Veralto (NYSE:VLTO) CAO Bernard Skeete Sells 1,514 Shares of Company Stock

Key Points

• Veralto CAO Bernard Skeete sold 1,514 shares for about $170,446, reducing his direct ownership by 24.13% to 4,760 shares.
• Quarterly results topped estimates: adjusted earnings were $1.18 per share versus $1.09 expected, while revenue rose 7.5% year over year to $1.51 billion.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $120.70; shares were recently trading at $117.07.

Veralto Corporation (NYSE:VLTO - Get Free Report) CAO Bernard Skeete sold 1,514 shares of the firm's stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $112.58, for a total transaction of $170,446.12. Following the completion of the transaction, the chief accounting officer directly owned 4,760 shares in the company, valued at approximately $535,880.80. The trade was a 24.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Veralto Trading Up 0.6%

Shares of Veralto stock traded up $0.75 on Wednesday, hitting $117.07. 2,308,309 shares of the company's stock traded hands, compared to its average volume of 1,985,710. The firm's 50-day moving average price is $98.90 and its two-hundred day moving average price is $93.27. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.03 and a quick ratio of 1.61. The stock has a market capitalization of $28.46 billion, a PE ratio of 28.98, a price-to-earnings-growth ratio of 3.21 and a beta of 0.51. Veralto Corporation has a one year low of $80.03 and a one year high of $118.41.

Veralto (NYSE:VLTO - Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The company reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.09. Veralto had a return on equity of 35.08% and a net margin of 17.27%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the company earned $0.99 EPS. The firm's revenue was up 7.5% on a year-over-year basis. On average, research analysts expect that Veralto Corporation will post 4.51 EPS for the current fiscal year.

Veralto Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Wednesday, September 30th were paid a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $0.52 annualized dividend and a yield of 0.4%. Veralto's dividend payout ratio is presently 12.87%.

Institutional Investors Weigh In On Veralto

Several institutional investors have recently added to or reduced their stakes in VLTO. New York Life Investment Management LLC boosted its stake in shares of Veralto by 0.7% during the 3rd quarter. New York Life Investment Management LLC now owns 39,636 shares of the company's stock worth $3,738,000 after acquiring an additional 288 shares during the period. Welch & Forbes LLC acquired a new position in shares of Veralto during the 3rd quarter worth approximately $754,000. M&G PLC increased its holdings in shares of Veralto by 265.0% during the 3rd quarter. M&G PLC now owns 826,232 shares of the company's stock worth $77,666,000 after acquiring an additional 599,850 shares during the last quarter. AlphaCore Capital LLC acquired a new position in shares of Veralto during the 3rd quarter worth approximately $301,000. Finally, Allspring Global Investments Holdings LLC raised its stake in Veralto by 11.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 93,546 shares of the company's stock valued at $8,849,000 after acquiring an additional 9,354 shares during the period. 91.28% of the stock is owned by institutional investors.

Analyst Ratings Changes

VLTO has been the subject of several analyst reports. BNP Paribas Exane restated an "outperform" rating and set a $120.00 target price (up from $115.00) on shares of Veralto in a research report on Thursday, July 30th. Stifel Nicolaus upped their price target on Veralto from $113.00 to $132.00 and gave the company a "buy" rating in a research note on Monday. Robert W. Baird set a $111.00 price target on shares of Veralto in a research report on Thursday, July 30th. Weiss Ratings raised shares of Veralto from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, October 19th. Finally, Citigroup boosted their price objective on shares of Veralto from $107.00 to $120.00 and gave the company a "neutral" rating in a report on Monday. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $120.70.

About Veralto

Veralto Corporation NYSE: VLTO is a global provider of technology, products and services that help customers manage water quality and improve the quality, safety and efficiency of packaged goods. The company serves municipal, industrial, commercial and consumer-facing markets through a portfolio of operating businesses.

Veralto's Water Quality segment provides instruments, software and services used to test, monitor and treat water and wastewater. Its brands include Hach, Trojan Technologies and ChemTreat, which support applications such as laboratory and field testing, disinfection, water treatment and industrial water management.

The company's Product Quality & Innovation segment supplies technologies used in product identification, packaging design, color management and quality inspection.

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