IMS Capital Management Trims Stake in Veralto Co. (NYSE:VLTO)

IMS Capital Management reduced its position in Veralto Co. (NYSE:VLTO) by 21.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 2,558 shares of the company’s stock after selling 693 shares during the period. IMS Capital Management’s holdings in Veralto were worth $227,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Global Retirement Partners LLC increased its position in Veralto by 3.2% in the 1st quarter. Global Retirement Partners LLC now owns 3,966 shares of the company’s stock valued at $352,000 after acquiring an additional 123 shares during the period. Perkins Coie Trust Co increased its position in Veralto by 2.7% during the 1st quarter. Perkins Coie Trust Co now owns 6,977 shares of the company’s stock worth $618,000 after purchasing an additional 185 shares during the period. Czech National Bank increased its position in Veralto by 0.5% during the 1st quarter. Czech National Bank now owns 38,585 shares of the company’s stock worth $3,421,000 after purchasing an additional 192 shares during the period. Equitable Trust Co. increased its position in Veralto by 4.6% during the 1st quarter. Equitable Trust Co. now owns 4,880 shares of the company’s stock worth $433,000 after purchasing an additional 213 shares during the period. Finally, Motco increased its position in Veralto by 53.7% during the 1st quarter. Motco now owns 610 shares of the company’s stock worth $54,000 after purchasing an additional 213 shares during the period. 91.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group upped their price target on Veralto from $104.00 to $116.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Stifel Nicolaus upped their price target on Veralto from $110.00 to $117.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Citigroup upped their price target on Veralto from $89.00 to $94.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. TD Cowen upped their price target on Veralto from $95.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday. Finally, Robert W. Baird upped their target price on Veralto from $98.00 to $112.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Veralto currently has a consensus rating of “Moderate Buy” and an average target price of $103.33.

Insiders Place Their Bets

In other Veralto news, SVP Mattias Bystrom sold 302 shares of Veralto stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $100.38, for a total transaction of $30,314.76. Following the transaction, the senior vice president now directly owns 34,045 shares in the company, valued at approximately $3,417,437.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Jennifer Honeycutt 13,191 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Mattias Bystrom sold 302 shares of Veralto stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $100.38, for a total transaction of $30,314.76. Following the sale, the senior vice president now directly owns 34,045 shares of the company’s stock, valued at approximately $3,417,437.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,055 shares of company stock worth $428,345. Corporate insiders own 0.31% of the company’s stock.

Veralto Stock Down 1.7 %

Shares of VLTO stock traded down $1.86 during trading hours on Friday, hitting $104.84. 1,698,801 shares of the company were exchanged, compared to its average volume of 1,388,023. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.56 and a current ratio of 1.96. Veralto Co. has a one year low of $65.51 and a one year high of $107.86. The business’s 50-day simple moving average is $99.58 and its two-hundred day simple moving average is $92.15. The stock has a market capitalization of $25.91 billion and a price-to-earnings ratio of 32.24.

Veralto (NYSE:VLTO) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.05. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. Veralto had a net margin of 15.60% and a return on equity of 58.82%. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter last year, the business earned $0.80 earnings per share. Sell-side analysts predict that Veralto Co. will post 3.45 EPS for the current fiscal year.

Veralto Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.34%. The ex-dividend date was Friday, June 28th.

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.