Evercore ISI Reiterates “In-Line” Rating for PerkinElmer, Inc. (PKI)

PerkinElmer, Inc. (NYSE:PKI)‘s stock had its “in-line” rating restated by Evercore ISI in a research note issued on Thursday. They presently have a $68.00 target price on the medical research company’s stock, up from their previous target price of $62.50. Evercore ISI’s price objective would indicate a potential downside of 0.66% from the company’s previous close.

Several other brokerages have also recently issued reports on PKI. Cantor Fitzgerald restated a “neutral” rating on shares of PerkinElmer in a research note on Wednesday, June 21st. Jefferies Group LLC restated a “hold” rating and issued a $69.00 price objective (up from $58.00) on shares of PerkinElmer in a research note on Tuesday, June 20th. Cowen and Company restated a “market perform” rating and issued a $70.00 price objective (up from $61.00) on shares of PerkinElmer in a research note on Tuesday, June 20th. BidaskClub cut PerkinElmer from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 14th. Finally, Barclays PLC set a $55.00 price objective on PerkinElmer and gave the stock a “sell” rating in a research note on Saturday, May 6th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $60.92.

Analyst Recommendations for PerkinElmer (NYSE:PKI)

PerkinElmer (PKI) opened at 68.45 on Thursday. The stock has a market cap of $7.53 billion, a price-to-earnings ratio of 33.37 and a beta of 0.73. The stock has a 50 day moving average price of $63.10 and a 200 day moving average price of $57.03. PerkinElmer has a 52-week low of $45.35 and a 52-week high of $68.91.

PerkinElmer (NYSE:PKI) last issued its quarterly earnings data on Thursday, May 4th. The medical research company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.01. PerkinElmer had a return on equity of 13.97% and a net margin of 10.24%. The firm had revenue of $514.12 million during the quarter, compared to analysts’ expectations of $506.81 million. During the same period in the prior year, the business posted $0.50 EPS. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. Analysts expect that PerkinElmer will post $2.86 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 10th. Investors of record on Friday, July 21st will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.41%. The ex-dividend date of this dividend is Wednesday, July 19th. PerkinElmer’s dividend payout ratio (DPR) is 13.66%.

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In related news, insider Robert F. Friel sold 25,100 shares of the firm’s stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $60.00, for a total transaction of $1,506,000.00. Following the sale, the insider now directly owns 597,071 shares of the company’s stock, valued at $35,824,260. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Andrew Okun sold 4,358 shares of the firm’s stock in a transaction dated Monday, June 19th. The stock was sold at an average price of $65.00, for a total value of $283,270.00. Following the sale, the insider now directly owns 16,799 shares in the company, valued at $1,091,935. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 170,923 shares of company stock worth $10,340,269. 2.20% of the stock is owned by corporate insiders.

Hedge funds have recently bought and sold shares of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in PerkinElmer by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 6,280 shares of the medical research company’s stock valued at $328,000 after buying an additional 32 shares during the period. Public Sector Pension Investment Board raised its stake in PerkinElmer by 0.4% in the fourth quarter. Public Sector Pension Investment Board now owns 24,092 shares of the medical research company’s stock valued at $1,256,000 after buying an additional 100 shares during the period. New Mexico Educational Retirement Board raised its stake in PerkinElmer by 0.9% in the first quarter. New Mexico Educational Retirement Board now owns 11,116 shares of the medical research company’s stock valued at $645,000 after buying an additional 100 shares during the period. Arizona State Retirement System raised its stake in PerkinElmer by 0.4% in the first quarter. Arizona State Retirement System now owns 27,177 shares of the medical research company’s stock valued at $1,578,000 after buying an additional 100 shares during the period. Finally, Advantus Capital Management Inc raised its stake in PerkinElmer by 1.2% in the first quarter. Advantus Capital Management Inc now owns 10,872 shares of the medical research company’s stock valued at $631,000 after buying an additional 133 shares during the period. 92.70% of the stock is currently owned by hedge funds and other institutional investors.

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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