SouthState Corp Makes New Investment in Veralto Co. (NYSE:VLTO)

SouthState Corp bought a new stake in shares of Veralto Co. (NYSE:VLTO) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 3,234 shares of the company’s stock, valued at approximately $266,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Neville Rodie & Shaw Inc. bought a new stake in shares of Veralto during the 4th quarter valued at about $1,732,000. Anchor Investment Management LLC bought a new stake in shares of Veralto in the 4th quarter worth approximately $117,000. Park National Corp OH acquired a new position in Veralto during the 4th quarter valued at approximately $1,243,000. M&R Capital Management Inc. bought a new position in Veralto during the 4th quarter worth $70,000. Finally, Massmutual Trust Co. FSB ADV acquired a new stake in Veralto in the fourth quarter worth $285,000. 91.28% of the stock is owned by institutional investors and hedge funds.

Veralto Price Performance

VLTO traded up $2.04 during trading on Friday, reaching $95.89. The company had a trading volume of 940,032 shares, compared to its average volume of 1,920,957. The company has a current ratio of 1.83, a quick ratio of 1.56 and a debt-to-equity ratio of 1.76. Veralto Co. has a 12-month low of $65.51 and a 12-month high of $96.13. The firm’s 50-day simple moving average is $89.20 and its 200 day simple moving average is $80.93.

Veralto (NYSE:VLTO) last released its earnings results on Tuesday, April 23rd. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.08. The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Veralto’s quarterly revenue was up 1.7% compared to the same quarter last year. As a group, equities analysts forecast that Veralto Co. will post 3.34 earnings per share for the current fiscal year.

Veralto Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend was Wednesday, March 27th.

Analysts Set New Price Targets

Several brokerages have commented on VLTO. Stifel Nicolaus raised their price target on shares of Veralto from $92.00 to $97.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Royal Bank of Canada boosted their target price on Veralto from $78.00 to $91.00 and gave the stock a “sector perform” rating in a report on Thursday, February 8th. BMO Capital Markets lifted their price target on Veralto from $97.00 to $101.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th. Argus began coverage on Veralto in a report on Tuesday, January 9th. They issued a “buy” rating and a $90.00 price objective for the company. Finally, Citigroup boosted their price target on shares of Veralto from $89.00 to $94.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $95.18.

Insider Activity

In other news, SVP Melissa Aquino sold 8,041 shares of the stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $93.56, for a total value of $752,315.96. Following the completion of the sale, the senior vice president now directly owns 20,761 shares of the company’s stock, valued at $1,942,399.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Melissa Aquino sold 8,041 shares of Veralto stock in a transaction on Friday, April 26th. The stock was sold at an average price of $93.56, for a total transaction of $752,315.96. Following the completion of the sale, the senior vice president now owns 20,761 shares of the company’s stock, valued at $1,942,399.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Mattias Bystrom sold 500 shares of the company’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $86.10, for a total value of $43,050.00. Following the completion of the transaction, the insider now directly owns 30,310 shares in the company, valued at $2,609,691. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Veralto 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.