Envestnet Asset Management Inc. Trims Stock Holdings in Veralto Corporation (NYSE:VLTO)

Envestnet Asset Management Inc. lowered its stake in Veralto Corporation (NYSE:VLTO - Free Report) by 1.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 708,807 shares of the company's stock after selling 11,231 shares during the period. Envestnet Asset Management Inc. owned about 0.29% of Veralto worth $69,073,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. Bernard Wealth Management Corp. acquired a new stake in shares of Veralto during the 4th quarter worth about $25,000. Lee Danner & Bass Inc. acquired a new stake in shares of Veralto during the 4th quarter worth about $43,000. Murphy & Mullick Capital Management Corp acquired a new position in Veralto during the fourth quarter worth approximately $44,000. Opal Wealth Advisors LLC purchased a new position in shares of Veralto in the 1st quarter valued at approximately $45,000. Finally, Grove Bank & Trust grew its stake in shares of Veralto by 198.2% in the 1st quarter. Grove Bank & Trust now owns 510 shares of the company's stock valued at $50,000 after purchasing an additional 339 shares during the last quarter. Institutional investors and hedge funds own 91.28% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on VLTO. Royal Bank Of Canada lifted their target price on Veralto from $103.00 to $104.00 and gave the company a "sector perform" rating in a research note on Thursday, May 1st. Stifel Nicolaus lifted their price target on Veralto from $102.00 to $104.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Robert W. Baird lifted their price target on Veralto from $105.00 to $106.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Citigroup decreased their price target on Veralto from $116.00 to $100.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Finally, Northcoast Research started coverage on Veralto in a research note on Tuesday, May 6th. They issued a "buy" rating and a $110.00 price target on the stock. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $110.09.

Insider Buying and Selling

In other news, SVP Surekha Trivedi sold 848 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $100.55, for a total value of $85,266.40. Following the completion of the sale, the senior vice president owned 8,433 shares of the company's stock, valued at $847,938.15. This represents a 9.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Melissa Aquino sold 31,689 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $93.67, for a total value of $2,968,308.63. Following the completion of the transaction, the senior vice president directly owned 17,434 shares of the company's stock, valued at $1,633,042.78. This represents a 64.51% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 45,913 shares of company stock valued at $4,339,370. 0.36% of the stock is owned by insiders.

Veralto Trading Down 1.2%

Veralto stock traded down $1.24 during trading on Friday, hitting $101.89. The company's stock had a trading volume of 734,595 shares, compared to its average volume of 1,402,686. The stock has a market capitalization of $25.25 billion, a price-to-earnings ratio of 29.11, a P/E/G ratio of 4.13 and a beta of 0.91. The stock's fifty day moving average is $100.04 and its 200 day moving average is $98.48. Veralto Corporation has a 1-year low of $83.87 and a 1-year high of $115.00. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.92 and a current ratio of 2.19.

Veralto (NYSE:VLTO - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.87 by $0.08. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.28 billion. Veralto had a return on equity of 45.63% and a net margin of 16.56%. The firm's revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.84 earnings per share. As a group, equities research analysts predict that Veralto Corporation will post 3.66 EPS for the current year.

Veralto Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.43%. The ex-dividend date is Monday, June 30th. Veralto's payout ratio is 12.57%.

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.