Bank of New York Mellon Corp Sells 397,013 Shares of Veralto Corporation $VLTO

Bank of New York Mellon Corp lowered its position in shares of Veralto Corporation (NYSE:VLTO) by 10.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,377,754 shares of the company’s stock after selling 397,013 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.36% of Veralto worth $360,102,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in VLTO. Vanguard Group Inc. raised its stake in shares of Veralto by 1.6% in the second quarter. Vanguard Group Inc. now owns 30,206,111 shares of the company’s stock valued at $3,049,307,000 after acquiring an additional 468,641 shares during the last quarter. State Street Corp increased its holdings in Veralto by 1.9% during the 2nd quarter. State Street Corp now owns 10,257,956 shares of the company’s stock valued at $1,036,653,000 after purchasing an additional 192,139 shares in the last quarter. Norges Bank acquired a new stake in Veralto during the 2nd quarter valued at $264,150,000. Hsbc Holdings PLC raised its position in Veralto by 46.0% in the 2nd quarter. Hsbc Holdings PLC now owns 1,702,096 shares of the company’s stock valued at $171,800,000 after purchasing an additional 536,299 shares during the last quarter. Finally, Champlain Investment Partners LLC boosted its stake in Veralto by 1.7% in the second quarter. Champlain Investment Partners LLC now owns 1,586,887 shares of the company’s stock worth $160,196,000 after purchasing an additional 27,232 shares in the last quarter. 91.28% of the stock is currently owned by institutional investors and hedge funds.

Veralto Price Performance

VLTO opened at $98.61 on Friday. The company has a fifty day moving average price of $100.89 and a two-hundred day moving average price of $103.02. The firm has a market capitalization of $24.49 billion, a PE ratio of 27.02, a P/E/G ratio of 2.81 and a beta of 0.88. Veralto Corporation has a 52 week low of $83.86 and a 52 week high of $110.11. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.40 and a current ratio of 1.57.

Veralto (NYSE:VLTO) last posted its quarterly earnings results on Tuesday, October 28th. The company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.04. Veralto had a return on equity of 38.69% and a net margin of 16.75%.The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the company earned $0.89 EPS. The firm’s revenue was up 6.8% on a year-over-year basis. As a group, analysts anticipate that Veralto Corporation will post 3.66 earnings per share for the current year.

Veralto Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.5%. This is an increase from Veralto’s previous quarterly dividend of $0.11. The ex-dividend date is Wednesday, December 31st. Veralto’s dividend payout ratio (DPR) is 14.25%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on VLTO. BMO Capital Markets lowered their target price on Veralto from $123.00 to $114.00 and set an “outperform” rating for the company in a research note on Tuesday, November 25th. Weiss Ratings cut shares of Veralto from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, December 31st. UBS Group upped their target price on shares of Veralto from $110.00 to $112.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Royal Bank Of Canada increased their price target on shares of Veralto from $108.00 to $111.00 and gave the company a “sector perform” rating in a research note on Thursday, October 30th. Finally, Citigroup dropped their price objective on shares of Veralto from $112.00 to $111.00 and set a “neutral” rating for the company in a research report on Thursday, October 30th. Five investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $112.89.

Insider Activity

In other news, SVP Mattias Bystrom sold 1,000 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $101.73, for a total value of $101,730.00. Following the completion of the sale, the senior vice president directly owned 31,430 shares of the company’s stock, valued at $3,197,373.90. This represents a 3.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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. This segment provides water solutions, including chemical reagents, services, and digital solutions.