Retirement Systems of Alabama Cuts Stake in Veralto Corporation (NYSE:VLTO)

Retirement Systems of Alabama reduced its stake in shares of Veralto Corporation (NYSE:VLTO) by 0.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,144 shares of the company’s stock after selling 401 shares during the quarter. Retirement Systems of Alabama’s holdings in Veralto were worth $5,179,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in VLTO. Bernard Wealth Management Corp. bought a new stake in Veralto in the fourth quarter worth $25,000. OFI Invest Asset Management bought a new stake in Veralto in the fourth quarter worth $26,000. BankPlus Trust Department bought a new stake in Veralto in the fourth quarter worth $29,000. Lee Danner & Bass Inc. bought a new stake in Veralto in the fourth quarter worth $43,000. Finally, Murphy & Mullick Capital Management Corp bought a new stake in Veralto in the fourth quarter worth $44,000. 91.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on VLTO shares. Royal Bank Of Canada boosted their price target on shares of Veralto from $103.00 to $104.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 1st. Citigroup dropped their price objective on shares of Veralto from $116.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Stifel Nicolaus lifted their price objective on shares of Veralto from $102.00 to $104.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. Northcoast Research assumed coverage on shares of Veralto in a research note on Tuesday, May 6th. They set a “buy” rating and a $110.00 price objective for the company. Finally, Robert W. Baird lifted their price objective on shares of Veralto from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Veralto has a consensus rating of “Hold” and an average price target of $110.09.

Veralto Stock Up 1.9%

Shares of VLTO opened at $100.34 on Wednesday. The firm has a market capitalization of $24.87 billion, a P/E ratio of 28.67, a P/E/G ratio of 4.23 and a beta of 0.97. Veralto Corporation has a 12-month low of $83.87 and a 12-month high of $115.00. The company has a current ratio of 2.19, a quick ratio of 1.92 and a debt-to-equity ratio of 1.14. The firm has a fifty day moving average price of $97.26 and a 200-day moving average price of $98.61.

Veralto (NYSE:VLTO) last issued its earnings results on Tuesday, April 29th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.08. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.28 billion. Veralto had a net margin of 16.56% and a return on equity of 45.63%. The business’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.84 earnings per share. Equities research analysts expect that Veralto Corporation will post 3.66 earnings per share for the current year.

Veralto Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.44 annualized dividend and a dividend yield of 0.44%. Veralto’s payout ratio is currently 12.57%.

Insider Activity at Veralto

In related news, SVP Lesley Beneteau sold 458 shares of Veralto stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $100.84, for a total value of $46,184.72. Following the completion of the sale, the senior vice president now directly owns 13,571 shares in the company, valued at $1,368,499.64. The trade was a 3.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Melissa Aquino sold 31,689 shares of Veralto stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $93.67, for a total value of $2,968,308.63. Following the completion of the sale, the senior vice president now owns 17,434 shares of the company’s stock, valued at $1,633,042.78. The trade was a 64.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,503 shares of company stock worth $4,396,629 over the last three months. 0.36% of the stock is owned by corporate insiders.

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.