Sumitomo Mitsui Trust Group Inc. Raises Stake in Veralto Co. (NYSE:VLTO)

Sumitomo Mitsui Trust Group Inc. increased its position in Veralto Co. (NYSE:VLTO) by 3.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 613,625 shares of the company’s stock after buying an additional 20,532 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Veralto were worth $68,640,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of VLTO. Ashton Thomas Securities LLC acquired a new position in Veralto in the 3rd quarter valued at $25,000. Goodman Advisory Group LLC purchased a new stake in shares of Veralto in the second quarter valued at $26,000. Fairscale Capital LLC acquired a new position in Veralto in the second quarter valued at $30,000. Raleigh Capital Management Inc. lifted its position in Veralto by 692.3% during the third quarter. Raleigh Capital Management Inc. now owns 309 shares of the company’s stock worth $35,000 after buying an additional 270 shares during the period. Finally, LRI Investments LLC acquired a new stake in Veralto in the 1st quarter worth about $30,000. Hedge funds and other institutional investors own 91.28% of the company’s stock.

Veralto Stock Down 1.7 %

Shares of NYSE VLTO opened at $103.11 on Friday. The firm has a market cap of $25.50 billion and a price-to-earnings ratio of 32.35. Veralto Co. has a 1 year low of $70.06 and a 1 year high of $115.00. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.87 and a current ratio of 2.13. The stock’s 50-day simple moving average is $108.83 and its 200-day simple moving average is $104.01.

Veralto (NYSE:VLTO) last announced its earnings results on Wednesday, October 23rd. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.04. Veralto had a return on equity of 52.85% and a net margin of 15.69%. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the prior year, the company posted $0.75 EPS. Veralto’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities analysts anticipate that Veralto Co. will post 3.48 earnings per share for the current fiscal year.

Veralto Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, September 27th were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend was Friday, September 27th. Veralto’s dividend payout ratio is currently 11.11%.

Insider Transactions at Veralto

In other news, SVP Surekha Trivedi sold 752 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $102.91, for a total value of $77,388.32. Following the completion of the sale, the senior vice president now directly owns 10,413 shares in the company, valued at approximately $1,071,601.83. The trade was a 6.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jennifer Honeycutt sold 13,190 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $110.15, for a total value of $1,452,878.50. Following the transaction, the chief executive officer now owns 138,546 shares in the company, valued at $15,260,841.90. This trade represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 36,038 shares of company stock valued at $3,989,693. Insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on VLTO. The Goldman Sachs Group increased their price objective on shares of Veralto from $104.00 to $116.00 and gave the stock a “buy” rating in a report on Monday, July 29th. TD Cowen boosted their price objective on shares of Veralto from $95.00 to $100.00 and gave the company a “hold” rating in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their price target on Veralto from $100.00 to $109.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Stifel Nicolaus boosted their target price on Veralto from $117.00 to $119.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Finally, Royal Bank of Canada increased their price objective on shares of Veralto from $108.00 to $111.00 and gave the stock a “sector perform” rating in a research report on Friday, October 25th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $108.27.

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.