Veralto (NYSE:VLTO) Stock Price Down 4.9%

Veralto Co. (NYSE:VLTO)’s stock price dropped 4.9% during mid-day trading on Wednesday . The company traded as low as $88.74 and last traded at $89.11. Approximately 753,496 shares changed hands during trading, a decline of 53% from the average daily volume of 1,588,291 shares. The stock had previously closed at $93.72.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on VLTO. Royal Bank of Canada lifted their target price 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. BNP Paribas started coverage on shares of Veralto in a research note on Tuesday, March 12th. They set an “outperform” rating and a $103.00 target price for the company. Stifel Nicolaus boosted their target price on shares of Veralto from $92.00 to $97.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Veralto in a research note on Wednesday, January 10th. They set a “hold” rating and a $79.00 target price for the company. Finally, Robert W. Baird boosted their price objective on shares of Veralto from $90.00 to $98.00 and gave the company a “neutral” rating in a research report on Thursday. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $95.18.

Veralto Stock Performance

The company has a 50-day moving average price of $88.53 and a two-hundred day moving average price of $80.36. The company has a current ratio of 1.64, a quick ratio of 1.40 and a debt-to-equity ratio of 1.89.

Veralto (NYSE:VLTO) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.76 by $0.08. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. The firm’s revenue was up 1.7% on a year-over-year basis. On average, equities analysts expect that Veralto Co. will post 3.26 earnings per share for the current year.

Veralto Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be given a dividend of $0.09 per share. 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 Buying and Selling

In related news, insider Mattias Bystrom sold 500 shares of the company’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 sale, the insider now directly owns 30,310 shares in the company, valued at approximately $2,609,691. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Veralto

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. acquired a new position in shares of Veralto in the fourth quarter valued at about $2,127,330,000. Capital International Investors acquired a new stake in Veralto during the fourth quarter worth about $538,324,000. Brown Advisory Inc. acquired a new stake in Veralto during the fourth quarter worth about $528,018,000. Impax Asset Management Group plc acquired a new stake in Veralto during the fourth quarter worth about $347,827,000. Finally, Norges Bank acquired a new stake in Veralto during the fourth quarter worth about $266,143,000. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

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.