Rhumbline Advisers Grows Stock Holdings in Veralto Co. (NYSE:VLTO)

Rhumbline Advisers raised its position in shares of Veralto Co. (NYSE:VLTO) by 19.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 491,109 shares of the company’s stock after buying an additional 81,226 shares during the period. Rhumbline Advisers’ holdings in Veralto were worth $46,886,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of VLTO. Vanguard Group Inc. purchased a new stake in shares of Veralto during the fourth quarter valued at about $2,127,330,000. Capital International Investors purchased a new stake in shares of Veralto during the fourth quarter valued at about $538,324,000. Brown Advisory Inc. purchased a new stake in shares of Veralto during the fourth quarter valued at about $528,018,000. Norges Bank purchased a new stake in shares of Veralto during the fourth quarter valued at about $266,143,000. Finally, Swedbank AB purchased a new stake in shares of Veralto during the first quarter valued at about $237,864,000. 91.28% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Veralto

In other news, SVP Surekha Trivedi sold 753 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $106.72, for a total transaction of $80,360.16. Following the sale, the senior vice president now owns 12,671 shares of the company’s stock, valued at approximately $1,352,249.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Surekha Trivedi sold 753 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $106.72, for a total transaction of $80,360.16. Following the sale, the senior vice president now owns 12,671 shares of the company’s stock, valued at approximately $1,352,249.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jennifer Honeycutt sold 13,191 shares of Veralto stock in a transaction on Friday, August 30th. The shares were sold at an average price of $111.98, for a total transaction of $1,477,128.18. Following the completion of the sale, the chief executive officer now directly owns 138,546 shares in the company, valued at approximately $15,514,381.08. The disclosure for this sale can be found here. Insiders have sold 25,096 shares of company stock valued at $2,772,707 in the last 90 days. 0.31% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently commented on VLTO. The Goldman Sachs Group increased their price objective on shares of Veralto from $104.00 to $116.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Stifel Nicolaus increased their price objective on shares of Veralto from $110.00 to $117.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Royal Bank of Canada increased their price objective on shares of Veralto from $101.00 to $108.00 and gave the company a “sector perform” rating in a research report on Monday, July 29th. TD Cowen increased their price objective on shares of Veralto from $95.00 to $100.00 and gave the company a “hold” rating in a research report on Tuesday, July 30th. Finally, Robert W. Baird increased their price objective on shares of Veralto from $98.00 to $112.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $104.46.

Veralto Price Performance

Shares of NYSE VLTO opened at $109.85 on Friday. The stock has a market capitalization of $27.12 billion and a price-to-earnings ratio of 33.78. Veralto Co. has a 12 month low of $65.51 and a 12 month high of $112.77. The firm’s 50 day simple moving average is $103.96 and its 200-day simple moving average is $97.00. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.96 and a quick ratio of 1.70.

Veralto (NYSE:VLTO) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.05. The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Veralto had a net margin of 15.60% and a return on equity of 58.82%. The business’s revenue was up 2.8% on a year-over-year basis. During the same quarter last year, the company earned $0.80 EPS. Analysts expect that Veralto Co. will post 3.45 EPS for the current year.

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.