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PerkinElmer (PKI) Hits a 52-Week High on Multiple Positives
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PerkinElmer Inc. rallied to a new 52-week high of $69.19 on Jul 3, closing lower at $67.73. This represents a strong year-to-date return of approximately 29.9%, better than the S&P 500’s addition of just 11.2%.
Headquartered in Waltham, MA, PerkinElmer provides scientific instruments, consumables, and services to pharmaceutical, biomedical, environmental testing, chemical, and general industrial markets worldwide.
Furthermore, the company continues to offer a global diagnostics portfolio focused on reproductive health, infectious disease screening and genomics offerings for oncology and other molecular tests. With an enhanced focus on product innovation and expansion into emerging markets, PerkinElmer has considerable upside potential.
Solid Share Price Trend
A glimpse at the share price performance of the company reveals that PerkinElmer has been having an impressive run on the bourse of late. For the last one month, the company’s share price has outperformed the Zacks classified Instruments - Scientific sub-industry. The stock has rallied 4.6%, outshining the sub-industry’s gain of just 0.6%. Notably, the stock has a market cap of $7.45 billion.
Taking the stable performance of the stock into consideration, we expect PerkinElmer to gain more ground in the coming quarters. The company’s long-term growth of almost 12% also raises optimism.
The stock currently has a Zacks Rank #3 (Hold).
Major Catalysts
Acquisition of EUROIMMUN: Earlier in June, PerkinElmer announced that it will acquire EUROIMMUN Medical Laboratory Diagnostics AG for approximately $1.3 billion in cash. The deal is expected to close in the fourth quarter of 2017.
The acquisition of EUROIMMUN Medical Laboratory Diagnostics will expand PerkinElmer’s reach in the autoimmune and allergy diagnostic markets. The acquisition will also reinforce PerkinElmer’s capabilities pertaining to new infectious diseases in the Chinese market. Per management, the acquisition is expected to add about 28 cents to 30 cents per share to 2018 adjusted earnings.
Guidance Upbeat: PerkinElmer expects adjusted earnings per share for full-year 2017 in the band of $2.80 and $2.90, up from the previous range of $2.75 to $2.85. Revenues are projected in the band of $2.2 billion to $2.22 billion, up from the earlier band of $2.19 billion to $2.2 billion. This represents organic revenue growth of 4% and includes $25 million to $30 million in foreign exchange headwinds.
For the second quarter of 2017, PerkinElmer projects revenues in the range of $550 million to $555 million, which represents organic revenue growth of approximately 3% to 4%. Notably, this includes a 2% foreign exchange headwind. Second-quarter adjusted earnings per share are forecasted in the range of 66 cents to 68 cents.
Expansion in Asia: In January, PerkinElmer acquired Goa, India-based Tulip Diagnostics Private Ltd for an undisclosed amount. We are bullish about the buyout as it helped PerkinElmer tap into the opportunities in emerging market diagnostics and strengthen its foothold in the infectious disease testing space.
Estimate Revision: The estimate revision trend for the current year has been favorable. Over the last two months, six analysts moved north, compared to no movement in the opposite direction. As a result, the magnitude of the current year estimate inched 1.4% up to close at $2.86 over the same time frame.
Inogen has a long-term expected earnings growth rate of 17.50%. Notably, the stock represents an impressive one-year return of 83.8%.
Mesa Laboratories has a positive earnings surprise of 2.84% over the last four quarters. Notably, the stock represents an impressive one-year return of 18%.
Edap Tms represents a positive one-year return of 1.2% for the last three months. The company provided a solid earnings surprise of 533.3% in the last reported quarter.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>
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PerkinElmer (PKI) Hits a 52-Week High on Multiple Positives
PerkinElmer Inc. rallied to a new 52-week high of $69.19 on Jul 3, closing lower at $67.73. This represents a strong year-to-date return of approximately 29.9%, better than the S&P 500’s addition of just 11.2%.
Headquartered in Waltham, MA, PerkinElmer provides scientific instruments, consumables, and services to pharmaceutical, biomedical, environmental testing, chemical, and general industrial markets worldwide.
Furthermore, the company continues to offer a global diagnostics portfolio focused on reproductive health, infectious disease screening and genomics offerings for oncology and other molecular tests. With an enhanced focus on product innovation and expansion into emerging markets, PerkinElmer has considerable upside potential.
Solid Share Price Trend
A glimpse at the share price performance of the company reveals that PerkinElmer has been having an impressive run on the bourse of late. For the last one month, the company’s share price has outperformed the Zacks classified Instruments - Scientific sub-industry. The stock has rallied 4.6%, outshining the sub-industry’s gain of just 0.6%. Notably, the stock has a market cap of $7.45 billion.
Taking the stable performance of the stock into consideration, we expect PerkinElmer to gain more ground in the coming quarters. The company’s long-term growth of almost 12% also raises optimism.
The stock currently has a Zacks Rank #3 (Hold).
Major Catalysts
Acquisition of EUROIMMUN: Earlier in June, PerkinElmer announced that it will acquire EUROIMMUN Medical Laboratory Diagnostics AG for approximately $1.3 billion in cash. The deal is expected to close in the fourth quarter of 2017.
The acquisition of EUROIMMUN Medical Laboratory Diagnostics will expand PerkinElmer’s reach in the autoimmune and allergy diagnostic markets. The acquisition will also reinforce PerkinElmer’s capabilities pertaining to new infectious diseases in the Chinese market. Per management, the acquisition is expected to add about 28 cents to 30 cents per share to 2018 adjusted earnings.
Guidance Upbeat: PerkinElmer expects adjusted earnings per share for full-year 2017 in the band of $2.80 and $2.90, up from the previous range of $2.75 to $2.85. Revenues are projected in the band of $2.2 billion to $2.22 billion, up from the earlier band of $2.19 billion to $2.2 billion. This represents organic revenue growth of 4% and includes $25 million to $30 million in foreign exchange headwinds.
For the second quarter of 2017, PerkinElmer projects revenues in the range of $550 million to $555 million, which represents organic revenue growth of approximately 3% to 4%. Notably, this includes a 2% foreign exchange headwind. Second-quarter adjusted earnings per share are forecasted in the range of 66 cents to 68 cents.
Expansion in Asia: In January, PerkinElmer acquired Goa, India-based Tulip Diagnostics Private Ltd for an undisclosed amount. We are bullish about the buyout as it helped PerkinElmer tap into the opportunities in emerging market diagnostics and strengthen its foothold in the infectious disease testing space.
Estimate Revision: The estimate revision trend for the current year has been favorable. Over the last two months, six analysts moved north, compared to no movement in the opposite direction. As a result, the magnitude of the current year estimate inched 1.4% up to close at $2.86 over the same time frame.
PerkinElmer, Inc. Price and Consensus
PerkinElmer, Inc. Price and Consensus | PerkinElmer, Inc. Quote
Key Picks
A few better-ranked stocks in the broader medical sector are Inogen Inc. (INGN - Free Report) , Mesa Laboratories, Inc. (MLAB - Free Report) and Edap Tms S.a. (EDAP - Free Report) . Notably, all the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Inogen has a long-term expected earnings growth rate of 17.50%. Notably, the stock represents an impressive one-year return of 83.8%.
Mesa Laboratories has a positive earnings surprise of 2.84% over the last four quarters. Notably, the stock represents an impressive one-year return of 18%.
Edap Tms represents a positive one-year return of 1.2% for the last three months. The company provided a solid earnings surprise of 533.3% in the last reported quarter.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>