the company in a research report on Tuesday, April 9th. Cowen reiterated a hold rating and set a $85.00 price objective on shares of PerkinElmer in a research report on Sunday, January 6th. Finally, Needham & Company LLC started coverage on shares of PerkinElmer in a research report on Wednesday, January 2nd. They set a hold rating and a $79.00 price objective for the company. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $85.06.
PerkinElmer (NYSE:PKI) last released its quarterly earnings data on Thursday, January 31st. The medical research company reported $1.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.02. The business had revenue of $756.35 million during the quarter, compared to analysts’ expectations of $746.15 million. PerkinElmer had a net margin of 8.56% and a return on equity of 15.89%. During the same period in the prior year, the company earned $0.97 EPS. As a group, research analysts expect that PerkinElmer will post 4.03 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 19th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.28%. The ex-dividend date of this dividend is Wednesday, April 17th. PerkinElmer’s dividend payout ratio (DPR) is currently 7.76%.
In other PerkinElmer news, Director Peter Barrett sold 5,601 shares of the company’s stock in a transaction that occurred on Wednesday, February 13th. The shares were sold at an average price of $93.62, for a total value of $524,365.62. Following the completion of the transaction, the director now directly owns 27,630 shares in the company, valued at approximately $2,586,720.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Nicholas A. Lopardo sold 1,600 shares of the company’s stock in a transaction that occurred on Tuesday, February 5th. The shares were sold at an average price of $92.67, for a total transaction of $148,272.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 62,475 shares of company stock valued at $5,910,744. Corporate insiders own 1.80% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc boosted its stake in shares of PerkinElmer by 1.7% in the 3rd quarter. Vanguard Group Inc now owns 11,628,380 shares of the medical research company’s stock valued at $1,131,092,000 after purchasing an additional 198,673 shares during the last quarter. BlackRock Inc. boosted its stake in shares of PerkinElmer by 7.4% in the 4th quarter. BlackRock Inc. now owns 7,001,732 shares of the medical research company’s stock valued at $549,985,000 after purchasing an additional 482,906 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of PerkinElmer by 10.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,766,757 shares of the medical research company’s stock valued at $295,879,000 after purchasing an additional 353,534 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of PerkinElmer by 8.9% in the 4th quarter. Geode Capital Management LLC now owns 1,522,499 shares of the medical research company’s stock valued at $119,450,000 after purchasing an additional 124,168 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of PerkinElmer by 0.9% in the 4th quarter. Northern Trust Corp now owns 1,068,924 shares of the medical research company’s stock valued at $83,965,000 after purchasing an additional 9,454 shares during the last quarter. 96.39% of the stock is currently owned by institutional investors.
PerkinElmer Company Profile
PerkinElmer, Inc provides products, services, and solutions to the diagnostics, research, environmental, industrial, food, and laboratory services markets worldwide. The company operates in two segments, Discovery & Analytical Solutions and Diagnostics. The Discovery & Analytical Solutions segment offers analytical technologies, solutions, and services for the environmental market that enable its customers to understand the characterization and health of various aspects, including air, water, and soil.
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