Parsons Capital Management Inc. RI Cuts Stake in Veralto Co. (NYSE:VLTO)

Parsons Capital Management Inc. RI cut its holdings in shares of Veralto Co. (NYSE:VLTO - Free Report) by 50.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,026 shares of the company's stock after selling 8,147 shares during the period. Parsons Capital Management Inc. RI's holdings in Veralto were worth $712,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Raymond James & Associates purchased a new stake in shares of Veralto during the first quarter valued at $38,223,000. First Trust Direct Indexing L.P. increased its holdings in shares of Veralto by 15.7% in the first quarter. First Trust Direct Indexing L.P. now owns 3,045 shares of the company's stock valued at $270,000 after purchasing an additional 414 shares during the period. Azzad Asset Management Inc. ADV raised its holdings in shares of Veralto by 26.8% during the first quarter. Azzad Asset Management Inc. ADV now owns 13,776 shares of the company's stock worth $1,221,000 after purchasing an additional 2,912 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Veralto by 5.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 608,241 shares of the company's stock valued at $53,927,000 after purchasing an additional 34,097 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Veralto by 31.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 16,092 shares of the company's stock valued at $1,427,000 after purchasing an additional 3,820 shares during the last quarter. Hedge funds and other institutional investors own 91.28% of the company's stock.

Analysts Set New Price Targets

VLTO has been the subject of a number of analyst reports. The Goldman Sachs Group started coverage on Veralto in a report on Friday, March 22nd. They issued a "buy" rating and a $104.00 price target for the company. Argus assumed coverage on shares of Veralto in a report on Tuesday, January 9th. They set a "buy" rating and a $90.00 price target on the stock. Royal Bank of Canada lifted their price objective on shares of Veralto from $78.00 to $91.00 and gave the company a "sector perform" rating in a report on Thursday, February 8th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Veralto in a research note on Wednesday, January 10th. They set a "hold" rating and a $79.00 target price on the stock. Finally, Robert W. Baird lifted their price target on Veralto from $90.00 to $98.00 and gave the company a "neutral" rating in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $95.18.

Veralto Stock Up 0.4 %

NYSE:VLTO traded up $0.33 during trading hours on Friday, hitting $94.12. The company had a trading volume of 1,151,386 shares, compared to its average volume of 1,946,553. Veralto Co. has a 1 year low of $65.51 and a 1 year high of $95.40. The company has a 50-day moving average of $88.53 and a 200 day moving average of $80.44. The company has a quick ratio of 1.40, a current ratio of 1.83 and a debt-to-equity ratio of 1.76.

Veralto (NYSE:VLTO - Get Free Report) last posted its quarterly earnings results on Tuesday, April 23rd. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.08. The firm had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.23 billion. Veralto's revenue for the quarter was up 1.7% on a year-over-year basis. On average, analysts expect that Veralto Co. will post 3.34 earnings per share for the current year.

Veralto Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend is Wednesday, March 27th.

Insider Transactions at Veralto

In other news, insider Mattias Bystrom sold 500 shares of the firm's stock in a transaction on Friday, February 16th. The stock was 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 in the company, valued at $2,609,691. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.31% 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.

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