ING Groep NV Raises Stock Position in Veralto Corporation (NYSE:VLTO)

Key Points

• ING Groep NV increased its stake in Veralto Corporation by 12.1% during Q1, owning 211,879 shares valued at approximately $20.6 million.
• Veralto Corporation reported a net income growth of 6.4% year-over-year, with earnings of $0.93 per share, beating analysts' expectations.
• The company recently declared a quarterly dividend of $0.11 per share, resulting in an annual yield of 0.4%.

ING Groep NV raised its position in Veralto Corporation (NYSE:VLTO - Free Report) by 12.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 211,879 shares of the company's stock after buying an additional 22,893 shares during the period. ING Groep NV owned 0.09% of Veralto worth $20,648,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of VLTO. Brighton Jones LLC raised its stake in shares of Veralto by 16.1% during the 4th quarter. Brighton Jones LLC now owns 3,459 shares of the company's stock valued at $352,000 after purchasing an additional 479 shares during the period. O Shaughnessy Asset Management LLC boosted its position in shares of Veralto by 10.3% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 11,053 shares of the company's stock valued at $1,126,000 after acquiring an additional 1,032 shares during the period. Wellington Management Group LLP grew its stake in Veralto by 7.5% during the fourth quarter. Wellington Management Group LLP now owns 563,102 shares of the company's stock valued at $57,352,000 after acquiring an additional 39,342 shares in the last quarter. World Investment Advisors increased its holdings in Veralto by 56.7% during the 4th quarter. World Investment Advisors now owns 2,827 shares of the company's stock worth $288,000 after acquiring an additional 1,023 shares during the period. Finally, Wells Fargo & Company MN lifted its stake in Veralto by 0.8% in the 4th quarter. Wells Fargo & Company MN now owns 230,895 shares of the company's stock worth $23,517,000 after purchasing an additional 1,861 shares in the last quarter. Institutional investors own 91.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on VLTO. Robert W. Baird boosted their price objective on 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 an "outperform" rating in a report on Wednesday, July 30th. Northcoast Research started coverage on shares of Veralto in a research note on Tuesday, May 6th. They set a "buy" rating and a $110.00 price objective for the company. Citigroup cut their price target on shares of Veralto from $116.00 to $100.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Finally, Stifel Nicolaus set a $120.00 target price on shares of Veralto and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Veralto currently has an average rating of "Moderate Buy" and a consensus price target of $114.00.

Insiders Place Their Bets

In related news, SVP Mattias Bystrom sold 2,500 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $99.96, for a total value of $249,900.00. Following the completion of the transaction, the senior vice president owned 32,430 shares of the company's stock, valued at $3,241,702.80. The trade was a 7.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Surekha Trivedi sold 848 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $100.55, for a total transaction of $85,266.40. Following the completion of the transaction, the senior vice president owned 8,433 shares of the company's stock, valued at $847,938.15. This represents a 9.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,806 shares of company stock worth $381,351. 0.36% of the stock is currently owned by company insiders.

Veralto Price Performance

Shares of VLTO traded up $0.87 during midday trading on Wednesday, hitting $107.43. 1,081,781 shares of the company traded hands, compared to its average volume of 1,364,702. Veralto Corporation has a 52 week low of $83.86 and a 52 week high of $115.00. The company has a debt-to-equity ratio of 1.00, a quick ratio of 2.06 and a current ratio of 2.32. The firm has a 50 day moving average of $101.39 and a 200-day moving average of $98.63. The stock has a market cap of $26.66 billion, a price-to-earnings ratio of 30.01, a PEG ratio of 3.51 and a beta of 0.91.

Veralto (NYSE:VLTO - Get Free Report) last announced its quarterly 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. The firm had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.34 billion. Veralto had a net margin of 16.65% and a return on equity of 41.45%. The firm's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.85 EPS. On average, analysts forecast that Veralto Corporation will post 3.66 EPS for the current fiscal year.

Veralto Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 30th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Monday, June 30th. Veralto's dividend payout ratio is currently 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.