Zacks Investment Research Upgrades PerkinElmer (PKI) to Buy
Zacks Investment Research upgraded shares of PerkinElmer (NYSE:PKI) from a hold rating to a buy rating in a research note released on Monday morning. The brokerage currently has $86.00 price objective on the medical research company’s stock.
According to Zacks, “PerkinElmer’s share price movement in the last year has been unsatisfactory. However, the company is well poised on solid organic revenue growth. Furthermore, a positive guidance instills our confidence in the stock. PerkinElmer’s strong global foothold is noteworthy, courtesy of its acquisition of Germany-based EUROIMMUN and India-based Tulip Diagnostics. The acquisition of EUROIMMUN should expand PerkinElmer’s reach into autoimmune and allergy diagnostic markets. Management expects the addition to drive R&D expense margin. With an enhanced focus on product innovation, PerkinElmer has considerable potential upside. On the flipside, despite having a solid portfolio, unfavorable foreign exchange is a primary concern. PerkinElmer continues to acquire a large number of companies. While this improves revenue opportunities, it adds to integration risks. Also, high debt levels may hinder the company’s expansion plans.”
Several other research firms have also issued reports on PKI. Evercore ISI assumed coverage on PerkinElmer in a research report on Wednesday, January 3rd. They set an in-line rating and a $77.00 price target on the stock. Bank of America raised PerkinElmer from an underperform rating to a neutral rating and set a $78.00 price target on the stock in a research report on Tuesday, December 19th. ValuEngine lowered PerkinElmer from a buy rating to a hold rating in a research report on Friday, December 1st. Jefferies Group reissued a hold rating and set a $70.00 price target on shares of PerkinElmer in a research report on Friday, October 20th. Finally, Robert W. Baird reissued a buy rating and set a $72.00 price target on shares of PerkinElmer in a research report on Friday, October 20th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $72.29.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 9th. Investors of record on Friday, January 19th will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, January 18th. This represents a $0.28 dividend on an annualized basis and a yield of 0.35%. PerkinElmer’s payout ratio is currently 12.67%.
In other news, Director Peter Barrett sold 7,071 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $71.07, for a total value of $502,535.97. Following the completion of the transaction, the director now owns 26,271 shares of the company’s stock, valued at $1,867,079.97. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Alexis P. Michas sold 5,000 shares of the stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $73.18, for a total value of $365,900.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 86,336 shares of company stock valued at $6,114,917. 2.20% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in PKI. Schwab Charles Investment Management Inc. grew its stake in shares of PerkinElmer by 6.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 594,337 shares of the medical research company’s stock worth $40,499,000 after purchasing an additional 34,680 shares in the last quarter. Federated Investors Inc. PA grew its stake in shares of PerkinElmer by 164.3% in the second quarter. Federated Investors Inc. PA now owns 11,787 shares of the medical research company’s stock worth $803,000 after purchasing an additional 7,327 shares in the last quarter. Neuberger Berman Group LLC grew its stake in shares of PerkinElmer by 59.8% in the second quarter. Neuberger Berman Group LLC now owns 52,030 shares of the medical research company’s stock worth $3,545,000 after purchasing an additional 19,464 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of PerkinElmer by 9.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,870 shares of the medical research company’s stock worth $264,000 after purchasing an additional 318 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of PerkinElmer by 1.7% in the second quarter. Principal Financial Group Inc. now owns 178,571 shares of the medical research company’s stock worth $12,168,000 after purchasing an additional 2,962 shares in the last quarter. 91.37% of the stock is owned by institutional investors.
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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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