Zacks Investment Research upgraded shares of PerkinElmer Inc. (NYSE:PKI) from a sell rating to a hold rating in a report released on Tuesday.
According to Zacks, “PerkinElmer reported mixed third-quarter 2016 results, wherein adjusted earnings surpassed the Zacks Consensus Estimate while revenues missed the same. Lower-than-estimated growth in academic and government sales (experiencing low single-digit organic revenue declines) and flat industrial revenues were major drags in the just-reported quarter. Additionally, the decline in sales at the Medical Imaging segment raises concern. Apart from these, a sluggish European macro-economic environment and restrained spending and challenges in Japan are likely to hurt the top line in the near term. In fact, lack of growth in the Environmental Health business is expected to mar opportunities for the company. However, with an enhanced focus on product innovation and expansion into emerging markets like China, PerkinElmer has considerable room to run.”
A number of other research firms have also recently commented on PKI. Mizuho cut shares of PerkinElmer from a buy rating to a neutral rating and set a $56.00 price objective for the company. in a research report on Friday, August 5th. JPMorgan Chase & Co. upped their price objective on shares of PerkinElmer from $52.00 to $55.00 and gave the company a neutral rating in a research report on Friday, August 5th. Barclays PLC restated a sell rating and issued a $50.00 price objective on shares of PerkinElmer in a research report on Tuesday, November 8th. BTIG Research reiterated a hold rating on shares of PerkinElmer in a report on Friday, August 5th. Finally, Morgan Stanley set a $61.00 target price on PerkinElmer and gave the stock a buy rating in a report on Friday, August 5th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $54.92.
PerkinElmer (NYSE:PKI) opened at 51.54 on Tuesday. PerkinElmer has a 52-week low of $39.50 and a 52-week high of $57.28. The company’s 50 day moving average price is $51.65 and its 200 day moving average price is $53.68. The firm has a market cap of $5.65 billion, a PE ratio of 23.99 and a beta of 0.94.
PerkinElmer (NYSE:PKI) last released its quarterly earnings data on Monday, November 7th. The company reported $0.68 EPS for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.02. PerkinElmer had a net margin of 10.48% and a return on equity of 14.55%. The business earned $548 million during the quarter, compared to analysts’ expectations of $572.03 million. During the same quarter in the prior year, the company earned $0.60 EPS. The firm’s quarterly revenue was down 2.7% on a year-over-year basis. Analysts predict that PerkinElmer will post $2.77 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 10th. Investors of record on Friday, January 20th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Wednesday, January 18th. This represents a $0.28 annualized dividend and a yield of 0.54%. PerkinElmer’s dividend payout ratio (DPR) is currently 13.02%.
In related news, insider Joel S. Goldberg sold 38,095 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $5,296,445. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel R. Tereau sold 18,866 shares of the firm’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $52.00, for a total transaction of $981,032.00. Following the completion of the sale, the insider now owns 21,241 shares of the company’s stock, valued at $1,104,532. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. Capstone Asset Management Co. increased its stake in shares of PerkinElmer by 8.9% in the second quarter. Capstone Asset Management Co. now owns 29,432 shares of the company’s stock valued at $1,543,000 after buying an additional 2,410 shares during the period. Fisher Asset Management LLC increased its stake in shares of PerkinElmer by 4.6% in the second quarter. Fisher Asset Management LLC now owns 685,785 shares of the company’s stock valued at $37,005,000 after buying an additional 30,025 shares during the period. Chevy Chase Trust Holdings Inc. increased its stake in shares of PerkinElmer by 0.4% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 93,885 shares of the company’s stock valued at $4,922,000 after buying an additional 368 shares during the period. Exxonmobil Investment Management Inc. TX increased its stake in shares of PerkinElmer by 5.6% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 28,222 shares of the company’s stock valued at $1,479,000 after buying an additional 1,491 shares during the period. Finally, Toth Financial Advisory Corp increased its stake in shares of PerkinElmer by 2.0% in the second quarter. Toth Financial Advisory Corp now owns 10,100 shares of the company’s stock valued at $529,000 after buying an additional 200 shares during the period. Institutional investors and hedge funds own 89.63% of the company’s stock.
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.