Veralto (NYSE:VLTO) Stock Price Down 4.9%

Shares of Veralto Co. (NYSE:VLTO) traded down 4.9% during mid-day trading on Wednesday . The stock traded as low as $88.74 and last traded at $89.11. 753,496 shares were traded during mid-day trading, a decline of 53% from the average session volume of 1,588,291 shares. The stock had previously closed at $93.72.

Wall Street Analysts Forecast Growth

VLTO has been the topic of a number of research analyst reports. BMO Capital Markets began coverage on Veralto in a research note on Tuesday, February 27th. They issued an “outperform” rating and a $97.00 price target on the stock. The Goldman Sachs Group initiated coverage on Veralto in a report on Friday, March 22nd. They set a “buy” rating and a $104.00 price target on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Veralto in a research report on Wednesday, January 10th. They set a “hold” rating and a $79.00 price objective for the company. Royal Bank of Canada increased their price objective on Veralto from $78.00 to $91.00 and gave the company a “sector perform” rating in a report on Thursday, February 8th. Finally, Argus initiated coverage on shares of Veralto in a research report on Tuesday, January 9th. They set a “buy” rating and a $90.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.36.

Veralto Price Performance

The company has a current ratio of 1.64, a quick ratio of 1.40 and a debt-to-equity ratio of 1.89. The firm’s 50 day moving average price is $88.06 and its two-hundred day moving average price is $80.05.

Veralto (NYSE:VLTO) last announced its earnings results on Tuesday, April 23rd. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.08. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. The company’s quarterly revenue was up 1.7% on a year-over-year basis. On average, sell-side analysts anticipate that Veralto Co. will post 3.26 EPS for the current year.

Veralto Announces Dividend

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

Insider Activity

In other Veralto news, insider Mattias Bystrom sold 500 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $86.10, for a total transaction of $43,050.00. Following the transaction, the insider now owns 30,310 shares in the company, valued at approximately $2,609,691. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Veralto

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Simplicity Wealth LLC purchased a new stake in Veralto during the 1st quarter worth about $441,000. Avitas Wealth Management LLC boosted its stake in shares of Veralto by 35.5% during the 1st quarter. Avitas Wealth Management LLC now owns 9,506 shares of the company’s stock worth $843,000 after purchasing an additional 2,493 shares during the last quarter. Global Retirement Partners LLC grew its holdings in shares of Veralto by 3.2% during the first quarter. Global Retirement Partners LLC now owns 3,966 shares of the company’s stock worth $352,000 after buying an additional 123 shares in the last quarter. Community Financial Services Group LLC acquired a new position in shares of Veralto in the first quarter valued at approximately $994,000. Finally, Hall Laurie J Trustee lifted its stake in shares of Veralto by 41.2% during the first quarter. Hall Laurie J Trustee now owns 10,275 shares of the company’s stock valued at $911,000 after buying an additional 2,996 shares during the period. 91.28% of the stock is owned by institutional investors and hedge funds.

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.