Summit Investment Advisors Inc. Reduces Holdings in Veralto Co. (NYSE:VLTO)

Summit Investment Advisors Inc. cut its stake in Veralto Co. (NYSE:VLTO) by 1.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 15,223 shares of the company’s stock after selling 179 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Veralto were worth $1,550,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Barclays PLC lifted its holdings in shares of Veralto by 43.8% in the 3rd quarter. Barclays PLC now owns 729,081 shares of the company’s stock valued at $81,556,000 after purchasing an additional 222,076 shares during the last quarter. Virtu Financial LLC increased its position in Veralto by 301.9% during the third quarter. Virtu Financial LLC now owns 15,823 shares of the company’s stock worth $1,770,000 after buying an additional 11,886 shares during the period. World Investment Advisors LLC purchased a new stake in Veralto in the third quarter valued at approximately $202,000. Wilmington Savings Fund Society FSB boosted its holdings in shares of Veralto by 48.9% in the third quarter. Wilmington Savings Fund Society FSB now owns 28,583 shares of the company’s stock valued at $3,197,000 after acquiring an additional 9,382 shares during the period. Finally, Cim Investment Management Inc. acquired a new stake in shares of Veralto in the third quarter valued at approximately $469,000. 91.28% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Surekha Trivedi sold 590 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $100.35, for a total transaction of $59,206.50. Following the sale, the senior vice president now owns 8,470 shares of the company’s stock, valued at $849,964.50. The trade was a 6.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Melissa Aquino sold 463 shares of Veralto stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $99.60, for a total value of $46,114.80. Following the transaction, the senior vice president now directly owns 20,761 shares of the company’s stock, valued at approximately $2,067,795.60. This represents a 2.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,471 shares of company stock worth $2,234,030 in the last 90 days. 0.31% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

VLTO has been the subject of several research reports. Stifel Nicolaus reduced their price target on shares of Veralto from $116.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday, February 6th. Citigroup decreased their target price on shares of Veralto from $116.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday. Finally, Royal Bank of Canada dropped their price target on Veralto from $111.00 to $110.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 6th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $111.90.

Veralto Price Performance

Shares of NYSE:VLTO opened at $90.06 on Wednesday. Veralto Co. has a 52 week low of $83.87 and a 52 week high of $115.00. The company has a 50-day moving average price of $96.46 and a 200 day moving average price of $102.19. The company has a market cap of $22.34 billion, a P/E ratio of 26.97, a PEG ratio of 4.24 and a beta of 0.97. The company has a quick ratio of 1.69, a current ratio of 1.92 and a debt-to-equity ratio of 1.27.

Veralto (NYSE:VLTO) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.90 by $0.05. Veralto had a return on equity of 49.29% and a net margin of 16.04%. Research analysts predict that Veralto Co. will post 3.66 earnings per share for the current year.

Veralto Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.11 per share. The ex-dividend date is Monday, March 31st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.49%. Veralto’s dividend payout ratio (DPR) is presently 13.17%.

Veralto 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.