Veralto (NYSE:VLTO) Reaches New 52-Week High on Earnings Beat

Veralto Co. (NYSE:VLTO)’s stock price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $114.79 and last traded at $114.79, with a volume of 2084 shares traded. The stock had previously closed at $110.93.

The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.85 by $0.04. Veralto had a return on equity of 58.82% and a net margin of 15.60%. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the previous year, the company posted $0.75 EPS. Veralto’s revenue for the quarter was up 4.7% on a year-over-year basis.

Veralto Dividend Announcement

The company 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 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date of this dividend is Friday, September 27th. Veralto’s payout ratio is 11.29%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. TD Cowen raised their target price on Veralto from $95.00 to $100.00 and gave the company a “hold” rating in a research note on Tuesday, July 30th. The Goldman Sachs Group raised their price objective on Veralto from $104.00 to $116.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Stifel Nicolaus upped their target price on Veralto from $117.00 to $119.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Royal Bank of Canada raised their price target on shares of Veralto from $108.00 to $111.00 and gave the stock a “sector perform” rating in a research report on Friday. Finally, BMO Capital Markets increased their price objective on shares of Veralto from $117.00 to $119.00 and gave the company an “outperform” rating in a research note on Monday, September 30th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $108.27.

Insider Transactions at Veralto

In related news, SVP Surekha Trivedi sold 753 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $112.55, for a total transaction 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 $1,256,620.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Surekha Trivedi sold 753 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $112.55, for a total transaction of $84,750.15. Following the completion of the transaction, the senior vice president now owns 11,165 shares in the company, valued at $1,256,620.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Mattias Bystrom sold 3,000 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $105.89, for a total value of $317,670.00. Following the completion of the sale, the senior vice president now directly owns 31,045 shares in the company, valued at $3,287,355.05. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,039 shares of company stock worth $4,310,335. 0.31% of the stock is currently owned by insiders.

Institutional Trading of Veralto

Several hedge funds have recently bought and sold shares of VLTO. Oregon Public Employees Retirement Fund increased its stake in shares of Veralto by 0.5% in the second 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 period. Strategic Blueprint LLC grew its holdings in Veralto by 4.5% in the 3rd quarter. Strategic Blueprint LLC now owns 2,394 shares of the company’s stock worth $268,000 after buying an additional 102 shares in the last quarter. Perkins Coie Trust Co increased its position in Veralto by 1.8% in the 3rd quarter. Perkins Coie Trust Co now owns 7,253 shares of the company’s stock valued at $811,000 after acquiring an additional 125 shares during the period. Toth Financial Advisory Corp raised its stake in Veralto by 16.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 910 shares of the company’s stock valued at $102,000 after acquiring an additional 126 shares in the last quarter. Finally, Private Advisor Group LLC boosted its position in Veralto by 0.9% during the 3rd quarter. Private Advisor Group LLC now owns 15,282 shares of the company’s stock worth $1,709,000 after acquiring an additional 141 shares during the period. 91.28% of the stock is currently owned by institutional investors.

Veralto Stock Down 1.6 %

The company has a market cap of $25.68 billion and a price-to-earnings ratio of 32.62. The company has a current ratio of 1.96, a quick ratio of 1.70 and a debt-to-equity ratio of 1.56. The stock has a 50-day simple moving average of $110.75 and a 200-day simple moving average of $102.73.

About Veralto

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.