Prudential PLC has significantly raised its ownership in PerkinElmer Inc. (PKI), according to recent disclosures with the Securities and Exchange Commission (SEC). The financial services company reported a 105.6% increase in its stake during the fourth quarter, acquiring an additional 3,286 shares. With this purchase, Prudential PLC now holds 6,398 shares of the medical research company’s stock, amounting to a value of $897,000 as of the latest filing.
Prudential PLC is not alone in its interest in PerkinElmer, as other institutional investors have also been actively involved in trading PKI shares. Covestor Ltd, for example, increased its position in the medical research company by 25.1% during the first quarter, acquiring an additional 72 shares. Texas Permanent School Fund saw a 0.4% rise in its holdings, adding 74 shares in the fourth quarter. Similarly, D.A. Davidson & CO. increased its stake by 5.3% during the first quarter, purchasing an additional 80 shares. Thrivent Financial for Lutherans and Kovitz Investment Group Partners LLC both raised their holdings by 1.1% and 1.7% respectively, during the second and fourth quarters.
Despite the growing interest from institutional investors, PerkinElmer’s stock experienced a decline of 0.9% in the latest trading session. On Wednesday, shares of PKI opened at $115.24, contributing to a market capitalization of $14.57 billion. The company maintains a price-to-earnings ratio of 15.01, a PEG ratio of 0.55, and a beta of 1.10. Over the past fifty days, the stock has shown a moving average of $128.27, while the two-hundred day moving average stands at $133.30. The 52-week range for PerkinElmer’s stock is between $113.46 and $170.00. Furthermore, the company holds a debt-to-equity ratio of 0.53, a quick ratio of 1.87, and a current ratio of 2.13.
PerkinElmer recently released its quarterly earnings report, indicating that it fell short of the consensus estimate for earnings per share (EPS). The medical research company reported $1.01 EPS for the quarter, missing the estimated $1.07 by $0.06. Revenue for the quarter amounted to $674.87 million, slightly lower than the projected $686.30 million. Despite the earnings miss, PerkinElmer achieved a return on equity of 13.94% and a net margin of 14.69%. In the same quarter of the previous year, the company recorded earnings per share of $2.41. Furthermore, PerkinElmer recently announced its upcoming quarterly dividend, which is scheduled to be paid on Friday, August 11th. Investors who are listed on the records as of Friday, July 21st will receive a dividend of $0.07 per share.
PKI Stock Analysis & Forecast
According to forecasts from 10 analysts, the estimated average target price for PerkinElmer Inc in the next 12 months is USD 130.50. The consensus among analysts is a Strong Buy rating for PerkinElmer Inc. STA analysis of the company indicates a Slightly Bearish outlook, based on 4 positive signals and 8 negative signals. As of the latest closing, the stock price of PerkinElmer Inc stood at USD 115.28. Over the past week, the stock price has decreased by -7.44%, while over the past month and the last year. It has declined by -15.20% and -21.91% respectively.