Meyer Handelman Co. Sells 5,666 Shares of Veralto Co. (NYSE:VLTO)

Meyer Handelman Co. trimmed its holdings in shares of Veralto Co. (NYSE:VLTO) by 35.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,326 shares of the company’s stock after selling 5,666 shares during the quarter. Meyer Handelman Co.’s holdings in Veralto were worth $1,155,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in VLTO. Oregon Public Employees Retirement Fund increased its stake in shares of Veralto by 0.5% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 18,861 shares of the company’s stock worth $1,801,000 after purchasing an additional 100 shares in the last quarter. Perkins Coie Trust Co raised its stake in shares of Veralto by 1.8% in the third quarter. Perkins Coie Trust Co now owns 7,253 shares of the company’s stock worth $811,000 after buying an additional 125 shares during the period. Sequoia Financial Advisors LLC lifted its position in shares of Veralto by 2.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 5,406 shares of the company’s stock valued at $516,000 after buying an additional 142 shares in the last quarter. Graypoint LLC grew its stake in shares of Veralto by 3.8% during the 2nd quarter. Graypoint LLC now owns 4,407 shares of the company’s stock valued at $421,000 after acquiring an additional 160 shares during the period. Finally, Mirador Capital Partners LP increased its holdings in Veralto by 2.3% in the 3rd quarter. Mirador Capital Partners LP now owns 7,147 shares of the company’s stock worth $799,000 after acquiring an additional 160 shares in the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on VLTO shares. BMO Capital Markets upped their price target on shares of Veralto from $117.00 to $119.00 and gave the stock an “outperform” rating in a research report on Monday, September 30th. Stifel Nicolaus raised their price target on Veralto from $110.00 to $117.00 and gave the company a “buy” rating in a report on Monday, July 29th. UBS Group initiated coverage on Veralto in a research note on Tuesday, August 13th. They issued a “neutral” rating and a $118.00 price objective for the company. TD Cowen lifted their target price on Veralto from $95.00 to $100.00 and gave the company a “hold” rating in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada upped their price target on Veralto from $101.00 to $108.00 and gave the stock a “sector perform” rating in a research note on Monday, July 29th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $105.67.

Veralto Price Performance

Veralto stock opened at $113.13 on Friday. Veralto Co. has a 52-week low of $65.51 and a 52-week high of $114.18. The company has a market cap of $27.93 billion and a price-to-earnings ratio of 35.46. The firm’s fifty day moving average is $109.82 and its 200 day moving average is $101.20. The company has a quick ratio of 1.70, a current ratio of 1.96 and a debt-to-equity ratio of 1.56.

Veralto (NYSE:VLTO) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.05. Veralto had a net margin of 15.60% and a return on equity of 58.82%. The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the firm earned $0.80 EPS. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. Sell-side analysts forecast that Veralto Co. will post 3.45 EPS for the current fiscal year.

Veralto Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be given a $0.09 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.36 dividend on an annualized basis and a yield of 0.32%. Veralto’s dividend payout ratio is presently 11.29%.

Insiders Place Their Bets

In other news, SVP Surekha Trivedi sold 753 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $106.72, for a total value of $80,360.16. Following the completion of the sale, the senior vice president now owns 12,671 shares in the company, valued at approximately $1,352,249.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Surekha Trivedi sold 753 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $106.72, for a total value of $80,360.16. Following the sale, the senior vice president now directly owns 12,671 shares in the company, valued at approximately $1,352,249.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Mattias Bystrom sold 3,000 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $105.89, for a total value of $317,670.00. Following the transaction, the senior vice president now owns 31,045 shares of the company’s stock, valued at approximately $3,287,355.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,039 shares of company stock valued at $4,310,335 over the last three months. 0.31% of the stock is owned by company 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.