OVERSEA CHINESE BANKING Corp Ltd Boosts Holdings in Veralto Corporation (NYSE:VLTO)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Veralto Corporation by 6.9%, now owning approximately 397,815 shares worth about $38.7 million.
• Veralto's stock has dropped by 0.2%, opening at $104.59, and it has a current market capitalization of $25.96 billion with a P/E ratio of 29.22.
• The company announced a $0.11 quarterly dividend, representing an annualized yield of 0.4%, and has a dividend payout ratio of 12.29%.

OVERSEA CHINESE BANKING Corp Ltd increased its stake in Veralto Corporation (NYSE:VLTO - Free Report) by 6.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 397,815 shares of the company's stock after buying an additional 25,686 shares during the quarter. Veralto comprises approximately 1.1% of OVERSEA CHINESE BANKING Corp Ltd's holdings, making the stock its 22nd largest holding. OVERSEA CHINESE BANKING Corp Ltd owned approximately 0.16% of Veralto worth $38,702,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Park Avenue Securities LLC increased its stake in Veralto by 11.5% in the 1st quarter. Park Avenue Securities LLC now owns 19,213 shares of the company's stock worth $1,872,000 after buying an additional 1,985 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in shares of Veralto by 1.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,784 shares of the company's stock worth $856,000 after acquiring an additional 113 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Veralto by 9.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 26,833 shares of the company's stock valued at $2,619,000 after acquiring an additional 2,313 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Veralto by 3.0% in the first quarter. Assenagon Asset Management S.A. now owns 14,544 shares of the company's stock valued at $1,417,000 after purchasing an additional 429 shares during the period. Finally, Farther Finance Advisors LLC grew its stake in Veralto by 12.8% in the first quarter. Farther Finance Advisors LLC now owns 2,938 shares of the company's stock worth $287,000 after purchasing an additional 333 shares in the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.

Veralto Stock Performance

VLTO traded down $0.42 during midday trading on Tuesday, hitting $106.53. 1,324,075 shares of the company were exchanged, compared to its average volume of 1,403,880. The company's 50 day simple moving average is $101.28 and its 200 day simple moving average is $98.57. The firm has a market capitalization of $26.44 billion, a price-to-earnings ratio of 29.76, a price-to-earnings-growth ratio of 3.45 and a beta of 0.91. Veralto Corporation has a 1-year low of $83.86 and a 1-year high of $115.00. 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 (NYSE:VLTO - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.04. The company had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.34 billion. Veralto had a return on equity of 41.45% and a net margin of 16.65%. Veralto's quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the business earned $0.85 earnings per share. As a group, sell-side analysts predict that Veralto Corporation will post 3.66 earnings per share for the current year.

Veralto Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were 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 of this dividend was Monday, June 30th. Veralto's dividend payout ratio is presently 12.29%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on VLTO. Citigroup decreased their target price on Veralto from $116.00 to $100.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Wolfe Research raised Veralto from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 30th. Northcoast Research started coverage on Veralto in a research report on Tuesday, May 6th. They set a "buy" rating and a $110.00 price target on the stock. 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. Finally, Royal Bank Of Canada lifted their price target on Veralto from $104.00 to $108.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 30th. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $114.00.

Insider Transactions at Veralto

In related news, SVP Mattias Bystrom sold 2,500 shares of the company's stock in a transaction dated Monday, May 12th. The stock was 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 approximately $3,241,702.80. This represents a 7.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Lesley Beneteau sold 458 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $100.84, for a total value of $46,184.72. Following the completion of the sale, the senior vice president owned 13,571 shares of the company's stock, valued at $1,368,499.64. This trade represents a 3.26% decrease in their ownership of the stock. 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 in the last ninety days. 0.36% of the stock is currently owned by corporate insiders.

About Veralto

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.