Penobscot Investment Management Company Inc. Sells 135 Shares of Veralto Corporation (NYSE:VLTO)

Penobscot Investment Management Company Inc. lowered its stake in shares of Veralto Corporation (NYSE:VLTO) by 1.4% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 9,272 shares of the company’s stock after selling 135 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Veralto were worth $904,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in VLTO. Value Partners Investments Inc. raised its stake in shares of Veralto by 100.6% in the first quarter. Value Partners Investments Inc. now owns 4,473 shares of the company’s stock worth $436,000 after purchasing an additional 2,243 shares during the last quarter. Spire Wealth Management raised its stake in shares of Veralto by 15.6% in the first quarter. Spire Wealth Management now owns 3,172 shares of the company’s stock worth $309,000 after purchasing an additional 428 shares during the last quarter. Lecap Asset Management Ltd. purchased a new stake in shares of Veralto in the first quarter worth approximately $3,769,000. Kirr Marbach & Co. LLC IN raised its stake in shares of Veralto by 0.6% in the first quarter. Kirr Marbach & Co. LLC IN now owns 79,521 shares of the company’s stock worth $7,758,000 after purchasing an additional 485 shares during the last quarter. Finally, Community Financial Services Group LLC raised its stake in shares of Veralto by 3.1% in the first quarter. Community Financial Services Group LLC now owns 53,344 shares of the company’s stock worth $5,198,000 after purchasing an additional 1,615 shares during the last quarter. 91.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Robert W. Baird increased their price objective on Veralto from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. Citigroup decreased their price target on Veralto from $116.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Stifel Nicolaus increased their price target on Veralto from $102.00 to $104.00 and gave the company a “buy” rating in a research report on Thursday, May 1st. Northcoast Research initiated coverage on Veralto in a research report on Tuesday, May 6th. They set a “buy” rating and a $110.00 price target for the company. Finally, Royal Bank Of Canada increased their price target on Veralto from $103.00 to $104.00 and gave the company a “sector perform” rating in a research report on Thursday, May 1st. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Veralto presently has a consensus rating of “Hold” and an average price target of $110.09.

Insider Transactions at Veralto

In other news, SVP Surekha Trivedi sold 848 shares of Veralto stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $100.55, for a total value of $85,266.40. Following the completion of the transaction, the senior vice president now directly owns 8,433 shares in the company, valued at approximately $847,938.15. The trade was a 9.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Lesley Beneteau sold 458 shares of Veralto stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $100.84, for a total value of $46,184.72. Following the completion of the transaction, the senior vice president now owns 13,571 shares of the company’s stock, valued at approximately $1,368,499.64. This trade represents a 3.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,503 shares of company stock valued at $4,396,629 over the last three months. Company insiders own 0.36% of the company’s stock.

Veralto Stock Performance

NYSE:VLTO opened at $101.31 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.19 and a quick ratio of 1.92. The business has a fifty day simple moving average of $97.71 and a two-hundred day simple moving average of $98.58. Veralto Corporation has a 1 year low of $83.87 and a 1 year high of $115.00. The company has a market capitalization of $25.11 billion, a P/E ratio of 28.94, a P/E/G ratio of 4.31 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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.08. Veralto had a return on equity of 45.63% and a net margin of 16.56%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the business posted $0.84 earnings per share. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, analysts expect that Veralto Corporation will post 3.66 earnings per share for the current year.

Veralto Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Monday, June 30th. Veralto’s dividend payout ratio is currently 12.57%.

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.