Penobscot Investment Management Company Inc. Invests $1.04 Million in Veralto Co. (NYSE:VLTO)

Penobscot Investment Management Company Inc. bought a new stake in Veralto Co. (NYSE:VLTO - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,635 shares of the company's stock, valued at approximately $1,039,000.

Several other large investors also recently added to or reduced their stakes in VLTO. Impax Asset Management Group plc purchased a new stake in Veralto in the 4th quarter valued at $347,827,000. abrdn plc acquired a new position in shares of Veralto in the 4th quarter valued at $80,959,000. Vontobel Holding Ltd. acquired a new position in shares of Veralto in the 4th quarter valued at $60,495,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Veralto in the 4th quarter valued at $59,869,000. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Veralto in the 4th quarter valued at $47,229,000. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Melissa Aquino sold 8,041 shares of the firm's stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $93.56, for a total transaction of $752,315.96. Following the transaction, the senior vice president now owns 20,761 shares in the company, valued at approximately $1,942,399.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, SVP Melissa Aquino sold 8,041 shares of the firm's stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $93.56, for a total transaction of $752,315.96. Following the transaction, the senior vice president now owns 20,761 shares in the company, valued at approximately $1,942,399.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mattias Bystrom sold 500 shares of the firm's stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $86.10, for a total value of $43,050.00. Following the transaction, the insider now owns 30,310 shares in the company, valued at approximately $2,609,691. The disclosure for this sale can be found here. Company insiders own 0.31% of the company's stock.

Analyst Upgrades and Downgrades

VLTO has been the topic of several recent analyst reports. BNP Paribas initiated coverage on Veralto in a research note on Tuesday, March 12th. They issued an "outperform" rating and a $103.00 price target on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on Veralto in a research note on Wednesday, January 10th. They set a "hold" rating and a $79.00 target price on the stock. BMO Capital Markets increased their target price on Veralto from $97.00 to $101.00 and gave the stock an "outperform" rating in a research note on Thursday, April 25th. Citigroup increased their target price on Veralto from $89.00 to $94.00 and gave the stock a "neutral" rating in a research note on Monday, April 8th. Finally, The Goldman Sachs Group assumed coverage on Veralto in a research note on Friday, March 22nd. They set a "buy" rating and a $104.00 target price on the stock. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $95.18.

Veralto Price Performance

VLTO stock traded up $0.70 during mid-day trading on Wednesday, reaching $94.38. The company had a trading volume of 1,091,863 shares, compared to its average volume of 1,613,108. Veralto Co. has a fifty-two week low of $65.51 and a fifty-two week high of $95.56. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.83 and a quick ratio of 1.56. The firm has a fifty day simple moving average of $89.04 and a 200 day simple moving average of $80.84.

Veralto (NYSE:VLTO - Get Free Report) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.08. The business had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.23 billion. The company's quarterly revenue was up 1.7% on a year-over-year basis. Sell-side analysts forecast that Veralto Co. will post 3.34 EPS for the current fiscal year.

Veralto Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were issued a $0.09 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.38%.

Veralto 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.