HBK Sorce Advisory LLC Reduces Stock Position in Veralto Co. (NYSE:VLTO)

HBK Sorce Advisory LLC reduced its holdings in Veralto Co. (NYSE:VLTO) by 7.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,665 shares of the company’s stock after selling 293 shares during the period. HBK Sorce Advisory LLC’s holdings in Veralto were worth $325,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. bought a new stake in Veralto during the 4th quarter valued at about $2,127,330,000. Capital International Investors bought a new stake in Veralto during the 4th quarter valued at about $538,324,000. Brown Advisory Inc. bought a new stake in Veralto during the 4th quarter valued at about $528,018,000. Impax Asset Management Group plc bought a new stake in Veralto during the 4th quarter valued at about $347,827,000. Finally, Norges Bank bought a new stake in Veralto during the 4th quarter valued at about $266,143,000. 91.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on VLTO. BMO Capital Markets lifted their price objective on shares of Veralto from $97.00 to $101.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. Citigroup boosted their target price on shares of Veralto from $89.00 to $94.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Royal Bank of Canada reissued a “sector perform” rating and set a $101.00 target price on shares of Veralto in a research report on Friday, June 14th. The Goldman Sachs Group initiated coverage on shares of Veralto in a research report on Friday, March 22nd. They set a “buy” rating and a $104.00 target price on the stock. Finally, TD Cowen initiated coverage on shares of Veralto in a report on Monday, June 17th. They issued a “hold” rating and a $95.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.08.

Insiders Place Their Bets

In other Veralto news, SVP Melissa Aquino sold 8,041 shares of the stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $93.56, for a total transaction of $752,315.96. Following the completion of the transaction, the senior vice president now owns 20,761 shares of the company’s stock, valued at $1,942,399.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP Mattias Bystrom sold 302 shares of the stock in a transaction dated 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 owns 34,045 shares of the company’s stock, valued at $3,417,437.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Melissa Aquino sold 8,041 shares of the stock in a transaction dated Friday, April 26th. The stock was 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 approximately $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 VLTO traded down $0.17 during mid-day trading on Friday, reaching $98.46. The stock had a trading volume of 949,850 shares, compared to its average volume of 1,580,342. The company has a current ratio of 1.83, a quick ratio of 1.56 and a debt-to-equity ratio of 1.76. Veralto Co. has a 52-week low of $65.51 and a 52-week high of $102.58. The business’s fifty day moving average is $98.65 and its 200 day moving average is $90.09.

Veralto (NYSE:VLTO) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.08. The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Veralto’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, equities research analysts anticipate that Veralto Co. will post 3.37 earnings per share for the current year.

Veralto Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.37%. The ex-dividend date is Friday, June 28th.

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.