Glassman Wealth Services Makes New Investment in Veralto Co. (NYSE:VLTO)

Glassman Wealth Services acquired a new position in shares of Veralto Co. (NYSE:VLTO) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 417 shares of the company’s stock, valued at approximately $34,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Primecap Management Co. CA bought a new stake in Veralto in the 4th quarter valued at approximately $2,230,000. Johnson Financial Group Inc. bought a new stake in shares of Veralto in the fourth quarter worth $27,000. Nomura Asset Management Co. Ltd. acquired a new position in Veralto during the fourth quarter worth $6,861,000. Orion Portfolio Solutions LLC bought a new position in Veralto in the fourth quarter valued at $3,202,000. Finally, Northstar Asset Management Inc. bought a new stake in Veralto during the 4th quarter worth about $802,000. 91.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Veralto

In other Veralto 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 $2,609,691. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Mattias Bystrom sold 500 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $86.10, for a total value of $43,050.00. Following the completion of the transaction, the insider now owns 30,310 shares of the company’s stock, valued at $2,609,691. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Melissa Aquino sold 8,041 shares of Veralto stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $93.56, for a total transaction of $752,315.96. Following the sale, the senior vice president now directly owns 20,761 shares in the company, valued at $1,942,399.16. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

Veralto Price Performance

Shares of NYSE VLTO traded down $0.54 during midday trading on Thursday, reaching $93.84. The company’s stock had a trading volume of 1,265,861 shares, compared to its average volume of 1,609,022. The company has a market cap of $23.16 billion and a P/E ratio of 26.14. Veralto Co. has a fifty-two week low of $65.51 and a fifty-two week high of $95.56. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.56 and a current ratio of 1.83. The business’s 50 day moving average price is $89.04 and its two-hundred day moving average price is $80.84.

Veralto (NYSE:VLTO) last issued its quarterly earnings results on Tuesday, April 23rd. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.08. The company had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, analysts forecast that Veralto Co. will post 3.34 EPS for the current fiscal year.

Veralto Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Thursday, March 28th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.36 annualized dividend and a dividend yield of 0.38%. Veralto’s dividend payout ratio is 10.03%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Robert W. Baird lifted their target price on Veralto from $90.00 to $98.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. The Goldman Sachs Group assumed coverage on Veralto in a report on Friday, March 22nd. They issued a “buy” rating and a $104.00 price objective for the company. Royal Bank of Canada lifted their price objective on shares of Veralto from $78.00 to $91.00 and gave the company a “sector perform” rating in a research report on Thursday, February 8th. Deutsche Bank Aktiengesellschaft assumed coverage on Veralto in a research note on Wednesday, January 10th. They issued a “hold” rating and a $79.00 price objective on the stock. Finally, BMO Capital Markets lifted their target price on shares of Veralto from $97.00 to $101.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Veralto has a consensus rating of “Moderate Buy” and a consensus price target of $95.18.

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.