King Luther Capital Management Corp Lowers stake in PerkinElmer (PKI)

PerkinElmer (PKI) : King Luther Capital Management Corp reduced its stake in PerkinElmer by 7.33% during the most recent quarter end. The investment management company now holds a total of 2,605,855 shares of PerkinElmer which is valued at $141.9 Million after selling 206,247 shares in PerkinElmer , the firm said in a disclosure report filed with the SEC on May 12, 2016.PerkinElmer makes up approximately 1.40% of King Luther Capital Management Corp’s portfolio.

Other Hedge Funds, Including , Victory Capital Management Inc boosted its stake in PKI in the latest quarter, The investment management firm added 483,522 additional shares and now holds a total of 3,138,878 shares of PerkinElmer which is valued at $170.9 Million. PerkinElmer makes up approx 0.73% of Victory Capital Management Inc’s portfolio. Wfg Advisors Lp added PKI to its portfolio by purchasing 1 company shares during the most recent quarter which is valued at $54.State Board Of Administration Of Florida Retirement System reduced its stake in PKI by selling 10,490 shares or 6.64% in the most recent quarter. The Hedge Fund company now holds 147,555 shares of PKI which is valued at $8 Million. PerkinElmer makes up approx 0.03% of State Board Of Administration Of Florida Retirement System’s portfolio.Aperio Group boosted its stake in PKI in the latest quarter, The investment management firm added 8,649 additional shares and now holds a total of 37,511 shares of PerkinElmer which is valued at $1.9 Million. PerkinElmer makes up approx 0.02% of Aperio Group’s portfolio.

PerkinElmer closed down -0.02 points or -0.04% at $53.95 with 8,43,010 shares getting traded on Friday. Post opening the session at $54.38, the shares hit an intraday low of $53.595 and an intraday high of $54.43 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, PerkinElmer reported $0.56 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on May 5, 2016. Analyst had a consensus of $0.51. The company had revenue of $538.70 million for the quarter, compared to analysts expectations of $532.71 million. The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 EPS.

Investors should note that on Apr 25, 2016, PerkinElmer announced a cash dividend of $0.0700. The company’s management has announced Jul 13, 2016 as the ex-dividend date and fixed the record date on Jul 15, 2016. The payable date has been fixed on Aug 10, 2016.

Many Wall Street Analysts have commented on PerkinElmer. Company shares were Reiterated by Stifel on May 6, 2016 to “Buy”, Firm has raised the Price Target to $ 59 from a previous price target of $51 .Company shares were Reiterated by Mizuho on May 6, 2016 to “Buy”, Firm has raised the Price Target to $ 56 from a previous price target of $52 .PerkinElmer was Downgraded by BofA/Merrill to ” Neutral” on Apr 5, 2016.

PerkinElmer Inc. is a provider of products services and solutions to the diagnostics research environmental industrial and laboratory services markets. The Company operates its business in two segments: Human Health and Environmental Health. The Company’s Human Health segment concentrates on developing diagnostics tools and applications to help detect diseases earlier and more accurately and to accelerate the discovery and development of new therapies. The Company’s Environmental Health segment provides products services and solutions to facilitate the creation of safer food and consumer products more secure surroundings and efficient energy resources. The Company markets its products and services in more than 150 countries.

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