Brown Brothers Harriman & Co. Cuts Holdings in Veralto Co. (NYSE:VLTO)

Brown Brothers Harriman & Co. lessened its position in shares of Veralto Co. (NYSE:VLTO) by 6.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,752 shares of the company’s stock after selling 242 shares during the period. Brown Brothers Harriman & Co.’s holdings in Veralto were worth $358,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Veralto by 6.1% in the 1st quarter. Vanguard Group Inc. now owns 27,429,158 shares of the company’s stock valued at $2,431,869,000 after purchasing an additional 1,568,103 shares in the last quarter. Capital International Investors raised its holdings in Veralto by 8.5% in the first quarter. Capital International Investors now owns 7,097,130 shares of the company’s stock valued at $629,232,000 after buying an additional 553,021 shares during the period. Bank of New York Mellon Corp lifted its position in 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 in the last quarter. Norges Bank purchased a new stake in Veralto during the fourth quarter worth approximately $266,143,000. Finally, Swedbank AB increased its position in shares of Veralto by 4.9% in 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 in the last quarter. 91.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Jennifer Honeycutt sold 13,191 shares of the firm’s 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 transaction, the chief executive officer now directly owns 138,546 shares in the company, valued at $15,514,381.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Jennifer Honeycutt sold 13,191 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 138,546 shares in the company, valued at $15,514,381.08. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Surekha Trivedi sold 7,399 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $110.00, for a total transaction of $813,890.00. Following the completion of the transaction, the senior vice president now directly owns 12,671 shares in the company, valued at approximately $1,393,810. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,096 shares of company stock worth $2,772,707. 0.31% of the stock is currently owned by insiders.

Veralto Price Performance

VLTO opened at $108.11 on Thursday. The company has a market capitalization of $26.72 billion and a P/E ratio of 33.22. The company has a 50-day moving average of $106.45 and a 200-day moving average of $98.51. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.70 and a current ratio of 1.96. Veralto Co. has a 1-year low of $65.51 and a 1-year high of $112.77.

Veralto (NYSE:VLTO) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.05. Veralto had a return on equity of 58.82% and a net margin of 15.60%. The firm had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the company earned $0.80 earnings per share. Veralto’s quarterly revenue was up 2.8% on a year-over-year basis. Equities analysts expect that Veralto Co. will post 3.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on VLTO shares. Royal Bank of Canada lifted their target price on shares of Veralto from $101.00 to $108.00 and gave the company a “sector perform” rating in a report on Monday, July 29th. TD Cowen boosted their price objective on Veralto from $95.00 to $100.00 and gave the stock a “hold” rating in a research note on Tuesday, July 30th. Stifel Nicolaus increased their target price on Veralto from $110.00 to $117.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Robert W. Baird boosted their price target on Veralto from $98.00 to $112.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Finally, 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. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $104.46.

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.