Primecap Management Co. CA reduced its stake in PerkinElmer, Inc. (NYSE:PKI) by 5.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 2,916,571 shares of the medical research company’s stock after selling 172,840 shares during the period. Primecap Management Co. CA’s holdings in PerkinElmer were worth $281,041,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Lindbrook Capital LLC purchased a new stake in PerkinElmer during the 4th quarter worth approximately $25,000. Quadrant Capital Group LLC bought a new stake in shares of PerkinElmer in the 1st quarter valued at approximately $25,000. Citizens Financial Group Inc RI bought a new stake in shares of PerkinElmer in the 4th quarter valued at approximately $32,000. Penserra Capital Management LLC bought a new stake in shares of PerkinElmer in the 4th quarter valued at approximately $35,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of PerkinElmer by 237.2% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 381 shares of the medical research company’s stock valued at $37,000 after acquiring an additional 268 shares during the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.
NYSE:PKI traded up $0.28 during midday trading on Friday, reaching $93.39. 5,087 shares of the company traded hands, compared to its average volume of 1,090,362. PerkinElmer, Inc. has a twelve month low of $71.31 and a twelve month high of $103.00. The firm has a market capitalization of $10.35 billion, a P/E ratio of 25.97, a P/E/G ratio of 1.65 and a beta of 1.24. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.68 and a quick ratio of 1.17.
PerkinElmer (NYSE:PKI) last released its quarterly earnings data on Thursday, April 25th. The medical research company reported $0.69 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.03. PerkinElmer had a return on equity of 15.98% and a net margin of 8.89%. The business had revenue of $648.70 million during the quarter, compared to analyst estimates of $645.38 million. During the same quarter in the previous year, the firm posted $0.63 EPS. The business’s revenue for the quarter was up .7% compared to the same quarter last year. Research analysts anticipate that PerkinElmer, Inc. will post 4.05 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, July 19th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, July 18th. This represents a $0.28 dividend on an annualized basis and a yield of 0.30%. PerkinElmer’s dividend payout ratio is currently 7.76%.
In other PerkinElmer news, insider Deborah A. Butters sold 7,414 shares of the business’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $98.00, for a total transaction of $726,572.00. Following the completion of the transaction, the insider now owns 15,108 shares in the company, valued at approximately $1,480,584. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Prahlad R. Singh sold 3,289 shares of the business’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $102.39, for a total value of $336,760.71. Following the transaction, the insider now owns 28,242 shares of the company’s stock, valued at approximately $2,891,698.38. The disclosure for this sale can be found here. Insiders have sold a total of 27,491 shares of company stock valued at $2,658,696 in the last 90 days. Insiders own 1.80% of the company’s stock.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research downgraded PerkinElmer from a “buy” rating to a “hold” rating in a report on Saturday, April 13th. Goldman Sachs Group upgraded PerkinElmer from a “neutral” rating to a “buy” rating and set a $115.00 price target for the company in a report on Tuesday, April 9th. Royal Bank of Canada reiterated a “hold” rating and issued a $41.00 price target on shares of PerkinElmer in a report on Friday, May 3rd. Finally, Wolfe Research assumed coverage on PerkinElmer in a report on Thursday, May 30th. They issued a “peer perform” rating for the company. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $81.32.
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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.
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