Veralto (NYSE:VLTO) Price Target Raised to $120.00

Veralto (NYSE:VLTO) had its target price increased by Citigroup from $107.00 to $120.00 in a research note released on Monday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also commented on VLTO. Wall Street Zen lowered Veralto from a “buy” rating to a “hold” rating in a report on Saturday, October 24th. BNP Paribas Exane reiterated an “outperform” rating and set a $120.00 price objective (up from $115.00) on shares of Veralto in a report on Thursday, July 30th. Stifel Nicolaus lifted their target price on Veralto from $113.00 to $132.00 and gave the company a “buy” rating in a research report on Monday. Royal Bank Of Canada boosted their target price on Veralto from $109.00 to $121.00 and gave the company a “sector perform” rating in a research note on Monday. Finally, Barclays raised their price target on shares of Veralto from $113.00 to $117.00 and gave the stock an “overweight” rating in a research note on Thursday, July 30th. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $120.70.

Veralto Stock Up 0.6%

Veralto stock opened at $117.07 on Monday. The company has a 50 day moving average of $99.27 and a 200-day moving average of $93.34. The company has a quick ratio of 1.61, a current ratio of 2.03 and a debt-to-equity ratio of 0.83. Veralto has a twelve month low of $80.03 and a twelve month high of $118.41. The stock has a market capitalization of $28.46 billion, a PE ratio of 26.44, a price-to-earnings-growth ratio of 3.22 and a beta of 0.51.

Veralto (NYSE:VLTO) last issued its quarterly earnings data on Thursday, October 29th. The company reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.09. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.50 billion. Veralto had a net margin of 17.27% and a return on equity of 35.08%. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the business posted $0.99 earnings per share. On average, equities research analysts anticipate that Veralto will post 4.51 EPS for the current fiscal year.

Veralto Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Wednesday, September 30th were given a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. Veralto’s payout ratio is currently 12.87%.

Insider Activity at Veralto

In related news, SVP Surekha Trivedi sold 36,427 shares of the company’s stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $108.89, for a total transaction of $3,966,536.03. Following the sale, the senior vice president owned 8,565 shares in the company, valued at approximately $932,642.85. This represents a 80.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jennifer Honeycutt sold 7,098 shares of the stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $105.00, for a total value of $745,290.00. Following the transaction, the chief executive officer directly owned 120,060 shares of the company’s stock, valued at $12,606,300. This trade represents a 5.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 46,025 shares of company stock valued at $4,977,963. 0.43% of the stock is owned by insiders.

Hedge Funds Weigh In On Veralto

A number of institutional investors have recently added to or reduced their stakes in VLTO. Highland Investment Advisors LLC bought a new stake in Veralto during the 2nd quarter worth $32,000. Provenance Wealth Advisors LLC raised its holdings in Veralto by 997.4% during the 3rd quarter. Provenance Wealth Advisors LLC now owns 428 shares of the company’s stock worth $40,000 after purchasing an additional 389 shares during the last quarter. Putney Financial Group LLC acquired a new position in Veralto in the third quarter valued at $42,000. Latitude Advisors LLC bought a new stake in shares of Veralto during the 3rd quarter valued at about $47,000. Finally, North Star Investment Management Corp. grew its position in shares of Veralto by 540.5% during the 3rd quarter. North Star Investment Management Corp. now owns 711 shares of the company’s stock worth $67,000 after buying an additional 600 shares during the period. 91.28% of the stock is currently owned by institutional investors and hedge funds.

About Veralto

Veralto Corporation (NYSE: VLTO) is a global provider of technology, products and services that help customers manage water quality and improve the quality, safety and efficiency of packaged goods. The company serves municipal, industrial, commercial and consumer-facing markets through a portfolio of operating businesses.

Veralto’s Water Quality segment provides instruments, software and services used to test, monitor and treat water and wastewater. Its brands include Hach, Trojan Technologies and ChemTreat, which support applications such as laboratory and field testing, disinfection, water treatment and industrial water management.

The company’s Product Quality & Innovation segment supplies technologies used in product identification, packaging design, color management and quality inspection.