Fifth Third Bancorp Decreases Position in Veralto Corporation $VLTO

Key Points

• Fifth Third Bancorp decreased its holdings in Veralto Corporation by 5.8% in the 2nd quarter, leaving it with 45,912 shares valued at approximately $4.6 million.
• Veralto's stock is currently down 1.1%, with a market cap of $25.94 billion and a P/E ratio of 29.20.
• The company announced a quarterly dividend of $0.11 per share to be paid on October 31st, 2023, representing a yield of 0.4%.

Fifth Third Bancorp trimmed its holdings in shares of Veralto Corporation (NYSE:VLTO - Free Report) by 5.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,912 shares of the company's stock after selling 2,826 shares during the quarter. Fifth Third Bancorp's holdings in Veralto were worth $4,635,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Veralto by 1.3% in the 1st 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 in the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of Veralto by 8.3% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 10,541,438 shares of the company's stock valued at $1,027,264,000 after acquiring an additional 811,843 shares during the period. Alliancebernstein L.P. lifted its position in Veralto by 28.0% during the 1st quarter. Alliancebernstein L.P. now owns 6,235,563 shares of the company's stock worth $607,656,000 after acquiring an additional 1,363,502 shares during the period. Invesco Ltd. grew its stake in Veralto by 6.9% during the 1st quarter. Invesco Ltd. now owns 4,856,071 shares of the company's stock valued at $473,224,000 after purchasing an additional 314,704 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Veralto by 13.6% during the 1st quarter. Bank of New York Mellon Corp now owns 4,259,348 shares of the company's stock valued at $415,074,000 after purchasing an additional 509,104 shares during the last quarter. Institutional investors and hedge funds own 91.28% of the company's stock.

Veralto Stock Down 1.1%

Shares of VLTO opened at $104.52 on Friday. The company has a current ratio of 2.32, a quick ratio of 2.06 and a debt-to-equity ratio of 1.00. Veralto Corporation has a 12 month low of $83.86 and a 12 month high of $115.00. The stock's 50 day moving average is $106.26 and its two-hundred day moving average is $100.37. The firm has a market cap of $25.94 billion, a P/E ratio of 29.20, a PEG ratio of 3.51 and a beta of 0.91.

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

Veralto Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Tuesday, September 30th will be given 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%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on VLTO. Barclays initiated coverage on Veralto in a report on Friday, September 19th. They set an "overweight" rating and a $120.00 target price for the company. Stifel Nicolaus set a $120.00 price objective on shares of Veralto and gave the company a "buy" rating in a report on Wednesday, July 30th. Robert W. Baird raised their target price on shares of Veralto from $106.00 to $112.00 and gave the stock a "neutral" rating in a report on Wednesday, July 30th. Wolfe Research upgraded shares of Veralto from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 30th. Finally, Royal Bank Of Canada raised their target price on Veralto from $104.00 to $108.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Veralto presently has an average rating of "Moderate Buy" and an average price target of $114.25.

Insider Buying and Selling

In other Veralto news, CEO Jennifer Honeycutt sold 10,646 shares of the business's stock in a transaction that occurred on 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 directly owned 106,219 shares in the company, valued at approximately $11,286,830.94. The trade was a 9.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.36% of the company's stock.

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.

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