Veralto (NYSE:VLTO) Given New $108.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its price target for Veralto (NYSE:VLTO) from $104.00 to $108.00, indicating a potential upside of 2.21% from the previous close, while maintaining a "sector perform" rating.
• Other brokerages have mixed ratings on Veralto, with Robert W. Baird increasing their target to $112.00 and Citigroup lowering theirs to $100.00, while the average analyst rating remains a "Hold" with a price target of $112.44.
• Veralto's stock is currently trading at $105.67, up 0.6%, and the company reported a revenue of $1.37 billion with earnings per share of $0.93, exceeding analyst expectations for the last quarter.

Veralto (NYSE:VLTO - Get Free Report) had its target price lifted by stock analysts at Royal Bank Of Canada from $104.00 to $108.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "sector perform" rating on the stock. Royal Bank Of Canada's target price suggests a potential upside of 4.20% from the stock's previous close.

VLTO has been the subject of several other research reports. Robert W. Baird boosted their target price on Veralto from $106.00 to $112.00 and gave the stock a "neutral" rating in a research note on Wednesday. Northcoast Research began coverage on Veralto in a research note on Tuesday, May 6th. They set a "buy" rating and a $110.00 target price for the company. Citigroup cut their price target on Veralto from $116.00 to $100.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Finally, Stifel Nicolaus set a $120.00 price target on Veralto and gave the company a "buy" rating in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $114.00.

Veralto Price Performance

Veralto stock traded down $1.18 during trading hours on Wednesday, reaching $103.65. 260,139 shares of the stock were exchanged, compared to its average volume of 1,399,129. The company has a market cap of $25.72 billion, a P/E ratio of 28.95, a price-to-earnings-growth ratio of 4.12 and a beta of 0.91. The company has a current ratio of 2.32, a quick ratio of 1.92 and a debt-to-equity ratio of 1.00. Veralto has a twelve month low of $83.86 and a twelve month high of $115.00. The stock has a 50 day moving average of $101.07 and a two-hundred day moving average of $98.59.

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

Insider Activity

In other news, SVP Surekha Trivedi sold 848 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $100.55, for a total value of $85,266.40. Following the transaction, the senior vice president directly owned 8,433 shares of the company's stock, valued at $847,938.15. The trade was a 9.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Lesley Beneteau sold 458 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $100.84, for a total value of $46,184.72. Following the completion of the sale, the senior vice president 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 have sold 3,806 shares of company stock valued at $381,351 in the last ninety days. 0.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veralto

Hedge funds have recently modified their holdings of the company. Bernard Wealth Management Corp. bought a new position in shares of Veralto during the 4th quarter worth approximately $25,000. Harbor Asset Planning Inc. bought a new position in shares of Veralto during the 2nd quarter worth approximately $26,000. Truvestments Capital LLC grew its position in shares of Veralto by 148.5% during the 1st quarter. Truvestments Capital LLC now owns 328 shares of the company's stock valued at $32,000 after acquiring an additional 196 shares during the period. Opal Wealth Advisors LLC bought a new position in shares of Veralto during the 1st quarter valued at approximately $45,000. Finally, Ameritas Advisory Services LLC bought a new position in shares of Veralto during the 2nd quarter valued at approximately $51,000. Institutional investors own 91.28% 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.