CIBC Reiterates “Average” Rating for PerkinElmer (PKI)

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PerkinElmer (NYSE:PKI)‘s stock had its “average” rating reaffirmed by research analysts at CIBC in a report released on Thursday. They currently have a $44.50 price objective on the medical research company’s stock. CIBC’s price objective would indicate a potential downside of 46.71% from the company’s previous close.

A number of other brokerages also recently weighed in on PKI. Morgan Stanley raised their price objective on PerkinElmer from $95.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 10th. UBS Group assumed coverage on PerkinElmer in a research note on Tuesday, October 9th. They issued a “neutral” rating and a $100.00 price objective on the stock. Janney Montgomery Scott downgraded PerkinElmer from a “buy” rating to a “neutral” rating in a research note on Friday, November 2nd. Needham & Company LLC assumed coverage on PerkinElmer in a research note on Wednesday, January 2nd. They issued a “hold” rating and a $79.00 price objective on the stock. Finally, Zacks Investment Research downgraded PerkinElmer from a “buy” rating to a “hold” rating in a research note on Friday, January 4th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $82.90.

Shares of PerkinElmer stock opened at $83.51 on Thursday. The stock has a market cap of $8.99 billion, a PE ratio of 28.80, a PEG ratio of 1.64 and a beta of 1.11. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.70 and a quick ratio of 1.18. PerkinElmer has a 52-week low of $70.74 and a 52-week high of $98.33.

PerkinElmer (NYSE:PKI) last announced its quarterly earnings results on Wednesday, October 31st. The medical research company reported $0.90 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by ($0.02). The firm had revenue of $674.30 million for the quarter, compared to analyst estimates of $676.72 million. PerkinElmer had a net margin of 4.71% and a return on equity of 15.04%. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.73 earnings per share. Equities analysts expect that PerkinElmer will post 3.6 earnings per share for the current fiscal year.

In other PerkinElmer news, Director Patrick J. Sullivan sold 10,000 shares of PerkinElmer stock in a transaction that occurred on Tuesday, November 13th. The stock was sold at an average price of $81.64, for a total value of $816,400.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Nicholas A. Lopardo sold 2,000 shares of PerkinElmer stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $82.12, for a total value of $164,240.00. Following the completion of the transaction, the director now directly owns 1,661 shares in the company, valued at $136,401.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,000 shares of company stock worth $1,609,550. Company insiders own 2.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Capital Research Global Investors increased its position in PerkinElmer by 1.6% in the 3rd quarter. Capital Research Global Investors now owns 12,159,571 shares of the medical research company’s stock worth $1,182,761,000 after buying an additional 191,388 shares during the period. Vanguard Group Inc increased its position in shares of PerkinElmer by 1.7% during the third quarter. Vanguard Group Inc now owns 11,628,380 shares of the medical research company’s stock valued at $1,131,092,000 after purchasing an additional 198,673 shares during the period. Select Equity Group L.P. increased its position in shares of PerkinElmer by 7.2% during the second quarter. Select Equity Group L.P. now owns 8,626,977 shares of the medical research company’s stock valued at $631,754,000 after purchasing an additional 578,940 shares during the period. BlackRock Inc. increased its position in shares of PerkinElmer by 7.6% during the third quarter. BlackRock Inc. now owns 6,518,826 shares of the medical research company’s stock valued at $634,084,000 after purchasing an additional 463,251 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its position in shares of PerkinElmer by 4.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,413,223 shares of the medical research company’s stock valued at $332,004,000 after purchasing an additional 144,602 shares during the period. 94.83% of the stock is currently owned by institutional investors.

About PerkinElmer

PerkinElmer, Inc provides products, services, and solutions to the diagnostics, research, environmental, industrial, food, and laboratory services markets worldwide. The company operates in two segments, Discovery & Analytical Solutions and Diagnostics. The Discovery & Analytical Solutions segment offers analytical technologies, solutions, and services for the environmental market that enable its customers to understand the characterization and health of various aspects, including air, water, and soil.

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Analyst Recommendations for PerkinElmer (NYSE:PKI)

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