Veralto (NYSE:VLTO) Reaches New 12-Month High Following Earnings Beat

Veralto Co. (NYSE:VLTO) shares reached a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $92.66 and last traded at $92.48, with a volume of 192155 shares trading hands. The stock had previously closed at $91.23.

The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.76 by $0.08. The company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year.

Veralto Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.39%. The ex-dividend date of this dividend is Wednesday, March 27th.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. BNP Paribas assumed coverage on shares of Veralto in a report on Tuesday, March 12th. They set an “outperform” rating and a $103.00 price target for the company. Argus assumed coverage on shares of Veralto in a report on Tuesday, January 9th. They set a “buy” rating and a $90.00 price target for the company. The Goldman Sachs Group assumed coverage on shares of Veralto in a report on Friday, March 22nd. They set a “buy” rating and a $104.00 price target for the company. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Veralto in a report on Wednesday, January 10th. They set a “hold” rating and a $79.00 price target for the company. Finally, BMO Capital Markets assumed coverage on shares of Veralto in a report on Tuesday, February 27th. They set an “outperform” rating and a $97.00 price target for the company. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $93.36.

Insider Transactions at Veralto

In other news, insider Mattias Bystrom sold 500 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $86.10, for a total value of $43,050.00. Following the transaction, the insider now directly owns 30,310 shares in the company, valued at approximately $2,609,691. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.31% of the company’s stock.

Institutional Trading of Veralto

A number of large investors have recently modified their holdings of VLTO. Sugarloaf Wealth Management LLC acquired a new stake in shares of Veralto in the 4th quarter worth about $25,000. First Command Advisory Services Inc. acquired a new position in Veralto during the 4th quarter valued at about $25,000. Blue Trust Inc. acquired a new position in Veralto during the 4th quarter valued at about $26,000. Delta Asset Management LLC TN increased its stake in Veralto by 216.0% during the 4th quarter. Delta Asset Management LLC TN now owns 316 shares of the company’s stock valued at $26,000 after buying an additional 216 shares during the period. Finally, Dougherty Wealth Advisers LLC acquired a new position in shares of Veralto in the 4th quarter worth approximately $27,000. Institutional investors and hedge funds own 91.28% of the company’s stock.

Veralto Stock Performance

The company’s 50 day moving average price is $88.23 and its 200-day moving average price is $80.13. The company has a quick ratio of 1.40, a current ratio of 1.64 and a debt-to-equity ratio of 1.89.

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.