LPL Financial LLC Cuts Stock Holdings in Veralto Corporation (NYSE:VLTO)

Key Points

• LPL Financial LLC reduced its holdings in Veralto Corporation by 5.7%, selling 22,697 shares to own approximately 0.15% of the company, valued at $36.3 million.
• Veralto reported a quarterly earnings per share of $0.93, exceeding estimates, and experienced a 6.4% increase in year-over-year revenue to $1.37 billion.
• The company announced a quarterly dividend of $0.11 per share with a payout ratio of 12.29%, resulting in an annualized yield of 0.4%.

LPL Financial LLC lessened its holdings in Veralto Corporation (NYSE:VLTO - Free Report) by 5.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 372,639 shares of the company's stock after selling 22,697 shares during the quarter. LPL Financial LLC owned 0.15% of Veralto worth $36,314,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Park Avenue Securities LLC grew its holdings in Veralto by 11.5% in the 1st quarter. Park Avenue Securities LLC now owns 19,213 shares of the company's stock worth $1,872,000 after acquiring an additional 1,985 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in Veralto by 1.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,784 shares of the company's stock worth $856,000 after acquiring an additional 113 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Veralto by 9.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 26,833 shares of the company's stock worth $2,619,000 after acquiring an additional 2,313 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Veralto by 3.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 14,544 shares of the company's stock worth $1,417,000 after acquiring an additional 429 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Veralto by 12.8% in the 1st quarter. Farther Finance Advisors LLC now owns 2,938 shares of the company's stock worth $287,000 after acquiring an additional 333 shares during the last quarter. Institutional investors own 91.28% of the company's stock.

Veralto Stock Down 0.2%

Veralto stock traded down $0.24 during trading hours on Friday, hitting $104.59. The stock had a trading volume of 1,297,928 shares, compared to its average volume of 1,326,749. The company has a quick ratio of 2.06, a current ratio of 2.32 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $25.96 billion, a P/E ratio of 29.22, a price-to-earnings-growth ratio of 3.45 and a beta of 0.91. Veralto Corporation has a 12-month low of $83.86 and a 12-month high of $115.00. The stock's 50-day moving average price is $101.15 and its 200-day moving average price is $98.58.

Veralto (NYSE:VLTO - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.04. Veralto had a net margin of 16.65% and a return on equity of 41.45%. The firm had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.34 billion. During the same period in the previous year, the company earned $0.85 earnings per share. The firm's quarterly revenue was up 6.4% on a year-over-year basis. Equities research analysts anticipate that Veralto Corporation will post 3.66 EPS for the current fiscal year.

Veralto Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, June 30th. Veralto's payout ratio is presently 12.29%.

Wall Street Analysts Forecast Growth

VLTO has been the topic of a number of recent analyst reports. Robert W. Baird raised their price target on shares of Veralto from $106.00 to $112.00 and gave the stock a "neutral" rating in a report on Wednesday. Stifel Nicolaus set a $120.00 target price on shares of Veralto and gave the company a "buy" rating in a research note on Wednesday. Royal Bank Of Canada lifted their target price on shares of Veralto from $104.00 to $108.00 and gave the company a "sector perform" rating in a research note on Wednesday. Northcoast Research began coverage on shares of Veralto in a research note on Tuesday, May 6th. They set a "buy" rating and a $110.00 target price on the stock. Finally, Wolfe Research raised shares of Veralto from a "hold" rating to an "outperform" rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $114.00.

Insider Activity

In other Veralto news, SVP Surekha Trivedi sold 848 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $100.55, for a total transaction of $85,266.40. Following the completion of the sale, the senior vice president directly owned 8,433 shares of the company's stock, valued at approximately $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 accessible through the SEC website. Also, SVP Lesley Beneteau sold 458 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $100.84, for a total transaction of $46,184.72. Following the sale, the senior vice president directly owned 13,571 shares of the company's stock, valued at approximately $1,368,499.64. This represents a 3.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,806 shares of company stock valued at $381,351 over the last three months. Insiders own 0.36% of the company's stock.

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.