Zacks Investment Research Downgrades PerkinElmer (PKI) to Hold

Zacks Investment Research Downgrades PerkinElmer (PKI) to Hold

PerkinElmer (NYSE:PKI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “PerkinElmer’s core Diagnostics unit has been putting up a strong performance on strength in reproductive health, applied genomics and immunodiagnostics business for a considerable period of time. Robust international growth is also encouraging. The recent Cisbio Bioassays buyout is an added positive. Continued expansion in both gross and operating margins buoy optimism. Solid show by Tulip and EUROIMMUN also paints a bright picture. PerkinElmer has outperformed the industry in a year’s time. PerkinElmer exited the first quarter on solid note, with both earnings and revenues beating the consensus mark. Strength in reproductive health, applied genomics and immunodiagnostics business lines led to the impressive performance. Meanwhile, negative currency movement impacted the company’s top line in recent times. Furthermore, PerkinElmer continues to acquire companies, which increases integration risks.”

Other analysts have also recently issued research reports about the stock. Royal Bank of Canada reaffirmed a “hold” rating and set a $41.00 price objective on shares of PerkinElmer in a research note on Friday, May 3rd. Goldman Sachs Group raised shares of PerkinElmer from a “neutral” rating to a “buy” rating and set a $115.00 price objective for the company in a research note on Tuesday, April 9th. UBS Group set a $92.00 price objective on shares of PerkinElmer and gave the company a “hold” rating in a research note on Saturday, February 2nd. Desjardins reaffirmed an “average” rating and set a $45.00 price objective on shares of PerkinElmer in a research note on Wednesday, January 16th. Finally, Piper Jaffray Companies upped their price objective on shares of PerkinElmer to $104.00 and gave the company an “overweight” rating in a research note on Friday, February 1st. Eleven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $82.32.

Shares of NYSE PKI opened at $87.91 on Tuesday. PerkinElmer has a 12-month low of $71.31 and a 12-month high of $103.00. The stock has a market cap of $9.77 billion, a P/E ratio of 24.35, a price-to-earnings-growth ratio of 1.56 and a beta of 1.22. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.68 and a quick ratio of 1.17.

PerkinElmer (NYSE:PKI) last announced its quarterly earnings data on Thursday, April 25th. The medical research company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.03. PerkinElmer had a net margin of 8.89% and a return on equity of 15.98%. The company had revenue of $648.70 million during the quarter, compared to analysts’ expectations of $645.38 million. During the same quarter in the prior year, the company earned $0.63 EPS. PerkinElmer’s revenue was up .7% compared to the same quarter last year. As a group, equities analysts forecast that PerkinElmer will post 4.05 earnings per share for the current year.

In other PerkinElmer news, Director Alexis P. Michas sold 2,118 shares of the business’s stock in a transaction dated Thursday, February 21st. The shares were sold at an average price of $92.96, for a total value of $196,889.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Prahlad R. Singh sold 3,289 shares of the business’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $102.39, for a total transaction of $336,760.71. Following the completion of the transaction, the insider now owns 28,242 shares in the company, valued at $2,891,698.38. The disclosure for this sale can be found here. Insiders sold a total of 55,274 shares of company stock worth $5,238,106 over the last quarter. 1.80% of the stock is currently owned by company insiders.

A number of large investors have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of PerkinElmer in the 4th quarter worth approximately $66,531,000. BlackRock Inc. lifted its holdings in shares of PerkinElmer by 7.4% in the 4th quarter. BlackRock Inc. now owns 7,001,732 shares of the medical research company’s stock worth $549,985,000 after acquiring an additional 482,906 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of PerkinElmer by 10.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,766,757 shares of the medical research company’s stock worth $295,879,000 after acquiring an additional 353,534 shares during the last quarter. Vanguard Group Inc lifted its holdings in shares of PerkinElmer by 1.7% in the 3rd quarter. Vanguard Group Inc now owns 11,628,380 shares of the medical research company’s stock worth $1,131,092,000 after acquiring an additional 198,673 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of PerkinElmer by 8.9% in the 4th quarter. Geode Capital Management LLC now owns 1,522,499 shares of the medical research company’s stock worth $119,450,000 after acquiring an additional 124,168 shares during the last quarter. Institutional investors own 96.25% of the company’s stock.

About PerkinElmer

PerkinElmer, Inc provides products, services, and solutions to the diagnostics, life sciences, and applied services markets worldwide. The company operates in two segments, Discovery & Analytical Solutions and Diagnostics. The Discovery & Analytical Solutions segment offers a suite of solutions, including reagents, informatics, and detection and imaging technologies that enable scientists to enhance research breakthroughs in the life sciences research market, as well as laboratory services.

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