Veralto Corporation (NYSE:VLTO) Shares Purchased by HB Wealth Management LLC

Key Points

• HB Wealth Management LLC significantly increased its stake in Veralto Corporation by 1,127.1%, ending the first quarter with a holding worth approximately $4.45 million.
• Veralto recently announced a quarterly dividend of $0.11 per share, with a 0.43% yield and a payout ratio of 12.57%.
• Analysts have varied ratings for Veralto, with Royal Bank of Canada and Northcoast Research setting target prices of $104.00 and $110.00 respectively, while the average target price across several analysts is $111.18.

HB Wealth Management LLC increased its stake in Veralto Corporation (NYSE:VLTO - Free Report) by 1,127.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,698 shares of the company's stock after purchasing an additional 41,974 shares during the quarter. HB Wealth Management LLC's holdings in Veralto were worth $4,453,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in VLTO. Brighton Jones LLC increased its holdings in shares of Veralto by 16.1% in 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 in the last quarter. Korea Investment CORP increased its holdings in Veralto by 61.4% during the 4th quarter. Korea Investment CORP now owns 191,133 shares of the company's stock valued at $19,467,000 after acquiring an additional 72,737 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Veralto by 13.7% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 393,303 shares of the company's stock valued at $39,645,000 after acquiring an additional 47,486 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Veralto by 3.8% during the 4th quarter. JPMorgan Chase & Co. now owns 2,541,448 shares of the company's stock valued at $258,847,000 after acquiring an additional 92,800 shares in the last quarter. Finally, UniSuper Management Pty Ltd increased its holdings in Veralto by 26.8% during the 4th quarter. UniSuper Management Pty Ltd now owns 26,175 shares of the company's stock valued at $2,666,000 after acquiring an additional 5,529 shares in the last quarter. Hedge funds and other institutional investors own 91.28% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Citigroup dropped their target price on shares of Veralto from $116.00 to $100.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Robert W. Baird raised their target price on shares of Veralto from $106.00 to $112.00 and gave the company a "neutral" rating in a report on Wednesday. Royal Bank Of Canada raised their target price on shares of Veralto from $104.00 to $108.00 and gave the company a "sector perform" rating in a report on Wednesday. Wolfe Research upgraded shares of Veralto to an "outperform" rating in a report on Wednesday. Finally, Stifel Nicolaus set a $120.00 target price on shares of Veralto and gave the company a "buy" rating in a report on Wednesday. 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, the stock has an average rating of "Moderate Buy" and a consensus price target of $114.00.

Veralto Trading Down 0.2%

Shares of VLTO traded down $0.17 during mid-day trading on Thursday, hitting $105.61. The company had a trading volume of 922,715 shares, compared to its average volume of 1,399,871. The business's 50-day simple moving average is $100.99 and its 200-day simple moving average is $98.57. The company has a quick ratio of 1.92, a current ratio of 2.32 and a debt-to-equity ratio of 1.00. Veralto Corporation has a 1-year low of $83.86 and a 1-year high of $115.00. The stock has a market cap of $26.21 billion, a PE ratio of 29.51, a P/E/G ratio of 4.13 and a beta of 0.91.

Veralto (NYSE:VLTO - Get Free Report) last released its earnings results 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. Veralto had a net margin of 16.65% and a return on equity of 41.45%. The business had revenue of $1.37 billion for the quarter, compared to analysts' expectations of $1.34 billion. During the same period last year, the company earned $0.85 earnings per share. The company's quarterly revenue was up 6.4% on a year-over-year basis. Sell-side analysts forecast that Veralto Corporation will post 3.66 earnings per share for the current year.

Veralto Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be given a $0.11 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.44 annualized dividend and a dividend yield of 0.42%. Veralto's dividend payout ratio is presently 12.29%.

Insider Buying and Selling

In related news, SVP Mattias Bystrom sold 2,500 shares of the firm'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 sale, the senior vice president directly owned 32,430 shares of the company's stock, valued at approximately $3,241,702.80. This trade represents a 7.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Lesley Beneteau sold 458 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $100.84, for a total transaction of $46,184.72. Following the completion of the sale, the senior vice president directly owned 13,571 shares in the company, valued at $1,368,499.64. This represents a 3.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,806 shares of company stock valued at $381,351. Insiders own 0.36% of the company's stock.

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.