Citigroup Cuts Veralto (NYSE:VLTO) Price Target to $116.00

Veralto (NYSE:VLTO) had its price target cut by Citigroup from $118.00 to $116.00 in a report published on Monday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also weighed in on VLTO. Stifel Nicolaus reduced their price target on Veralto from $119.00 to $117.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. Royal Bank of Canada raised their price target on Veralto from $108.00 to $111.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. BMO Capital Markets upped their price objective on shares of Veralto from $117.00 to $119.00 and gave the company an “outperform” rating in a research note on Monday, September 30th. Finally, Jefferies Financial Group started coverage on shares of Veralto in a report on Thursday, December 12th. They set a “buy” rating and a $125.00 price objective on the stock. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $113.27.

Veralto Trading Up 0.0 %

Veralto stock opened at $102.41 on Monday. The stock has a market cap of $25.33 billion, a PE ratio of 31.61, a P/E/G ratio of 4.30 and a beta of 1.06. The company has a current ratio of 2.13, a quick ratio of 1.87 and a debt-to-equity ratio of 1.35. The stock has a 50-day moving average price of $104.14 and a 200 day moving average price of $105.74. Veralto has a 52 week low of $73.91 and a 52 week high of $115.00.

Veralto (NYSE:VLTO) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.04. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. Veralto had a net margin of 15.69% and a return on equity of 52.85%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.75 earnings per share. Equities research analysts predict that Veralto will post 3.48 earnings per share for the current fiscal year.

Veralto Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be issued a dividend of $0.11 per share. This is an increase from Veralto’s previous quarterly dividend of $0.09. This represents a $0.44 annualized dividend and a dividend yield of 0.43%. The ex-dividend date is Tuesday, December 31st. Veralto’s dividend payout ratio (DPR) is presently 13.58%.

Insiders Place Their Bets

In other news, SVP Surekha Trivedi sold 752 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $102.91, for a total transaction of $77,388.32. Following the transaction, the senior vice president now directly owns 10,413 shares of the company’s stock, valued at approximately $1,071,601.83. The trade was a 6.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.31% of the stock is owned by company insiders.

Institutional Investors Weigh In On Veralto

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Choreo LLC acquired a new stake in shares of Veralto during the second quarter valued at about $391,000. LPL Financial LLC grew its stake in Veralto by 2.3% during the 2nd quarter. LPL Financial LLC now owns 369,816 shares of the company’s stock valued at $35,306,000 after purchasing an additional 8,318 shares in the last quarter. American Century Companies Inc. increased its holdings in Veralto by 7.2% during the 2nd quarter. American Century Companies Inc. now owns 444,896 shares of the company’s stock worth $42,474,000 after purchasing an additional 30,021 shares during the last quarter. Meeder Advisory Services Inc. raised its position in shares of Veralto by 18.3% in the 2nd quarter. Meeder Advisory Services Inc. now owns 2,806 shares of the company’s stock valued at $268,000 after purchasing an additional 435 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its position in shares of Veralto by 46.1% during the second quarter. Oppenheimer Asset Management Inc. now owns 3,591 shares of the company’s stock worth $343,000 after buying an additional 1,133 shares in the last quarter. Hedge funds and other 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.