Zacks Investment Research upgraded shares of PerkinElmer Inc. (NYSE:PKI) from a hold rating to a buy rating in a research note published on Tuesday. Zacks Investment Research currently has $62.00 price target on the stock.
According to Zacks, “We believe PerkinElmer continues to execute its business strongly across several product lines aided by rebounding end markets and effective cost-containment efforts. With an enhanced focus on product innovation and expansion into emerging markets like China, PerkinElmer has considerable potential upside. In fact strategic collaborations as well as accretive acquisitions will drive growth in full-year 2016 and beyond. We are also positive on the growing demand for affordable healthcare among the rising middle-class population in the developing countries of Asia-Pacific and Latin America which provide a significant growth opportunity for the company. Nevertheless, sluggish European macro-environment, restrained spending and challenges in Japan are major stock dampeners.”
Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. boosted their target price on shares of PerkinElmer from $52.00 to $55.00 and gave the company a neutral rating in a research note on Friday, August 5th. Barclays PLC boosted their target price on shares of PerkinElmer from $50.00 to $52.00 and gave the company an underweight rating in a research note on Friday, August 5th. BTIG Research reiterated a hold rating on shares of PerkinElmer in a research note on Friday, August 5th. Mizuho lowered shares of PerkinElmer from a buy rating to a neutral rating and set a $56.00 target price for the company. in a research note on Friday, August 5th. Finally, Jefferies Group boosted their target price on shares of PerkinElmer from $52.00 to $55.00 and gave the company a hold rating in a research note on Friday, August 5th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. The company has an average rating of Hold and an average price target of $55.00.
Shares of PerkinElmer (NYSE:PKI) opened at 56.43 on Tuesday. PerkinElmer has a 12 month low of $39.50 and a 12 month high of $57.28. The stock has a market cap of $6.17 billion, a P/E ratio of 26.96 and a beta of 0.85. The company has a 50 day moving average price of $54.47 and a 200-day moving average price of $53.37.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders 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 presently 13.33%.
In other PerkinElmer news, insider Daniel R. Tereau sold 18,866 shares of the stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $52.00, for a total transaction of $981,032.00. Following the completion of the transaction, the insider now owns 21,241 shares of the company’s stock, valued at approximately $1,104,532. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Patrick J. Sullivan sold 8,308 shares of the stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $54.74, for a total transaction of $454,779.92. Following the transaction, the director now directly owns 41,829 shares of the company’s stock, valued at approximately $2,289,719.46. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fuller & Thaler Asset Management Inc. bought a new position in PerkinElmer during the second quarter valued at approximately $121,000. Citizens Financial Group Inc RI bought a new position in PerkinElmer during the first quarter valued at approximately $124,000. BNP Paribas Arbitrage SA increased its position in PerkinElmer by 49.1% in the third quarter. BNP Paribas Arbitrage SA now owns 2,570 shares of the company’s stock valued at $144,000 after buying an additional 846 shares during the period. C M Bidwell & Associates Ltd. acquired a new stake in shares of PerkinElmer during the second quarter valued at about $167,000. Finally, Advisor Group Inc. acquired a new stake in shares of PerkinElmer during the second quarter valued at about $182,000. 90.50% of the stock is owned by institutional investors and hedge funds.
PerkinElmer Company Profile
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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