Brokerages expect PerkinElmer, Inc. (NYSE:PKI) to report $722.53 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided estimates for PerkinElmer’s earnings, with the lowest sales estimate coming in at $720.00 million and the highest estimate coming in at $724.08 million. PerkinElmer posted sales of $674.31 million in the same quarter last year, which would suggest a positive year over year growth rate of 7.2%. The company is scheduled to report its next quarterly earnings results after the market closes on Wednesday, October 30th.
On average, analysts expect that PerkinElmer will report full year sales of $2.91 billion for the current year, with estimates ranging from $2.90 billion to $2.93 billion. For the next year, analysts expect that the company will post sales of $3.11 billion, with estimates ranging from $3.06 billion to $3.15 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for PerkinElmer.
PerkinElmer (NYSE:PKI) last announced its quarterly earnings results on Monday, July 29th. The medical research company reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). The business had revenue of $722.50 million for the quarter, compared to the consensus estimate of $729.10 million. PerkinElmer had a net margin of 9.01% and a return on equity of 16.07%. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.91 earnings per share.
A number of research analysts have recently issued reports on the company. ValuEngine downgraded PerkinElmer from a “buy” rating to a “hold” rating in a report on Wednesday, July 31st. UBS Group upped their price target on PerkinElmer from $99.00 to $101.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Raymond James assumed coverage on PerkinElmer in a report on Wednesday, July 10th. They set an “outperform” rating on the stock. Bank of America raised PerkinElmer from a “neutral” rating to a “buy” rating and set a $105.00 price target on the stock in a report on Thursday, September 26th. Finally, Wood & Company reaffirmed an “average” rating and set a $49.00 price target on shares of PerkinElmer in a report on Friday, July 19th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $78.63.
In other PerkinElmer news, Director Alexis P. Michas sold 2,000 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $82.56, for a total value of $165,120.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. boosted its stake in PerkinElmer by 15.5% during the third quarter. Pacer Advisors Inc. now owns 14,785 shares of the medical research company’s stock valued at $1,259,000 after buying an additional 1,987 shares during the last quarter. Bridger Capital Management LLC bought a new position in PerkinElmer during the second quarter valued at approximately $777,000. River & Mercantile Asset Management LLP bought a new position in PerkinElmer during the second quarter valued at approximately $335,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new position in PerkinElmer during the second quarter valued at approximately $2,069,000. Finally, Toronto Dominion Bank boosted its stake in PerkinElmer by 37.7% during the second quarter. Toronto Dominion Bank now owns 78,552 shares of the medical research company’s stock valued at $7,566,000 after buying an additional 21,507 shares during the last quarter. Hedge funds and other institutional investors own 95.20% of the company’s stock.
Shares of NYSE:PKI traded up $2.00 during midday trading on Friday, reaching $82.50. 9,342 shares of the company’s stock traded hands, compared to its average volume of 671,657. The company has a market cap of $8.79 billion, a price-to-earnings ratio of 22.87, a P/E/G ratio of 1.46 and a beta of 1.29. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.31 and a current ratio of 1.89. PerkinElmer has a one year low of $71.83 and a one year high of $103.00. The stock has a 50 day moving average of $83.91 and a 200 day moving average of $90.16.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, October 18th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date is Thursday, October 17th. PerkinElmer’s dividend payout ratio (DPR) is presently 7.76%.
PerkinElmer Company Profile
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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