Sumitomo Mitsui Trust Holdings Inc. Buys Shares of 574,144 Veralto Co. (NYSE:VLTO)

Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of Veralto Co. (NYSE:VLTO) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 574,144 shares of the company’s stock, valued at approximately $47,229,000.

A number of other institutional investors and hedge funds have also bought and sold shares of VLTO. Sugarloaf Wealth Management LLC purchased a new position in shares of Veralto in the 4th quarter valued at $25,000. Blue Trust Inc. purchased a new position in shares of Veralto in the 4th quarter valued at $26,000. Dougherty Wealth Advisers LLC purchased a new position in shares of Veralto in the 4th quarter valued at $27,000. Pinnacle Bancorp Inc. purchased a new position in shares of Veralto in the 4th quarter valued at $29,000. Finally, Gradient Investments LLC increased its holdings in shares of Veralto by 2,678.6% in the 4th quarter. Gradient Investments LLC now owns 389 shares of the company’s stock valued at $32,000 after acquiring an additional 375 shares during the period. 91.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Argus assumed coverage on Veralto in a report on Tuesday, January 9th. They issued a “buy” rating and a $90.00 price target on the stock. Deutsche Bank Aktiengesellschaft started coverage on Veralto in a report on Wednesday, January 10th. They issued a “hold” rating and a $79.00 price target on the stock. BMO Capital Markets started coverage on Veralto in a research note on Tuesday, February 27th. They set an “outperform” rating and a $97.00 target price on the stock. Stifel Nicolaus boosted their target price on Veralto from $92.00 to $97.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Royal Bank of Canada boosted their target price on Veralto from $78.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 8th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.36.

Veralto Stock Performance

Shares of VLTO opened at $88.89 on Friday. The stock has a 50-day moving average of $87.68 and a two-hundred day moving average of $79.78. Veralto Co. has a one year low of $65.51 and a one year high of $92.15. The company has a quick ratio of 1.40, a current ratio of 1.64 and a debt-to-equity ratio of 1.89.

Veralto (NYSE:VLTO) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.07. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the firm posted $0.80 EPS. The business’s revenue was up 3.2% compared to the same quarter last year. On average, research analysts forecast that Veralto Co. will post 3.26 earnings per share for the current fiscal year.

Veralto Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th will be given a dividend of $0.09 per share. The ex-dividend date is Wednesday, March 27th. This represents a $0.36 dividend on an annualized basis and a yield of 0.40%.

Insiders Place Their Bets

In other Veralto news, insider Mattias Bystrom sold 500 shares of Veralto stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $86.10, for a total transaction of $43,050.00. Following the completion of the sale, the insider now owns 30,310 shares of the company’s stock, valued at approximately $2,609,691. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.31% of the stock is currently owned by insiders.

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.