Mitsubishi UFJ Asset Management Co. Ltd. Grows Position in Veralto Corporation (NYSE:VLTO)

Key Points

• Mitsubishi UFJ Asset Management increased its shareholding in Veralto Corporation by 12.9%, owning approximately 444,122 shares valued at $43.28 million.
• Veralto reported a quarterly earnings of $0.93 per share, exceeding analysts' expectations and reflecting a 6.4% year-over-year revenue growth to $1.37 billion.
• The company announced a quarterly dividend of $0.11 per share, equating to an annualized dividend yield of 0.4% with a payout ratio of 12.29%.

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Veralto Corporation (NYSE:VLTO - Free Report) by 12.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 444,122 shares of the company's stock after acquiring an additional 50,819 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of Veralto worth $43,280,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. First Trust Advisors LP boosted its holdings in Veralto by 222.3% during the 4th quarter. First Trust Advisors LP now owns 2,602,399 shares of the company's stock valued at $265,054,000 after acquiring an additional 1,794,992 shares during the period. Champlain Investment Partners LLC acquired a new position in Veralto during the 4th quarter valued at about $133,058,000. BNP Paribas Financial Markets acquired a new position in Veralto during the 4th quarter valued at about $96,888,000. Raymond James Financial Inc. purchased a new stake in Veralto during the 4th quarter valued at about $51,986,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of Veralto by 13.6% in 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 last quarter. Institutional investors own 91.28% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on VLTO shares. Robert W. Baird increased their price target on Veralto from $106.00 to $112.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 30th. Stifel Nicolaus set a $120.00 price target on Veralto and gave the company a "buy" rating in a report on Wednesday, July 30th. 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 research note on Wednesday, July 30th. Northcoast Research assumed coverage on Veralto in a research report on Tuesday, May 6th. They set a "buy" rating and a $110.00 price target for the company. Finally, Wolfe Research upgraded Veralto from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 30th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Veralto currently has an average rating of "Moderate Buy" and a consensus price target of $113.43.

Veralto Stock Down 1.6%

NYSE VLTO traded down $1.72 during trading on Thursday, reaching $108.03. 306,034 shares of the company's stock were exchanged, compared to its average volume of 1,380,143. The stock has a market cap of $26.81 billion, a P/E ratio of 30.15, a price-to-earnings-growth ratio of 3.58 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. The company has a 50 day moving average price of $102.30 and a two-hundred day moving average price of $98.87. Veralto Corporation has a 1 year low of $83.86 and a 1 year high of $115.00.

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

Insider Transactions at Veralto

In related news, SVP Surekha Trivedi sold 848 shares of the firm's 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 owned 8,433 shares in the company, valued at $847,938.15. This trade represents a 9.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.36% of the stock is owned by corporate insiders.

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.