Veralto Corporation (NYSE:VLTO) Shares Purchased by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Veralto Corporation (NYSE:VLTO) by 8.3%, acquiring an additional 6,335 shares for a total of 82,718 shares, valued at approximately $8.04 million.
• Veralto's shares were recently rated as a "Moderate Buy" by analysts, with an average price target of $113.43, following multiple upgrades from various financial institutions.
• In the most recent trading session, Veralto's stock declined by 0.5% to $107.14, while the company reported strong earnings for the previous quarter, surpassing analyst expectations with a revenue of $1.37 billion.

Resona Asset Management Co. Ltd. increased its stake in shares of Veralto Corporation (NYSE:VLTO - Free Report) by 8.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 82,718 shares of the company's stock after purchasing an additional 6,335 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Veralto were worth $8,044,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of VLTO. First Trust Advisors LP raised its holdings in Veralto by 222.3% in 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 last quarter. Nuveen LLC purchased a new position in shares of Veralto during the 1st quarter worth approximately $172,399,000. Champlain Investment Partners LLC purchased a new position in shares of Veralto during the 4th quarter worth approximately $133,058,000. BNP Paribas Financial Markets purchased a new position in shares of Veralto during the 4th quarter worth approximately $96,888,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Veralto by 26.8% during the 1st quarter. JPMorgan Chase & Co. now owns 3,223,571 shares of the company's stock worth $314,137,000 after purchasing an additional 682,123 shares during the period. Institutional investors and hedge funds own 91.28% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada increased their price objective on shares of Veralto from $104.00 to $108.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 30th. Wolfe Research raised shares of Veralto from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 30th. Northcoast Research assumed coverage on shares of Veralto in a research report on Tuesday, May 6th. They issued a "buy" rating and a $110.00 price target for the company. 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. Finally, Robert W. Baird raised 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. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $113.43.

Insider Activity

In other news, SVP Surekha Trivedi sold 848 shares of Veralto stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $100.55, for a total transaction of $85,266.40. Following the completion of the sale, the senior vice president directly owned 8,433 shares of the company's stock, valued at approximately $847,938.15. The trade was a 9.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.36% of the company's stock.

Veralto Stock Down 0.5%

Shares of Veralto stock traded down $0.53 during trading on Friday, hitting $107.14. 1,130,053 shares of the stock were exchanged, compared to its average volume of 1,363,728. The stock has a market cap of $26.59 billion, a price-to-earnings ratio of 29.93, a price-to-earnings-growth ratio of 3.53 and a beta of 0.91. The firm's 50-day moving average price is $102.60 and its 200 day moving average price is $98.90. Veralto Corporation has a 12-month low of $83.86 and a 12-month high of $115.00. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.32 and a quick ratio of 2.06.

Veralto (NYSE:VLTO - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.04. The business had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.34 billion. Veralto had a net margin of 16.65% and a return on equity of 41.45%. The company's revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.85 EPS. As a group, analysts forecast that Veralto Corporation will post 3.66 earnings per share for the current fiscal year.

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.