Summit Global Investments Makes New Investment in Veralto Co. (NYSE:VLTO)

Summit Global Investments acquired a new stake in shares of Veralto Co. (NYSE:VLTO - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 7,376 shares of the company's stock, valued at approximately $719,000.

Several other large investors also recently added to or reduced their stakes in the business. David Wealth Management LLC purchased a new stake in Veralto during the fourth quarter valued at about $1,013,000. Elo Mutual Pension Insurance Co raised its position in Veralto by 15.5% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 25,236 shares of the company's stock valued at $2,570,000 after purchasing an additional 3,392 shares in the last quarter. Figure 8 Investment Strategies LLC purchased a new stake in Veralto during the fourth quarter valued at about $1,446,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Veralto by 4.1% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,967 shares of the company's stock valued at $302,000 after purchasing an additional 117 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its position in Veralto by 12.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 100,376 shares of the company's stock valued at $10,223,000 after purchasing an additional 11,026 shares in the last quarter. Institutional investors own 91.28% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on VLTO. Royal Bank of Canada raised 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. Northcoast Research began coverage on Veralto in a research note on Tuesday, May 6th. They issued a "buy" rating and a $110.00 target price for the company. Citigroup lowered their target price on Veralto from $116.00 to $100.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Stifel Nicolaus boosted their target price on Veralto from $102.00 to $104.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Finally, Robert W. Baird boosted their price target on Veralto from $105.00 to $106.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $110.09.

Veralto Stock Up 0.6%

Shares of VLTO stock traded up $0.56 during midday trading on Thursday, reaching $99.48. 866,946 shares of the stock were exchanged, compared to its average volume of 1,449,558. The company has a current ratio of 1.92, a quick ratio of 1.69 and a debt-to-equity ratio of 1.27. The company's 50 day moving average is $95.27 and its two-hundred day moving average is $99.43. Veralto Co. has a 1 year low of $83.87 and a 1 year high of $115.00. The firm has a market cap of $24.66 billion, a PE ratio of 29.78, a price-to-earnings-growth ratio of 4.24 and a beta of 0.99.

Veralto (NYSE:VLTO - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $0.95 EPS for the quarter, topping analysts' consensus estimates of $0.87 by $0.08. Veralto had a return on equity of 49.29% and a net margin of 16.04%. The firm had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.28 billion. During the same period in the previous year, the firm posted $0.84 EPS. The business's revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research analysts predict that Veralto Co. will post 3.66 EPS for the current year.

Veralto Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be given a $0.11 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.44 annualized dividend and a yield of 0.44%. Veralto's dividend payout ratio (DPR) is presently 12.57%.

Insider Activity at Veralto

In related news, CEO Jennifer Honeycutt sold 10,414 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $98.56, for a total value of $1,026,403.84. Following the transaction, the chief executive officer now directly owns 116,637 shares of the company's stock, valued at approximately $11,495,742.72. This represents a 8.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Surekha Trivedi sold 590 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $97.05, for a total value of $57,259.50. Following the transaction, the senior vice president now directly owns 10,011 shares in the company, valued at $971,567.55. The trade was a 5.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,917 shares of company stock valued at $5,423,033. 0.36% of the stock is owned by corporate insiders.

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.