CIBC Asset Management Inc Grows Position in Veralto Co. (NYSE:VLTO)

CIBC Asset Management Inc raised its stake in Veralto Co. (NYSE:VLTO) by 17.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,964 shares of the company’s stock after acquiring an additional 5,454 shares during the quarter. CIBC Asset Management Inc’s holdings in Veralto were worth $4,135,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Capital International Investors lifted its holdings in Veralto by 8.5% in the 1st quarter. Capital International Investors now owns 7,097,130 shares of the company’s stock valued at $629,232,000 after purchasing an additional 553,021 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Veralto by 5.0% during the second quarter. Bank of New York Mellon Corp now owns 4,178,777 shares of the company’s stock valued at $398,948,000 after buying an additional 200,657 shares during the period. Swedbank AB boosted its position in Veralto by 4.9% during the second quarter. Swedbank AB now owns 2,814,983 shares of the company’s stock worth $268,746,000 after acquiring an additional 132,105 shares during the last quarter. Clearbridge Investments LLC grew its stake in Veralto by 1.7% in the 2nd quarter. Clearbridge Investments LLC now owns 1,492,720 shares of the company’s stock worth $142,510,000 after acquiring an additional 24,246 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Veralto by 207.2% in the 3rd quarter. Principal Financial Group Inc. now owns 1,122,898 shares of the company’s stock valued at $125,608,000 after acquiring an additional 757,389 shares during the last quarter. Institutional investors and hedge funds own 91.28% of the company’s stock.

Insider Activity at Veralto

In related news, SVP Surekha Trivedi sold 7,399 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $110.00, for a total value of $813,890.00. Following the completion of the transaction, the senior vice president now owns 12,671 shares of the company’s stock, valued at approximately $1,393,810. This represents a 36.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Jennifer Honeycutt sold 13,190 shares of Veralto stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $110.15, for a total value of $1,452,878.50. Following the sale, the chief executive officer now owns 138,546 shares in the company, valued at $15,260,841.90. This represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 36,038 shares of company stock valued at $3,989,693. Corporate insiders own 0.31% of the company’s stock.

Veralto Stock Up 0.2 %

Shares of Veralto stock opened at $102.84 on Tuesday. The company has a fifty day moving average price of $108.57 and a 200 day moving average price of $104.20. The company has a current ratio of 2.13, a quick ratio of 1.87 and a debt-to-equity ratio of 1.35. Veralto Co. has a twelve month low of $70.47 and a twelve month high of $115.00. The stock has a market cap of $25.43 billion and a price-to-earnings ratio of 31.69.

Veralto (NYSE:VLTO) last posted its earnings results on Wednesday, October 23rd. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.04. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. Veralto had a return on equity of 52.85% and a net margin of 15.69%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.75 earnings per share. Equities research analysts forecast that Veralto Co. will post 3.48 earnings per share for the current fiscal year.

Veralto Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, September 27th were paid a $0.09 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.36 annualized dividend and a dividend yield of 0.35%. Veralto’s dividend payout ratio (DPR) is presently 11.11%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on VLTO. BMO Capital Markets lifted their price objective on Veralto from $117.00 to $119.00 and gave the company an “outperform” rating in a research report on Monday, September 30th. The Goldman Sachs Group upped their price objective on shares of Veralto from $104.00 to $116.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Veralto from $100.00 to $109.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. UBS Group started coverage on shares of Veralto in a research report on Tuesday, August 13th. They set a “neutral” rating and a $118.00 price target for the company. Finally, Royal Bank of Canada lifted their price target on shares of Veralto from $108.00 to $111.00 and gave the company a “sector perform” rating in a report on Friday, October 25th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $108.27.

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.