Veralto (NYSE:VLTO) Given New $116.00 Price Target at Citigroup

Veralto (NYSE:VLTO) had its target price cut by investment analysts at Citigroup from $118.00 to $116.00 in a report issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price objective would suggest a potential upside of 15.76% from the company’s previous close.

Several other research firms have also weighed in on VLTO. BMO Capital Markets upped their price target on Veralto from $117.00 to $119.00 and gave the company an “outperform” rating in a research report on Monday, September 30th. Stifel Nicolaus lowered their target price on Veralto from $119.00 to $117.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. Jefferies Financial Group initiated coverage on Veralto in a research note on Thursday, December 12th. They issued a “buy” rating and a $125.00 target price on the stock. Finally, Royal Bank of Canada boosted their target price on Veralto from $108.00 to $111.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Veralto presently has a consensus rating of “Hold” and a consensus price target of $113.27.

Veralto Stock Up 0.1 %

NYSE:VLTO traded up $0.11 during trading hours on Monday, hitting $100.21. 541,728 shares of the company’s stock traded hands, compared to its average volume of 1,075,732. The firm has a market cap of $24.78 billion, a P/E ratio of 30.93, a P/E/G ratio of 4.30 and a beta of 1.06. Veralto has a twelve month low of $73.91 and a twelve month high of $115.00. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.87 and a current ratio of 2.13. The stock’s fifty day moving average price is $104.19 and its two-hundred day moving average price is $105.67.

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

Insider Buying and Selling

In related news, SVP Surekha Trivedi sold 752 shares of the firm’s stock in a transaction that occurred on 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 transaction, the senior vice president now owns 10,413 shares in the company, valued at $1,071,601.83. This trade represents a 6.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Veralto

Several hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp lifted its position in shares of Veralto by 9.8% during the 3rd quarter. State Street Corp now owns 9,599,499 shares of the company’s stock worth $1,074,654,000 after buying an additional 860,608 shares during the period. Geode Capital Management LLC increased its holdings in 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 purchasing an additional 558,393 shares in the last quarter. Nordea Investment Management AB increased its holdings in Veralto by 34.6% during the 4th quarter. Nordea Investment Management AB now owns 3,923,747 shares of the company’s stock valued at $400,928,000 after purchasing an additional 1,009,170 shares in the last quarter. FMR LLC increased its holdings in Veralto by 5.1% during the 3rd quarter. FMR LLC now owns 3,329,717 shares of the company’s stock valued at $372,462,000 after purchasing an additional 162,347 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in Veralto by 0.4% during the 3rd quarter. Janus Henderson Group PLC now owns 2,885,996 shares of the company’s stock valued at $322,827,000 after purchasing an additional 11,430 shares in the last quarter. 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.