Veralto (NYSE:VLTO) Hits New 1-Year High Following Earnings Beat

Veralto Co. (NYSE:VLTO) shares reached a new 52-week high on Tuesday following a better than expected earnings announcement. 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.08. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. Veralto’s quarterly revenue was up 1.7% compared to the same quarter last year.

Veralto Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on VLTO shares. BMO Capital Markets began coverage on shares of Veralto in a report on Tuesday, February 27th. They set an “outperform” rating and a $97.00 price objective for the company. BNP Paribas initiated coverage on shares of Veralto in a report on Tuesday, March 12th. They issued an “outperform” rating and a $103.00 target price for the company. Royal Bank of Canada boosted their target price 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. Citigroup boosted their target price on shares of Veralto from $89.00 to $94.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Veralto in a research report on Wednesday, January 10th. They issued a “hold” rating and a $79.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.36.

Insider Transactions at Veralto

In other news, insider Mattias Bystrom sold 500 shares of the 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 completion of the transaction, the insider now directly owns 30,310 shares of the company’s stock, valued at approximately $2,609,691. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Veralto

Several hedge funds have recently bought and sold shares of the business. Neville Rodie & Shaw Inc. bought a new stake in shares of Veralto in the 4th quarter valued at about $1,732,000. Anchor Investment Management LLC acquired a new stake in Veralto during the 4th quarter worth $117,000. Park National Corp OH acquired a new position in shares of Veralto during the 4th quarter valued at about $1,243,000. M&R Capital Management Inc. purchased a new stake in Veralto in the 4th quarter valued at about $70,000. Finally, Massmutual Trust Co. FSB ADV purchased a new stake in Veralto during the fourth quarter worth about $285,000. Institutional investors own 91.28% of the company’s stock.

Veralto Price Performance

The stock has a fifty day moving average of $88.23 and a 200-day moving average of $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.

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.