Veralto Corporation (NYSE:VLTO) Stock Position Reduced by Davis R M Inc.

Key Points

• Davis R M Inc. has reduced its stake in Veralto Corporation by 38.7%, leaving it with 14,697 shares valued at approximately $1.43 million as of the latest SEC filing.
• Veralto reported a quarterly earnings per share of $0.93, beating the consensus estimate of $0.89, and its revenue for the quarter was $1.37 billion, surpassing analyst expectations.
• The company's dividend yield stands at 0.4%, with a quarterly dividend of $0.11 per share, reflecting a low dividend payout ratio of 12.29%.

Davis R M Inc. reduced its stake in shares of Veralto Corporation (NYSE:VLTO - Free Report) by 38.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,697 shares of the company's stock after selling 9,295 shares during the period. Davis R M Inc.'s holdings in Veralto were worth $1,432,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC lifted its stake in shares of Veralto by 12.5% in the 4th quarter. Geode Capital Management LLC now owns 6,601,676 shares of the company's stock valued at $670,781,000 after purchasing an additional 733,056 shares during the last quarter. Invesco Ltd. grew its holdings in Veralto by 9.7% during the fourth quarter. Invesco Ltd. now owns 4,541,367 shares of the company's stock valued at $462,538,000 after purchasing an additional 401,228 shares during the last quarter. Bank of New York Mellon Corp raised its position 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 valued at $415,074,000 after purchasing an additional 509,104 shares during the period. Northern Trust Corp lifted its stake in shares of Veralto by 15.8% in 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 last quarter. Finally, Federated Hermes Inc. raised its holdings in Veralto by 1.0% in the 1st quarter. Federated Hermes Inc. now owns 3,066,510 shares of the company's stock worth $298,831,000 after acquiring an additional 29,802 shares during the period. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

Veralto Stock Performance

NYSE:VLTO opened at $104.76 on Friday. The firm has a market capitalization of $26.00 billion, a PE ratio of 29.26, a price-to-earnings-growth ratio of 4.12 and a beta of 0.91. 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 12-month low of $83.86 and a 12-month high of $115.00. The firm has a 50-day moving average price of $101.07 and a 200 day moving average price of $98.59.

Veralto (NYSE:VLTO - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $1.34 billion. Veralto had a return on equity of 41.45% and a net margin of 16.65%. The company's revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.85 EPS. Research analysts anticipate that Veralto Corporation will post 3.66 earnings per share for the current fiscal year.

Veralto Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were given a dividend of $0.11 per share. The ex-dividend date was Monday, June 30th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.4%. Veralto's dividend payout ratio (DPR) is 12.29%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Wolfe Research raised Veralto from a "hold" rating to an "outperform" rating in a research report on Wednesday. Stifel Nicolaus set a $120.00 price target on shares of Veralto and gave the company a "buy" rating in a report on Wednesday. Citigroup dropped their price objective on shares of Veralto from $116.00 to $100.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Royal Bank Of Canada lifted their target price on Veralto from $104.00 to $108.00 and gave the stock a "sector perform" rating in a research report on Wednesday. Finally, Northcoast Research assumed coverage on Veralto in a research note on Tuesday, May 6th. They set a "buy" rating and a $110.00 price target on the stock. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Veralto presently has an average rating of "Moderate Buy" and an average price target of $114.00.

Insider Buying and Selling

In other news, SVP Mattias Bystrom sold 2,500 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $99.96, for a total value of $249,900.00. Following the transaction, the senior vice president directly owned 32,430 shares of the company's stock, valued at $3,241,702.80. The trade was a 7.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Lesley Beneteau sold 458 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $100.84, for a total value of $46,184.72. Following the sale, the senior vice president owned 13,571 shares in the company, valued at approximately $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 sold 3,806 shares of company stock worth $381,351 in the last quarter. 0.36% of the stock is owned by corporate insiders.

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.

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