76,960 Shares in Veralto Corporation $VLTO Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments opened a new Veralto position in the third quarter, buying 76,960 shares valued at about $7.26 million. Institutional investors collectively own 91.28% of the company.
• Veralto beat quarterly earnings expectations, reporting $1.18 per share versus the $1.09 consensus, while revenue rose 7.5% year over year to $1.51 billion.
• Analysts maintain a Moderate Buy consensus with an average price target of $120.70; insiders sold about 46,025 shares worth nearly $4.98 million in the last quarter.

Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Veralto Corporation (NYSE:VLTO - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 76,960 shares of the company's stock, valued at approximately $7,259,000.

Several other institutional investors have also recently made changes to their positions in the stock. Highland Investment Advisors LLC purchased a new position in shares of Veralto in the second quarter valued at $32,000. Latitude Advisors LLC purchased a new stake in Veralto during the 3rd quarter worth about $47,000. North Star Investment Management Corp. boosted its stake in Veralto by 540.5% in the 3rd quarter. North Star Investment Management Corp. now owns 711 shares of the company's stock worth $67,000 after purchasing an additional 600 shares during the period. International Assets Investment Management LLC bought a new position in Veralto in the 1st quarter worth about $66,000. Finally, Root Financial Partners LLC bought a new position in Veralto in the 3rd quarter worth about $79,000. Hedge funds and other institutional investors own 91.28% of the company's stock.

Insider Transactions at Veralto

In other news, CAO Bernard M. Skeete sold 1,514 shares of the firm's stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $112.58, for a total transaction of $170,446.12. Following the sale, the chief accounting officer owned 4,760 shares in the company, valued at approximately $535,880.80. This trade represents a 24.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Surekha Trivedi sold 36,427 shares of the firm's stock in a transaction on Friday, October 30th. The shares were sold at an average price of $108.89, for a total transaction of $3,966,536.03. Following the sale, the senior vice president owned 8,565 shares in the company, valued at approximately $932,642.85. This trade represents a 80.96% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 46,025 shares of company stock valued at $4,977,963 in the last quarter. Insiders own 0.43% of the company's stock.

Veralto Stock Performance

Shares of VLTO opened at $117.07 on Thursday. The company has a market cap of $28.46 billion, a PE ratio of 28.98, a price-to-earnings-growth ratio of 3.22 and a beta of 0.51. The company has a current ratio of 2.03, a quick ratio of 1.61 and a debt-to-equity ratio of 0.83. The stock has a 50-day moving average price of $99.27 and a 200-day moving average price of $93.34. Veralto Corporation has a 12-month low of $80.03 and a 12-month high of $118.41.

Veralto (NYSE:VLTO - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The company reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.09. The company had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.50 billion. Veralto had a net margin of 17.27% and a return on equity of 35.08%. Veralto's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.99 earnings per share. As a group, equities analysts forecast that Veralto Corporation will post 4.51 earnings per share for the current fiscal year.

Veralto Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Wednesday, September 30th were issued a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. Veralto's dividend payout ratio is presently 12.87%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Citigroup upped their price target on Veralto from $107.00 to $120.00 and gave the company a "neutral" rating in a research report on Monday. Weiss Ratings upgraded shares of Veralto from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, October 19th. BNP Paribas Exane reaffirmed an "outperform" rating and set a $120.00 price objective (up from $115.00) on shares of Veralto in a research note on Thursday, July 30th. Stifel Nicolaus upped their target price on shares of Veralto from $113.00 to $132.00 and gave the stock a "buy" rating in a report on Monday. Finally, Royal Bank Of Canada upped their target price on shares of Veralto from $109.00 to $121.00 and gave the stock a "sector perform" rating in a report on Monday. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $120.70.

About Veralto

Veralto Corporation NYSE: VLTO is a global provider of technology, products and services that help customers manage water quality and improve the quality, safety and efficiency of packaged goods. The company serves municipal, industrial, commercial and consumer-facing markets through a portfolio of operating businesses.

Veralto's Water Quality segment provides instruments, software and services used to test, monitor and treat water and wastewater. Its brands include Hach, Trojan Technologies and ChemTreat, which support applications such as laboratory and field testing, disinfection, water treatment and industrial water management.

The company's Product Quality & Innovation segment supplies technologies used in product identification, packaging design, color management and quality inspection.

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