Zurcher Kantonalbank Zurich Cantonalbank Sells 206,167 Shares of Veralto Corporation (NYSE:VLTO)

Key Points

• Zurcher Kantonalbank reduced its stake in Veralto Corporation by 50% in the first quarter, selling 206,167 shares and holding a remaining 205,864 shares valued at approximately $20 million.
• Corporate insiders have collectively sold 45,913 shares of Veralto stock in the last 90 days, with significant decreases in positions by two senior vice presidents.
• Veralto Corporation's stock reached $104.84 following a 1.7% increase, with a market capitalization of nearly $26 billion and a recent earnings report showcasing 6.4% year-over-year revenue growth.

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in Veralto Corporation (NYSE:VLTO - Free Report) by 50.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 205,864 shares of the company's stock after selling 206,167 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.08% of Veralto worth $20,061,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Bernard Wealth Management Corp. bought a new position in Veralto during the 4th quarter worth approximately $25,000. Opal Wealth Advisors LLC bought a new stake in Veralto during the 1st quarter valued at $45,000. Grove Bank & Trust grew its stake in shares of Veralto by 198.2% in the 1st quarter. Grove Bank & Trust now owns 510 shares of the company's stock worth $50,000 after acquiring an additional 339 shares in the last quarter. Global Financial Private Client LLC grew its stake in shares of Veralto by 95.1% in the 1st quarter. Global Financial Private Client LLC now owns 593 shares of the company's stock worth $58,000 after acquiring an additional 289 shares in the last quarter. Finally, Putney Financial Group LLC bought a new position in Veralto during the fourth quarter valued at about $60,000. 91.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on VLTO. Royal Bank Of Canada increased their target price on shares of Veralto from $104.00 to $108.00 and gave the stock a "sector perform" rating in a research report on Wednesday. Northcoast Research initiated coverage on shares of Veralto in a research note on Tuesday, May 6th. They issued a "buy" rating and a $110.00 target price on the stock. Stifel Nicolaus set a $120.00 target price on shares of Veralto and gave the stock a "buy" rating in a report on Wednesday. Robert W. Baird lifted their price target on shares of Veralto from $106.00 to $112.00 and gave the company a "neutral" rating in a report on Wednesday. Finally, Citigroup cut their price target 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. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $114.00.

Insider Activity at Veralto

In other news, SVP Mattias Bystrom sold 2,500 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $99.96, for a total transaction of $249,900.00. Following the sale, the senior vice president owned 32,430 shares in the company, valued at $3,241,702.80. This trade represents a 7.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Lesley Beneteau sold 458 shares of Veralto stock in a transaction 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 transaction, the senior vice president owned 13,571 shares in the company, valued at $1,368,499.64. The trade was a 3.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,806 shares of company stock valued at $381,351 in the last ninety days. Corporate insiders own 0.36% of the company's stock.

Veralto Stock Performance

Shares of NYSE:VLTO traded down $0.95 during trading on Friday, hitting $103.88. The stock had a trading volume of 459,518 shares, compared to its average volume of 1,400,623. The stock has a 50-day simple moving average of $101.07 and a two-hundred day simple moving average of $98.59. The company has a quick ratio of 1.92, a current ratio of 2.32 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $25.78 billion, a price-to-earnings ratio of 29.03, a price-to-earnings-growth ratio of 4.12 and a beta of 0.91. Veralto Corporation has a 12-month low of $83.86 and a 12-month high of $115.00.

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

Veralto Dividend Announcement

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

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.