PerkinElmer (PKI) Upgraded to Buy by Zacks Investment Research

PerkinElmer (NYSE:PKI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday, January 8th. The brokerage presently has a $86.00 price target on the medical research company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 7.80% from the company’s previous close.

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.”

A number of other equities analysts also recently weighed in on the stock. Goldman Sachs Group reissued a “neutral” rating and issued a $67.00 price target on shares of PerkinElmer in a report on Tuesday, September 26th. Robert W. Baird reissued a “buy” rating and issued a $72.00 price target on shares of PerkinElmer in a report on Friday, October 20th. Bank of America raised shares of PerkinElmer from an “underperform” rating to a “neutral” rating and set a $78.00 price target on the stock in a report on Tuesday, December 19th. ValuEngine cut PerkinElmer from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Finally, Morgan Stanley restated an “overweight” rating and issued a $77.00 price objective (down from $79.00) on shares of PerkinElmer in a research note on Friday, October 6th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $76.85.

PerkinElmer (PKI) traded down $0.38 during midday trading on Monday, reaching $79.78. 53,706 shares of the company traded hands, compared to its average volume of 644,632. PerkinElmer has a twelve month low of $50.59 and a twelve month high of $84.49. The company has a current ratio of 1.27, a quick ratio of 0.90 and a debt-to-equity ratio of 0.72. The firm has a market cap of $8,933.75, a P/E ratio of 30.45, a P/E/G ratio of 1.87 and a beta of 0.77.

PerkinElmer (NYSE:PKI) last posted its quarterly earnings results on Thursday, November 2nd. The medical research company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.01. The business had revenue of $554.28 million during the quarter, compared to the consensus estimate of $552.38 million. PerkinElmer had a net margin of 12.97% and a return on equity of 13.30%. sell-side analysts anticipate that PerkinElmer will post 3.51 EPS for the current fiscal year.

In other PerkinElmer news, Director Nicholas A. Lopardo sold 24,050 shares of the company’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Peter Barrett sold 7,071 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $71.07, for a total value of $502,535.97. Following the completion of the sale, the director now directly owns 26,271 shares of the company’s stock, valued at approximately $1,867,079.97. The disclosure for this sale can be found here. In the last ninety days, insiders sold 86,336 shares of company stock valued at $6,114,917. 2.20% of the stock is owned by insiders.

Several large investors have recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in PerkinElmer by 0.4% in 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 acquiring an additional 31 shares during the period. Sentry Investment Management LLC lifted its stake in PerkinElmer by 1.0% in the second quarter. Sentry Investment Management LLC now owns 8,025 shares of the medical research company’s stock worth $547,000 after acquiring an additional 78 shares during the period. Westside Investment Management Inc. lifted its stake in PerkinElmer by 1.9% in the second quarter. Westside Investment Management Inc. now owns 14,718 shares of the medical research company’s stock worth $1,008,000 after acquiring an additional 275 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in PerkinElmer by 9.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,870 shares of the medical research company’s stock worth $264,000 after acquiring an additional 318 shares during the period. Finally, Mutual of America Capital Management LLC lifted its stake in PerkinElmer by 3.5% in 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 acquiring an additional 450 shares during the period. 91.29% of the stock is owned by hedge funds and other institutional investors.

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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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