PerkinElmer, Inc. (NYSE:PKI) Sees Significant Growth in Short Interest

PerkinElmer, Inc. (NYSE:PKI) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 4,760,000 shares, an increase of 11.5% from the August 15th total of 4,270,000 shares. Based on an average trading volume of 672,800 shares, the short-interest ratio is presently 7.1 days. Approximately 4.3% of the company’s shares are sold short.

Several brokerages have recently commented on PKI. Wood & Company restated an “average” rating and issued a $49.00 target price on shares of PerkinElmer in a research note on Friday, July 19th. Bank of America raised shares of PerkinElmer from a “neutral” rating to a “buy” rating and set a $105.00 target price on the stock in a research report on Thursday, September 26th. ValuEngine cut shares of PerkinElmer from a “buy” rating to a “hold” rating in a research report on Wednesday, July 31st. Raymond James initiated coverage on shares of PerkinElmer in a research report on Wednesday, July 10th. They set an “outperform” rating on the stock. Finally, UBS Group lifted their target price on shares of PerkinElmer from $99.00 to $101.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $78.63.

Shares of NYSE PKI traded up $1.50 during mid-day trading on Friday, reaching $82.00. 698,078 shares of the company were exchanged, compared to its average volume of 677,379. The company has a quick ratio of 1.31, a current ratio of 1.89 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $8.96 billion, a PE ratio of 22.71, a PEG ratio of 1.49 and a beta of 1.29. The company’s 50 day moving average price is $83.89 and its 200 day moving average price is $90.10. PerkinElmer has a 52 week low of $71.83 and a 52 week high of $103.00.

PerkinElmer (NYSE:PKI) last posted its quarterly earnings results on Monday, July 29th. The medical research company reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.01). The business had revenue of $722.50 million during the quarter, compared to the consensus estimate of $729.10 million. PerkinElmer had a return on equity of 16.07% and a net margin of 9.01%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. On average, sell-side analysts predict that PerkinElmer will post 4.05 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, October 18th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 0.34%. The ex-dividend date is Thursday, October 17th. PerkinElmer’s dividend payout ratio (DPR) is 7.76%.

In other news, Director Alexis P. Michas sold 2,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $82.56, for a total value of $165,120.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.80% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in PKI. Keybank National Association OH purchased a new stake in PerkinElmer in the first quarter worth about $236,000. Raymond James & Associates grew its holdings in shares of PerkinElmer by 48.0% during the first quarter. Raymond James & Associates now owns 22,031 shares of the medical research company’s stock valued at $2,123,000 after buying an additional 7,141 shares during the last quarter. Clearbridge Investments LLC grew its holdings in shares of PerkinElmer by 39.5% during the first quarter. Clearbridge Investments LLC now owns 86,922 shares of the medical research company’s stock valued at $8,376,000 after buying an additional 24,599 shares during the last quarter. Private Advisor Group LLC purchased a new stake in shares of PerkinElmer during the second quarter valued at approximately $225,000. Finally, TD Asset Management Inc. grew its holdings in shares of PerkinElmer by 0.6% during the first quarter. TD Asset Management Inc. now owns 31,150 shares of the medical research company’s stock valued at $3,002,000 after buying an additional 200 shares during the last quarter. Institutional investors own 95.20% 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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