Veralto (NYSE:VLTO) Issues Q3 Earnings Guidance

Veralto (NYSE:VLTO) updated its third quarter earnings guidance on Thursday. The company provided EPS guidance of $0.82-0.86 for the period, compared to the consensus EPS estimate of $0.82. Veralto also updated its FY 2024 guidance to 3.370-3.450 EPS.

Veralto Stock Up 5.3 %

Veralto stock traded up $5.26 during midday trading on Friday, hitting $104.87. 2,971,930 shares of the stock were exchanged, compared to its average volume of 1,581,389. Veralto has a 52-week low of $65.51 and a 52-week high of $107.86. The business’s 50-day moving average price is $98.99 and its 200-day moving average price is $90.99. The company has a quick ratio of 1.56, a current ratio of 1.83 and a debt-to-equity ratio of 1.76.

Veralto (NYSE:VLTO) last posted its earnings results on Thursday, July 25th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.04. The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. The business’s revenue was up 2.8% on a year-over-year basis. During the same period last year, the company posted $0.80 EPS. Sell-side analysts predict that Veralto will post 3.37 EPS for the current fiscal year.

Veralto Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, June 28th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.34%. The ex-dividend date is Friday, June 28th.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on VLTO shares. Robert W. Baird increased their price target on shares of Veralto from $90.00 to $98.00 and gave the company a neutral rating in a research report on Thursday, April 25th. TD Cowen assumed coverage on shares of Veralto in a research note on Monday, June 17th. They issued a hold rating and a $95.00 price target for the company. Stifel Nicolaus raised their price objective on shares of Veralto from $100.00 to $110.00 and gave the company a buy rating in a research note on Thursday, July 18th. BMO Capital Markets raised their price objective on shares of Veralto from $97.00 to $101.00 and gave the company an outperform rating in a research note on Thursday, April 25th. Finally, Royal Bank of Canada reiterated a sector perform rating and issued a $101.00 price target on shares of Veralto in a research note on Friday, June 14th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $97.08.

Insiders Place Their Bets

In related news, SVP Mattias Bystrom sold 302 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $100.38, for a total value of $30,314.76. Following the completion of the sale, the senior vice president now owns 34,045 shares of the company’s stock, valued at approximately $3,417,437.10. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.31% of the stock is currently owned by insiders.

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.