Veralto (NYSE:VLTO) Sets New 52-Week High – Here’s Why

Veralto Co. (NYSE:VLTO)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $113.26 and last traded at $113.26, with a volume of 33420 shares changing hands. The stock had previously closed at $112.18.

Analysts Set New Price Targets

Several equities research analysts have weighed in on VLTO shares. Stifel Nicolaus increased their target price on Veralto from $110.00 to $117.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Robert W. Baird raised their target price on shares of Veralto from $98.00 to $112.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. The Goldman Sachs Group lifted their price target on Veralto from $104.00 to $116.00 and gave the company a “buy” rating in a research report on Monday, July 29th. BMO Capital Markets lifted their target price on Veralto from $117.00 to $119.00 and gave the stock an “outperform” rating in a report on Monday, September 30th. Finally, TD Cowen upped their price target on shares of Veralto from $95.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday, July 30th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Veralto has a consensus rating of “Hold” and a consensus target price of $105.67.

Veralto Stock Performance

The company has a quick ratio of 1.70, a current ratio of 1.96 and a debt-to-equity ratio of 1.56. The firm has a market capitalization of $27.78 billion and a PE ratio of 33.63. The firm’s 50-day moving average price is $109.43 and its two-hundred day moving average price is $100.80.

Veralto (NYSE:VLTO) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.05. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Veralto had a net margin of 15.60% and a return on equity of 58.82%. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.80 EPS. As a group, research analysts predict that Veralto Co. will post 3.45 earnings per share for the current fiscal year.

Veralto Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.32%. The ex-dividend date of this dividend is Friday, September 27th.

Insider Activity at Veralto

In other Veralto news, CEO Jennifer Honeycutt sold 13,191 shares of Veralto stock in a transaction on Friday, August 30th. The shares were sold at an average price of $111.98, for a total transaction of $1,477,128.18. Following the completion of the sale, the chief executive officer now owns 138,546 shares of the company’s stock, valued at $15,514,381.08. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, SVP Surekha Trivedi sold 753 shares of Veralto stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $112.55, for a total value of $84,750.15. Following the completion of the sale, the senior vice president now owns 11,165 shares of the company’s stock, valued at approximately $1,256,620.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jennifer Honeycutt sold 13,191 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $111.98, for a total transaction of $1,477,128.18. Following the transaction, the chief executive officer now directly owns 138,546 shares in the company, valued at $15,514,381.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,039 shares of company stock valued at $4,310,335. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Veralto

A number of hedge funds have recently made changes to their positions in VLTO. Oregon Public Employees Retirement Fund raised its position in Veralto by 0.5% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 18,861 shares of the company’s stock valued at $1,801,000 after purchasing an additional 100 shares during the last quarter. Perkins Coie Trust Co lifted its position in Veralto by 1.8% during the 3rd quarter. Perkins Coie Trust Co now owns 7,253 shares of the company’s stock worth $811,000 after buying an additional 125 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of Veralto by 2.7% during the second quarter. Sequoia Financial Advisors LLC now owns 5,406 shares of the company’s stock worth $516,000 after purchasing an additional 142 shares in the last quarter. Graypoint LLC grew its stake in shares of Veralto by 3.8% during the second quarter. Graypoint LLC now owns 4,407 shares of the company’s stock valued at $421,000 after purchasing an additional 160 shares during the last quarter. Finally, Mirador Capital Partners LP increased its holdings in shares of Veralto by 2.3% in the third quarter. Mirador Capital Partners LP now owns 7,147 shares of the company’s stock valued at $799,000 after purchasing an additional 160 shares in the last quarter. Institutional investors and hedge funds own 91.28% of the company’s stock.

Veralto Company Profile

Veralto Corporation provides water analytics, water treatment, marking and coding, and packaging and color services worldwide. It operates through two segments, Water Quality (WQ) and Product Quality & Innovation (PQI). The WQ segment offers precision instrumentation and water treatment technologies to measure, analyze, and treat water in residential, commercial, municipal, industrial, research, and natural resource applications through the Hach, Trojan Technologies, and ChemTreat brands.