Veralto (NYSE:VLTO) Given New $117.00 Price Target at Stifel Nicolaus

Veralto (NYSE:VLTO) had its price target dropped by research analysts at Stifel Nicolaus from $119.00 to $117.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ target price indicates a potential upside of 10.59% from the company’s previous close.

Several other research firms have also recently weighed in on VLTO. BMO Capital Markets boosted their price target on Veralto from $117.00 to $119.00 and gave the stock an “outperform” rating in a report on Monday, September 30th. Royal Bank of Canada increased their target price on shares of Veralto from $108.00 to $111.00 and gave the company a “sector perform” rating in a research report on Friday, October 25th. Finally, UBS Group started coverage on shares of Veralto in a report on Tuesday, August 13th. They issued a “neutral” rating and a $118.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Veralto has an average rating of “Hold” and an average target price of $108.09.

Veralto Price Performance

Veralto stock traded down $0.59 during midday trading on Wednesday, reaching $105.80. The company’s stock had a trading volume of 168,781 shares, compared to its average volume of 1,512,161. Veralto has a 52 week low of $73.91 and a 52 week high of $115.00. 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 business has a 50-day moving average price of $107.48 and a 200-day moving average price of $105.21. The stock has a market cap of $26.17 billion, a PE ratio of 32.88, a price-to-earnings-growth ratio of 4.39 and a beta of 0.91.

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

Insider Activity

In related news, CEO Jennifer Honeycutt sold 13,190 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $110.15, for a total value of $1,452,878.50. Following the sale, the chief executive officer now owns 138,546 shares in the company, valued at $15,260,841.90. This represents a 8.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Surekha Trivedi sold 752 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $102.91, for a total transaction of $77,388.32. Following the completion of the sale, the senior vice president now owns 10,413 shares in the company, valued at $1,071,601.83. This represents a 6.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,695 shares of company stock worth $1,615,017. Company insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Veralto

Institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp increased its stake in Veralto by 9.8% in the 3rd quarter. State Street Corp now owns 9,599,499 shares of the company’s stock valued at $1,074,654,000 after buying an additional 860,608 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Veralto by 207.2% during the 3rd quarter. Principal Financial Group Inc. now owns 1,122,898 shares of the company’s stock valued at $125,608,000 after acquiring an additional 757,389 shares during the period. Geode Capital Management LLC grew its position in shares of Veralto by 10.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,868,620 shares of the company’s stock valued at $654,232,000 after acquiring an additional 558,393 shares during the period. Jacobs Levy Equity Management Inc. grew its position in shares of Veralto by 29.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,864,038 shares of the company’s stock valued at $208,511,000 after acquiring an additional 418,588 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in shares of Veralto during the 2nd quarter valued at approximately $24,618,000. Institutional investors and hedge funds own 91.28% of the company’s stock.

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.