PNC Financial Services Group Inc. Acquires 2,355 Shares of Veralto Co. (NYSE:VLTO)

PNC Financial Services Group Inc. grew its holdings in shares of Veralto Co. (NYSE:VLTO) by 2.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,110 shares of the company’s stock after buying an additional 2,355 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Veralto were worth $10,639,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of VLTO. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Veralto during the 3rd quarter worth approximately $7,090,000. Fifth Third Wealth Advisors LLC increased its holdings in Veralto by 6.9% during the third quarter. Fifth Third Wealth Advisors LLC now owns 3,041 shares of the company’s stock worth $340,000 after buying an additional 195 shares during the last quarter. Knuff & Co LLC lifted its stake in Veralto by 32.9% in the third quarter. Knuff & Co LLC now owns 6,441 shares of the company’s stock valued at $720,000 after acquiring an additional 1,594 shares during the last quarter. Pathstone Holdings LLC grew its position in shares of Veralto by 0.9% in the 3rd quarter. Pathstone Holdings LLC now owns 57,499 shares of the company’s stock valued at $6,432,000 after acquiring an additional 531 shares during the period. Finally, Swiss National Bank increased its stake in shares of Veralto by 0.4% during the 3rd quarter. Swiss National Bank now owns 732,569 shares of the company’s stock worth $81,945,000 after purchasing an additional 2,600 shares during the last quarter. 91.28% of the stock is currently owned by institutional investors and hedge funds.

Veralto Stock Performance

NYSE VLTO opened at $106.41 on Friday. Veralto Co. has a 1 year low of $72.23 and a 1 year high of $115.00. The firm has a market capitalization of $26.32 billion and a price-to-earnings ratio of 32.84. The company has a current ratio of 2.13, a quick ratio of 1.87 and a debt-to-equity ratio of 1.35. The firm’s 50 day simple moving average is $108.11 and its 200 day simple moving average is $104.40.

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

Veralto Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, September 27th were issued a dividend of $0.09 per share. The ex-dividend date was Friday, September 27th. This represents a $0.36 annualized dividend and a dividend yield of 0.34%. Veralto’s dividend payout ratio (DPR) is presently 11.11%.

Insider Activity

In related news, SVP Surekha Trivedi sold 752 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $102.91, for a total value of $77,388.32. Following the sale, the senior vice president now directly owns 10,413 shares in the company, valued at $1,071,601.83. This represents a 6.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jennifer Honeycutt sold 13,191 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $111.98, for a total transaction of $1,477,128.18. Following the sale, the chief executive officer now owns 138,546 shares of the company’s stock, valued at approximately $15,514,381.08. This trade represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,639 shares of company stock worth $3,175,803. Insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on VLTO. Royal Bank of Canada upped their price objective on Veralto from $108.00 to $111.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. Robert W. Baird raised their price target on Veralto from $98.00 to $112.00 and gave the company a “neutral” rating in a report on Monday, July 29th. BMO Capital Markets increased their price objective on shares of Veralto from $117.00 to $119.00 and gave the company an “outperform” rating in a research report on Monday, September 30th. Stifel Nicolaus raised their target price on shares of Veralto from $117.00 to $119.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group upped their price target 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. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $108.27.

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.