Manchester Capital Management LLC Raises Stake in Veralto Corporation (NYSE:VLTO)

Key Points

• Manchester Capital Management LLC significantly increased its stake in Veralto Corporation by 772.3%, now owning 6,760 shares worth approximately $659,000.
• Equity analysts have set new price targets for Veralto, with Citigroup reducing its target from $116.00 to $100.00, while Stifel Nicolaus set a target of $120.00 and a "buy" rating.
• Veralto recently announced a quarterly dividend of $0.11, reflecting a 0.4% dividend yield and a payout ratio of 12.29%.

Manchester Capital Management LLC increased its stake in shares of Veralto Corporation (NYSE:VLTO - Free Report) by 772.3% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 6,760 shares of the company's stock after purchasing an additional 5,985 shares during the period. Manchester Capital Management LLC's holdings in Veralto were worth $659,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Baldwin Investment Management LLC increased its stake in Veralto by 3.4% in the 1st quarter. Baldwin Investment Management LLC now owns 3,219 shares of the company's stock worth $314,000 after acquiring an additional 106 shares during the last quarter. Coldstream Capital Management Inc. increased its stake in Veralto by 1.7% in the 4th quarter. Coldstream Capital Management Inc. now owns 6,405 shares of the company's stock worth $652,000 after acquiring an additional 110 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake 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. Phoenix Financial Ltd. increased its stake in Veralto by 2.9% in the 1st quarter. Phoenix Financial Ltd. now owns 4,644 shares of the company's stock worth $454,000 after acquiring an additional 132 shares during the last quarter. Finally, Figure 8 Investment Strategies LLC increased its stake in Veralto by 1.1% in the 1st quarter. Figure 8 Investment Strategies LLC now owns 14,349 shares of the company's stock worth $1,398,000 after acquiring an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 91.28% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on VLTO shares. Citigroup decreased their target price on Veralto from $116.00 to $100.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Wolfe Research upgraded Veralto from a "hold" rating to a "strong-buy" rating in a research report on Wednesday. Royal Bank Of Canada increased their price objective on Veralto from $104.00 to $108.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 30th. Northcoast Research assumed coverage on Veralto in a research report on Tuesday, May 6th. They set a "buy" rating and a $110.00 price objective on the stock. Finally, Stifel Nicolaus set a $120.00 price objective on Veralto and gave the company a "buy" rating in a research report on Wednesday, July 30th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Veralto presently has an average rating of "Moderate Buy" and an average price target of $114.00.

Insider Transactions at Veralto

In other news, SVP Mattias Bystrom sold 2,500 shares of Veralto stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $99.96, for a total value of $249,900.00. Following the sale, the senior vice president directly owned 32,430 shares in the company, valued at approximately $3,241,702.80. This trade represents a 7.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Surekha Trivedi sold 848 shares of Veralto stock in a transaction that occurred on 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 in the company, valued at approximately $847,938.15. This represents a 9.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,806 shares of company stock worth $381,351. 0.36% of the stock is currently owned by insiders.

Veralto Price Performance

VLTO opened at $104.59 on Monday. The stock's 50 day simple moving average is $101.15 and its 200 day simple moving average is $98.54. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.32 and a quick ratio of 2.06. Veralto Corporation has a 1 year low of $83.86 and a 1 year high of $115.00. The firm has a market cap of $25.96 billion, a price-to-earnings ratio of 29.22, a PEG ratio of 3.45 and a beta of 0.91.

Veralto (NYSE:VLTO - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.04. Veralto had a return on equity of 41.45% and a net margin of 16.65%. The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period last year, the company earned $0.85 EPS. Veralto's revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, analysts predict that Veralto Corporation will post 3.66 earnings per share for the current year.

Veralto Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Monday, June 30th. Veralto's dividend payout ratio (DPR) is currently 12.29%.

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.

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