Essex Investment Management Co. LLC cut its stake in PerkinElmer Inc. (NYSE:PKI) by 1.3% during the second quarter, Holdings Channel reports. The fund owned 10,970 shares of the company’s stock after selling 144 shares during the period. Essex Investment Management Co. LLC’s holdings in PerkinElmer were worth $575,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Pictet Asset Management Ltd. increased its position in PerkinElmer by 18.4% in the first quarter. Pictet Asset Management Ltd. now owns 2,994,561 shares of the company’s stock valued at $141,523,000 after buying an additional 465,217 shares during the last quarter. Primecap Management Co. CA increased its position in PerkinElmer by 5.9% in the first quarter. Primecap Management Co. CA now owns 3,497,630 shares of the company’s stock valued at $172,993,000 after buying an additional 195,525 shares during the last quarter. Natixis acquired a new position in PerkinElmer during the first quarter valued at $8,708,000. Bank of Montreal Can acquired a new position in PerkinElmer during the second quarter valued at $7,381,000. Finally, Artemis Investment Management LLP increased its position in PerkinElmer by 61.9% in the second quarter. Artemis Investment Management LLP now owns 332,703 shares of the company’s stock valued at $17,442,000 after buying an additional 127,152 shares during the last quarter. Institutional investors and hedge funds own 90.50% of the company’s stock.
PerkinElmer Inc. (NYSE:PKI) traded up 0.02% during mid-day trading on Thursday, reaching $56.43. The company’s stock had a trading volume of 795,951 shares. PerkinElmer Inc. has a 12-month low of $39.50 and a 12-month high of $57.28. The firm’s 50 day moving average price is $54.47 and its 200 day moving average price is $53.37. The stock has a market cap of $6.17 billion, a price-to-earnings ratio of 26.96 and a beta of 0.85.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, October 14th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 0.50%. The ex-dividend date is Wednesday, October 12th. PerkinElmer’s dividend payout ratio (DPR) is 13.33%.
Several research analysts have weighed in on PKI shares. Zacks Investment Research upgraded PerkinElmer from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research note on Thursday, July 21st. BTIG Research restated a “hold” rating on shares of PerkinElmer in a research note on Friday, August 5th. Mizuho cut PerkinElmer from a “buy” rating to a “neutral” rating and set a $56.00 price objective on the stock. in a report on Friday, August 5th. JPMorgan Chase & Co. upped their price objective on PerkinElmer from $52.00 to $55.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. Finally, Morgan Stanley set a $61.00 price objective on PerkinElmer and gave the stock a “buy” rating in a report on Friday, August 5th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $55.00.
In related news, insider Joel S. Goldberg sold 38,095 shares of PerkinElmer stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $55.00, for a total value of $2,095,225.00. Following the transaction, the insider now owns 96,299 shares in the company, valued at $5,296,445. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel R. Tereau sold 18,866 shares of PerkinElmer stock in a transaction on Monday, September 12th. The shares were sold at an average price of $52.00, for a total value of $981,032.00. Following the completion of the transaction, the insider now owns 21,241 shares in the company, valued at approximately $1,104,532. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.
PerkinElmer, Inc is a provider of products, services and solutions to the diagnostics, research, environmental and laboratory markets. The Company’s operating segments include Human Health, Environmental Health and Corporate. The Human Health segment concentrates on developing diagnostics, tools and applications to help detect diseases earlier.
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