Avalon Investment & Advisory cut its stake in shares of PerkinElmer, Inc. (NYSE:PKI) by 22.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,901 shares of the medical research company’s stock after selling 9,255 shares during the quarter. Avalon Investment & Advisory’s holdings in PerkinElmer were worth $3,129,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in PKI. Amundi Pioneer Asset Management Inc. lifted its position in shares of PerkinElmer by 1.3% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 128,822 shares of the medical research company’s stock worth $12,413,000 after purchasing an additional 1,695 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of PerkinElmer during the 1st quarter valued at $1,047,000. Cohen Lawrence B acquired a new position in shares of PerkinElmer during the 1st quarter valued at $275,000. Usca Ria LLC acquired a new position in shares of PerkinElmer during the 1st quarter valued at $207,000. Finally, Cornerstone Advisors Inc. lifted its position in shares of PerkinElmer by 86.3% during the 1st quarter. Cornerstone Advisors Inc. now owns 760 shares of the medical research company’s stock valued at $57,000 after acquiring an additional 352 shares during the period. 93.34% of the stock is currently owned by institutional investors.
NYSE PKI traded down $1.21 on Thursday, reaching $116.48. 5,866 shares of the company’s stock traded hands, compared to its average volume of 975,924. PerkinElmer, Inc. has a 12 month low of $62.91 and a 12 month high of $123.21. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.32 and a quick ratio of 0.91. The stock has a 50-day simple moving average of $111.06 and a 200 day simple moving average of $94.11. The stock has a market cap of $13.20 billion, a PE ratio of 44.35, a P/E/G ratio of 1.28 and a beta of 1.43.
PerkinElmer (NYSE:PKI) last issued its quarterly earnings results on Tuesday, July 28th. The medical research company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.87. PerkinElmer had a net margin of 9.87% and a return on equity of 18.40%. The business had revenue of $811.91 million for the quarter, compared to analysts’ expectations of $703.32 million. During the same period last year, the business earned $1.00 earnings per share. The business’s quarterly revenue was up 12.3% on a year-over-year basis. As a group, analysts anticipate that PerkinElmer, Inc. will post 5.33 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 6th. Investors of record on Friday, October 16th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 0.24%. The ex-dividend date of this dividend is Thursday, October 15th. PerkinElmer’s payout ratio is 6.83%.
PKI has been the topic of a number of research reports. BMO Capital Markets boosted their target price on shares of PerkinElmer from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Monday, August 10th. Stifel Nicolaus boosted their price target on shares of PerkinElmer from $95.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Needham & Company LLC began coverage on shares of PerkinElmer in a research note on Monday, July 13th. They set a “hold” rating for the company. Robert W. Baird boosted their price target on shares of PerkinElmer from $94.00 to $99.00 and gave the company an “outperform” rating in a research note on Wednesday, May 6th. Finally, JPMorgan Chase & Co. boosted their price target on shares of PerkinElmer from $85.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Nine investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. PerkinElmer currently has a consensus rating of “Hold” and a consensus target price of $92.00.
In other PerkinElmer news, insider Andrew Okun sold 6,699 shares of the firm’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $120.00, for a total transaction of $803,880.00. Following the completion of the transaction, the insider now owns 17,009 shares of the company’s stock, valued at $2,041,080. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joel S. Goldberg sold 23,387 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $117.84, for a total value of $2,755,924.08. Following the transaction, the insider now directly owns 95,179 shares of the company’s stock, valued at approximately $11,215,893.36. The disclosure for this sale can be found here. Insiders sold 43,090 shares of company stock valued at $4,834,974 in the last ninety days. 0.62% of the stock is currently owned by insiders.
PerkinElmer, Inc provides products, services, and solutions to the diagnostics, life sciences, and applied services markets worldwide. The company operates in two segments, Discovery & Analytical Solutions and Diagnostics. The Discovery & Analytical Solutions segment offers a suite of solutions, including reagents, informatics, and detection and imaging technologies that enable scientists to enhance research breakthroughs in the life sciences research market, as well as laboratory services.
Further Reading: Cash Asset Ratio
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