Eastern Bank Has $24.12 Million Stock Holdings in Veralto Corporation $VLTO

Key Points

• Eastern Bank increased its stake in Veralto Corporation (NYSE: VLTO) by 56.5%, holding approximately $24.12 million worth of the stock by the end of the second quarter.
• Brokerages have a consensus rating of "Moderate Buy" for Veralto, with a target price of $113.43 and six analysts rating it as a Buy.
• The company reported Q2 earnings of $0.93 per share, surpassing expectations, with revenue of $1.37 billion, showing a 6.4% increase from the previous year.

Eastern Bank lifted its stake in shares of Veralto Corporation (NYSE:VLTO - Free Report) by 56.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 238,930 shares of the company's stock after purchasing an additional 86,212 shares during the period. Eastern Bank owned approximately 0.10% of Veralto worth $24,120,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Veralto by 1.3% during the first quarter. Vanguard Group Inc. now owns 29,737,470 shares of the company's stock worth $2,897,916,000 after purchasing an additional 390,285 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of Veralto by 8.3% during the first quarter. T. Rowe Price Investment Management Inc. now owns 10,541,438 shares of the company's stock worth $1,027,264,000 after purchasing an additional 811,843 shares during the period. Alliancebernstein L.P. raised its position in shares of Veralto by 28.0% during the first quarter. Alliancebernstein L.P. now owns 6,235,563 shares of the company's stock worth $607,656,000 after purchasing an additional 1,363,502 shares during the period. Invesco Ltd. raised its position in shares of Veralto by 6.9% during the first quarter. Invesco Ltd. now owns 4,856,071 shares of the company's stock worth $473,224,000 after purchasing an additional 314,704 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Veralto by 13.6% during the first quarter. Bank of New York Mellon Corp now owns 4,259,348 shares of the company's stock valued at $415,074,000 after buying an additional 509,104 shares in the last quarter. 91.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on VLTO. Robert W. Baird raised their price objective on Veralto from $106.00 to $112.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 30th. Raymond James Financial began coverage on Veralto in a research note on Tuesday, August 26th. They set a "market perform" rating on the stock. Barclays lowered their target price on Veralto from $120.00 to $119.00 and set an "overweight" rating on the stock in a research note on Monday. Stifel Nicolaus set a $120.00 target price on Veralto and gave the company a "buy" rating in a research note on Wednesday, July 30th. Finally, Weiss Ratings raised Veralto from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $113.43.

Insider Activity

In other news, CEO Jennifer Honeycutt sold 10,646 shares of the company's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $106.26, for a total transaction of $1,131,243.96. Following the completion of the sale, the chief executive officer owned 106,219 shares in the company, valued at approximately $11,286,830.94. This represents a 9.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.36% of the company's stock.

Veralto Stock Performance

Shares of NYSE VLTO opened at $101.72 on Friday. The business's 50-day moving average price is $106.58 and its two-hundred day moving average price is $100.94. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.32 and a quick ratio of 2.06. Veralto Corporation has a one year low of $83.86 and a one year high of $115.00. The company has a market capitalization of $25.24 billion, a P/E ratio of 28.41, a price-to-earnings-growth ratio of 3.42 and a beta of 0.90.

Veralto (NYSE:VLTO - Get Free Report) last issued its earnings results on Monday, July 28th. The company reported $0.93 EPS for the quarter, beating analysts' consensus estimates of $0.89 by $0.04. Veralto had a return on equity of 41.45% and a net margin of 16.65%.The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the company posted $0.85 earnings per share. The business's quarterly revenue was up 6.4% compared to the same quarter last year. Veralto has set its FY 2025 guidance at 3.720-3.800 EPS. Q3 2025 guidance at 0.910-0.950 EPS. Analysts anticipate that Veralto Corporation will post 3.66 earnings per share for the current fiscal year.

Veralto Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Tuesday, September 30th. Veralto's dividend payout ratio is 12.29%.

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.

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