Principal Financial Group Inc. increased its stake in PerkinElmer, Inc. (NYSE:PKI) by 5.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 175,609 shares of the medical research company’s stock after buying an additional 9,364 shares during the period. Principal Financial Group Inc. owned approximately 0.16% of PerkinElmer worth $10,196,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in PKI. Pictet Asset Management Ltd. raised its stake in PerkinElmer by 14.9% in the first quarter. Pictet Asset Management Ltd. now owns 3,362,119 shares of the medical research company’s stock valued at $195,204,000 after buying an additional 435,836 shares during the period. Schroder Investment Management Group raised its stake in PerkinElmer by 8.6% in the first quarter. Schroder Investment Management Group now owns 1,113,854 shares of the medical research company’s stock valued at $64,503,000 after buying an additional 87,840 shares during the period. Bank of New York Mellon Corp raised its stake in PerkinElmer by 2.7% in the first quarter. Bank of New York Mellon Corp now owns 1,049,537 shares of the medical research company’s stock valued at $60,937,000 after buying an additional 27,484 shares during the period. Levin Capital Strategies L.P. raised its stake in PerkinElmer by 61.9% in the first quarter. Levin Capital Strategies L.P. now owns 980,463 shares of the medical research company’s stock valued at $56,926,000 after buying an additional 374,761 shares during the period. Finally, Norges Bank acquired a new stake in PerkinElmer during the fourth quarter valued at $46,002,000. 92.43% of the stock is currently owned by institutional investors.
Shares of PerkinElmer, Inc. (NYSE PKI) traded up 0.15% on Friday, hitting $65.89. The company had a trading volume of 654,121 shares. The firm’s 50 day moving average price is $67.50 and its 200-day moving average price is $59.92. PerkinElmer, Inc. has a 52 week low of $45.35 and a 52 week high of $70.16. The stock has a market capitalization of $7.25 billion, a PE ratio of 32.13 and a beta of 0.76.
PerkinElmer (NYSE:PKI) last posted its quarterly earnings results on Thursday, May 4th. The medical research company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.54 by $0.01. PerkinElmer had a net margin of 10.24% and a return on equity of 13.97%. The company had revenue of $514.12 million for the quarter, compared to analyst estimates of $506.81 million. During the same period in the prior year, the company earned $0.50 earnings per share. The firm’s revenue was up 3.2% on a year-over-year basis. Analysts forecast that PerkinElmer, Inc. will post $2.86 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 10th. Shareholders of record on Friday, October 20th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend is Thursday, October 19th. PerkinElmer’s payout ratio is 13.66%.
Several research firms recently weighed in on PKI. Cowen and Company reaffirmed a “market perform” rating and issued a $70.00 price objective (up from $61.00) on shares of PerkinElmer in a research note on Tuesday, June 20th. Jefferies Group LLC reiterated a “hold” rating and issued a $49.00 target price on shares of PerkinElmer in a research report on Monday, May 15th. Wells Fargo & Company started coverage on PerkinElmer in a research report on Thursday, July 13th. They issued a “market perform” rating and a $72.00 target price for the company. BidaskClub downgraded PerkinElmer from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 14th. Finally, Cantor Fitzgerald downgraded PerkinElmer from an “overweight” rating to a “neutral” rating and set a $60.00 target price for the company. in a research report on Wednesday, April 19th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $65.20.
In other PerkinElmer news, Director Patrick J. Sullivan sold 6,628 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $62.59, for a total value of $414,846.52. Following the completion of the transaction, the director now owns 42,951 shares in the company, valued at $2,688,303.09. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Robert F. Friel sold 25,100 shares of the company’s stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $60.00, for a total transaction of $1,506,000.00. Following the completion of the transaction, the insider now owns 597,071 shares of the company’s stock, valued at approximately $35,824,260. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,086 shares of company stock valued at $2,836,317. Insiders own 2.20% of the company’s stock.
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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