PerkinElmer (NYSE:PKI) Issues Q3 2022 Earnings Guidance

PerkinElmer (NYSE:PKIGet Rating) updated its third quarter 2022 earnings guidance on Tuesday. The company provided earnings per share guidance of $1.40-$1.45 for the period, compared to the consensus earnings per share estimate of $1.34. The company issued revenue guidance of $1.02 billion-$1.03 billion, compared to the consensus revenue estimate of $1.01 billion. PerkinElmer also updated its FY 2022 guidance to $7.80-$7.90 EPS.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. The Goldman Sachs Group cut their price objective on PerkinElmer from $200.00 to $175.00 and set a neutral rating for the company in a research note on Thursday, July 14th. Bank of America downgraded PerkinElmer from a buy rating to a neutral rating and set a $178.00 price target for the company. in a research note on Tuesday. Citigroup decreased their price objective on PerkinElmer from $185.00 to $170.00 in a report on Wednesday, May 4th. Robert W. Baird upped their price objective on PerkinElmer from $198.00 to $202.00 and gave the stock an outperform rating in a report on Tuesday. Finally, Barclays increased their price target on PerkinElmer from $125.00 to $149.00 and gave the company an underweight rating in a report on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $161.13.

PerkinElmer Stock Performance

Shares of PerkinElmer stock traded up $0.77 on Friday, reaching $153.72. 584,760 shares of the stock were exchanged, compared to its average volume of 823,757. The company has a quick ratio of 1.43, a current ratio of 1.94 and a debt-to-equity ratio of 0.68. PerkinElmer has a twelve month low of $130.65 and a twelve month high of $203.16. The firm has a market capitalization of $19.39 billion, a price-to-earnings ratio of 28.79, a PEG ratio of 0.42 and a beta of 1.12. The business has a 50 day moving average price of $144.81 and a two-hundred day moving average price of $159.15.

PerkinElmer (NYSE:PKIGet Rating) last released its earnings results on Monday, August 1st. The medical research company reported $2.32 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.31. PerkinElmer had a return on equity of 16.72% and a net margin of 13.21%. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the previous year, the company posted $2.83 earnings per share. The company’s revenue was up .1% compared to the same quarter last year. Analysts anticipate that PerkinElmer will post 7.83 earnings per share for the current fiscal year.

PerkinElmer Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 11th. Investors of record on Friday, October 21st will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.18%. The ex-dividend date is Thursday, October 20th. PerkinElmer’s dividend payout ratio (DPR) is 5.24%.

Insider Buying and Selling

In other PerkinElmer news, insider Andrew Okun sold 3,173 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $165.42, for a total value of $524,877.66. Following the completion of the transaction, the insider now directly owns 6,391 shares of the company’s stock, valued at $1,057,199.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other PerkinElmer news, insider Andrew Okun sold 3,173 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $165.42, for a total value of $524,877.66. Following the completion of the transaction, the insider now directly owns 6,391 shares of the company’s stock, valued at $1,057,199.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel R. Tereau sold 5,700 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $145.14, for a total value of $827,298.00. Following the completion of the transaction, the insider now directly owns 13,380 shares of the company’s stock, valued at $1,941,973.20. The disclosure for this sale can be found here. Insiders sold 13,898 shares of company stock valued at $2,083,263 over the last quarter. 0.52% of the stock is currently owned by company insiders.

Institutional Trading of PerkinElmer

Institutional investors and hedge funds have recently made changes to their positions in the business. Proficio Capital Partners LLC increased its position in shares of PerkinElmer by 74.8% in the first quarter. Proficio Capital Partners LLC now owns 2,536 shares of the medical research company’s stock valued at $442,000 after buying an additional 1,085 shares in the last quarter. Brown Brothers Harriman & Co. increased its position in shares of PerkinElmer by 43.5% in the first quarter. Brown Brothers Harriman & Co. now owns 2,472 shares of the medical research company’s stock valued at $431,000 after buying an additional 749 shares in the last quarter. Stevens Capital Management LP purchased a new stake in shares of PerkinElmer in the first quarter valued at approximately $403,000. Avalon Investment & Advisory purchased a new stake in shares of PerkinElmer in the first quarter valued at approximately $382,000. Finally, Toroso Investments LLC increased its position in shares of PerkinElmer by 11.7% in the first quarter. Toroso Investments LLC now owns 2,186 shares of the medical research company’s stock valued at $381,000 after buying an additional 229 shares in the last quarter. 89.27% of the stock is currently owned by hedge funds and other institutional investors.

About PerkinElmer

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PerkinElmer, Inc provides products, services, and solutions to the diagnostics, life sciences, and applied services markets worldwide. It operates through 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 contract research and laboratory services.

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Earnings History and Estimates for PerkinElmer (NYSE:PKI)

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