Veralto (NYSE:VLTO) Sets New 52-Week High After Strong Earnings

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

The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.08. The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Veralto’s quarterly revenue was up 1.7% on a year-over-year basis.

Veralto Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Thursday, March 28th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend is Wednesday, March 27th.

Wall Street Analyst Weigh In

A number of brokerages have commented on VLTO. Deutsche Bank Aktiengesellschaft began coverage on Veralto in a report on Wednesday, January 10th. They set a “hold” rating and a $79.00 target price on the stock. BNP Paribas assumed coverage on Veralto in a research note on Tuesday, March 12th. They set an “outperform” rating and a $103.00 price objective on the stock. Citigroup boosted their price objective on Veralto from $89.00 to $94.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. The Goldman Sachs Group started coverage on Veralto in a research report on Friday, March 22nd. They set a “buy” rating and a $104.00 price objective for the company. Finally, Royal Bank of Canada upped their price objective on shares of Veralto from $78.00 to $91.00 and gave the stock a “sector perform” rating in a report on Thursday, February 8th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $93.36.

Insider Transactions at Veralto

In other news, insider Mattias Bystrom sold 500 shares of Veralto stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $86.10, for a total transaction of $43,050.00. Following the sale, the insider now owns 30,310 shares in the company, valued at $2,609,691. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Veralto

Hedge funds have recently bought and sold shares of the stock. Global Retirement Partners LLC boosted its holdings in Veralto by 3.2% during the 1st quarter. Global Retirement Partners LLC now owns 3,966 shares of the company’s stock valued at $352,000 after acquiring an additional 123 shares during the period. Perkins Coie Trust Co boosted its holdings in Veralto by 2.7% in the first quarter. Perkins Coie Trust Co now owns 6,977 shares of the company’s stock valued at $618,000 after acquiring an additional 185 shares during the last quarter. Czech National Bank boosted its holdings in Veralto by 0.5% in the first quarter. Czech National Bank now owns 38,585 shares of the company’s stock valued at $3,421,000 after acquiring an additional 192 shares during the last quarter. Delta Asset Management LLC TN boosted its holdings in Veralto by 216.0% in the fourth quarter. Delta Asset Management LLC TN now owns 316 shares of the company’s stock valued at $26,000 after acquiring an additional 216 shares during the last quarter. Finally, Fishman Jay A Ltd. MI boosted its holdings in Veralto by 6.0% in the fourth quarter. Fishman Jay A Ltd. MI now owns 4,174 shares of the company’s stock valued at $343,000 after acquiring an additional 238 shares during the last quarter. Hedge funds and other institutional investors own 91.28% of the company’s stock.

Veralto Stock Performance

The company has a debt-to-equity ratio of 1.89, a current ratio of 1.64 and a quick ratio of 1.40. The stock has a fifty day moving average of $88.23 and a two-hundred day moving average of $80.13.

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.