Sanibel Captiva Trust Company Inc. Trims Stake in Veralto Co. (NYSE:VLTO)

Sanibel Captiva Trust Company Inc. lessened its holdings in Veralto Co. (NYSE:VLTO) by 13.0% during the first quarter, Holdings Channel.com reports. The firm owned 2,724 shares of the company’s stock after selling 407 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in Veralto were worth $265,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Bernard Wealth Management Corp. purchased a new stake in shares of Veralto during the fourth quarter valued at approximately $25,000. OFI Invest Asset Management purchased a new stake in shares of Veralto during the fourth quarter valued at approximately $26,000. BankPlus Trust Department purchased a new stake in shares of Veralto during the fourth quarter valued at approximately $29,000. Lee Danner & Bass Inc. purchased a new stake in shares of Veralto during the fourth quarter valued at approximately $43,000. Finally, Murphy & Mullick Capital Management Corp bought a new position in Veralto during the fourth quarter valued at approximately $44,000. Hedge funds and other institutional investors own 91.28% of the company’s stock.

Analysts Set New Price Targets

VLTO has been the topic of a number of research analyst reports. Northcoast Research initiated coverage on shares of Veralto in a research report on Tuesday, May 6th. They set a “buy” rating and a $110.00 price objective on the stock. Citigroup lowered their price objective on shares of Veralto from $116.00 to $100.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Robert W. Baird increased their price objective on shares of Veralto from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. Royal Bank of Canada increased their price objective on shares of Veralto from $103.00 to $104.00 and gave the company a “sector perform” rating in a research report on Thursday, May 1st. Finally, Stifel Nicolaus increased their price objective on shares of Veralto from $102.00 to $104.00 and gave the company a “buy” rating in a research report on Thursday, May 1st. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $110.09.

Insider Buying and Selling at Veralto

In other news, CEO Jennifer Honeycutt sold 10,414 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $98.56, for a total value of $1,026,403.84. Following the sale, the chief executive officer now directly owns 116,637 shares in the company, valued at $11,495,742.72. The trade was a 8.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Surekha Trivedi sold 848 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $100.55, for a total transaction of $85,266.40. Following the completion of the sale, the senior vice president now owns 8,433 shares in the company, valued at approximately $847,938.15. This trade represents a 9.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 56,917 shares of company stock worth $5,423,033. Insiders own 0.36% of the company’s stock.

Veralto Trading Down 1.7%

Shares of Veralto stock opened at $98.22 on Thursday. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.92 and a quick ratio of 1.69. Veralto Co. has a 1-year low of $83.87 and a 1-year high of $115.00. The company’s fifty day simple moving average is $95.65 and its 200-day simple moving average is $99.27. The stock has a market capitalization of $24.34 billion, a PE ratio of 29.41, a P/E/G ratio of 4.24 and a beta of 0.97.

Veralto (NYSE:VLTO) last released its earnings results on Tuesday, April 29th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.08. Veralto had a net margin of 16.04% and a return on equity of 49.29%. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the previous year, the company earned $0.84 EPS. Veralto’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, equities analysts anticipate that Veralto Co. will post 3.66 earnings per share for the current year.

Veralto Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be issued a $0.11 dividend. The ex-dividend date is Monday, June 30th. This represents a $0.44 dividend on an annualized basis and a yield of 0.45%. Veralto’s dividend payout ratio is currently 12.57%.

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.