Veralto (NYSE:VLTO) Updates FY24 Earnings Guidance

Veralto (NYSE:VLTO) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $3.37-3.45 for the period, compared to the consensus earnings per share estimate of $3.33. Veralto also updated its FY 2024 guidance to 3.370-3.450 EPS.

Veralto Stock Performance

Shares of NYSE:VLTO traded up $5.26 during midday trading on Friday, hitting $104.87. The stock had a trading volume of 2,971,930 shares, compared to its average volume of 1,581,389. The stock has a 50 day moving average price of $98.99 and a two-hundred day moving average price of $90.99. The company has a quick ratio of 1.56, a current ratio of 1.83 and a debt-to-equity ratio of 1.76. Veralto has a 1 year low of $65.51 and a 1 year high of $107.86.

Veralto (NYSE:VLTO) last issued its earnings results on Thursday, July 25th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.04. The firm had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.28 billion. The firm’s revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.80 EPS. On average, equities research analysts expect that Veralto will post 3.37 earnings per share for the current year.

Veralto Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, June 28th will be issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date of this dividend is Friday, June 28th.

Analyst Upgrades and Downgrades

A number of research firms recently commented on VLTO. TD Cowen began coverage on shares of Veralto in a report on Monday, June 17th. They set a hold rating and a $95.00 price objective on the stock. Citigroup upped their price target on shares of Veralto from $89.00 to $94.00 and gave the company a neutral rating in a report on Monday, April 8th. Royal Bank of Canada reaffirmed a sector perform rating and issued a $101.00 price target on shares of Veralto in a report on Friday, June 14th. Stifel Nicolaus upped their price target on shares of Veralto from $100.00 to $110.00 and gave the company a buy rating in a report on Thursday, July 18th. Finally, BMO Capital Markets upped their price target on shares of Veralto from $97.00 to $101.00 and gave the company an outperform rating in a report on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Veralto currently has an average rating of Moderate Buy and an average price target of $97.08.

Insider Buying and Selling at Veralto

In other Veralto news, SVP Mattias Bystrom sold 302 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $100.38, for a total transaction of $30,314.76. Following the transaction, the senior vice president now directly owns 34,045 shares in the company, valued at approximately $3,417,437.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.31% of the stock is currently owned by insiders.

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.