Jupiter Asset Management Ltd. Raises Stock Position in Veralto Corporation (NYSE:VLTO)

Key Points

• Jupiter Asset Management Ltd. increased its holdings in Veralto Corporation by 10.3% during the first quarter, bringing their total shares to 330,780 valued at approximately $32.2 million.
• Veralto reported a quarterly earnings per share (EPS) of $0.93, surpassing analyst estimates of $0.89, with a revenue of $1.37 billion which is up 6.4% year-over-year.
• The company recently declared a quarterly dividend of $0.11 per share, reflecting an annualized dividend yield of 0.4%.

Jupiter Asset Management Ltd. grew its holdings in Veralto Corporation (NYSE:VLTO - Free Report) by 10.3% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 330,780 shares of the company's stock after buying an additional 30,790 shares during the period. Jupiter Asset Management Ltd. owned 0.13% of Veralto worth $32,235,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in VLTO. Geode Capital Management LLC grew its position in Veralto by 12.5% during the fourth quarter. Geode Capital Management LLC now owns 6,601,676 shares of the company's stock worth $670,781,000 after buying an additional 733,056 shares during the period. Invesco Ltd. grew its position in Veralto by 9.7% during the fourth quarter. Invesco Ltd. now owns 4,541,367 shares of the company's stock worth $462,538,000 after buying an additional 401,228 shares during the period. Bank of New York Mellon Corp grew its position in 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 worth $415,074,000 after buying an additional 509,104 shares during the period. Northern Trust Corp grew its position in Veralto by 15.8% during the fourth quarter. Northern Trust Corp now owns 3,157,143 shares of the company's stock worth $321,555,000 after buying an additional 431,607 shares during the period. Finally, Federated Hermes Inc. grew its position in Veralto by 1.0% during the first quarter. Federated Hermes Inc. now owns 3,066,510 shares of the company's stock worth $298,831,000 after buying an additional 29,802 shares during the period. 91.28% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Veralto news, SVP Mattias Bystrom sold 2,500 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $99.96, for a total transaction of $249,900.00. Following the transaction, the senior vice president owned 32,430 shares of the company's stock, valued at $3,241,702.80. This trade represents a 7.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Surekha Trivedi sold 848 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $100.55, for a total transaction of $85,266.40. Following the transaction, the senior vice president directly owned 8,433 shares in the company, valued at approximately $847,938.15. This represents a 9.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,806 shares of company stock valued at $381,351 over the last quarter. Company insiders own 0.36% of the company's stock.

Veralto Trading Up 2.1%

NYSE VLTO traded up $2.18 during mid-day trading on Monday, reaching $106.93. 1,082,962 shares of the stock were exchanged, compared to its average volume of 1,326,749. Veralto Corporation has a 1-year low of $83.86 and a 1-year high of $115.00. The business's fifty day simple moving average is $101.15 and its 200 day simple moving average is $98.54. The stock has a market capitalization of $26.54 billion, a PE ratio of 29.87, a PEG ratio of 3.45 and a beta of 0.91. The company has a debt-to-equity ratio of 1.00, a quick ratio of 2.06 and a current ratio of 2.32.

Veralto (NYSE:VLTO - Get Free Report) last announced its earnings results on Monday, July 28th. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.04. Veralto had a net margin of 16.65% and a return on equity of 41.45%. The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the business earned $0.85 earnings per share. Veralto's revenue was up 6.4% compared to the same quarter last year. On average, research analysts anticipate 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 was paid on Thursday, July 31st. Shareholders of record on Monday, June 30th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.44 dividend on an annualized basis and a yield of 0.4%. Veralto's dividend payout ratio (DPR) is currently 12.29%.

Analysts Set New Price Targets

Several brokerages have weighed in on VLTO. Northcoast Research began coverage on shares of Veralto in a research report on Tuesday, May 6th. They set a "buy" rating and a $110.00 target price on the stock. Stifel Nicolaus set a $120.00 price target on shares of Veralto and gave the company a "buy" rating in a research report on Wednesday, July 30th. Wolfe Research upgraded shares of Veralto from a "hold" rating to an "outperform" rating in a research report on Wednesday, July 30th. Robert W. Baird increased their price target on shares of Veralto from $106.00 to $112.00 and gave the company a "neutral" rating in a research report on Wednesday, July 30th. Finally, Citigroup lowered their price target on shares of Veralto from $116.00 to $100.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. 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, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $114.00.

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.