PerkinElmer Hits A 52-Week High: What's Driving The Stock?
Zacks Investment Research | Oct 05, 2017 09:05PM ET
Shares of PerkinElmer, Inc. (NYSE:PKI) rallied to a new 52-week high of $70.59 on Oct 5, closing a tad lower at $70.44. This represents a strong year-to-date return of approximately 35.1%, better than the S&P 500’s 13.1% over the same time frame.
PerkinElmer provides scientific instruments, consumables, and services to pharmaceutical, biomedical, environmental testing, chemical, and general industrial markets worldwide. The company currently has a Zacks Rank #3 (Hold).
For the majority of the last month, the company’s share price has considerably outperformed the broader industry. The stock has rallied 3.9% over the month, slightly higher than the industry’s gain of just 3.1%.
Notably, PerkinElmer has a market cap of $7.6 billion. Taking the stable performance of the stock into consideration, we expect PerkinElmer to scale higher in the coming quarters. The company’s long-term growth of 12.1% also holds promise.
Catalysts
Product Spectrum Broad: PerkinElmer’s expanding product portfolio is helping it win market share and boost organic growth. Through the first half of the year, organic growth has been about 3% for the company on a year-over-year basis. Within a short span of time, PerkinElmer’s new products gained significant traction among consumers. We believe the products will continue to boost the company’s market share in areas like diagnostics, research and environment.
Estimate Revision Trend Solid: The estimate revision trend for PerkinElmer is favorable at the moment. For the full year, eight analysts moved north compared to no movement in the opposite direction over the last two months. As a result, full-year estimates inched up 0.3% to $2.89 per share.
For the current quarter, five analysts moved north, compared to one movement in the opposite direction in the last two months. The Zacks Consensus Estimate for current-quarter earnings rose 1.4% to 73 cents per share over the same time frame.
PerkinElmer, Inc. Price and Consensus
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