Banyan Capital Management Inc. Has $374,000 Stake in Veralto Co. (NYSE:VLTO)

Banyan Capital Management Inc. trimmed its holdings in Veralto Co. (NYSE:VLTO) by 3.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,341 shares of the company’s stock after selling 104 shares during the period. Veralto accounts for 0.2% of Banyan Capital Management Inc.’s holdings, making the stock its 16th largest position. Banyan Capital Management Inc.’s holdings in Veralto were worth $374,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in VLTO. Swedbank AB acquired a new stake in shares of Veralto in the first quarter valued at approximately $237,864,000. Vanguard Group Inc. raised its position in Veralto by 6.1% during the first 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. Principal Financial Group Inc. raised its position in Veralto by 207.2% during the third quarter. Principal Financial Group Inc. now owns 1,122,898 shares of the company’s stock valued at $125,608,000 after purchasing an additional 757,389 shares in the last quarter. Capital International Investors raised its position in Veralto by 8.5% during the first 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. Finally, Ferguson Wellman Capital Management Inc. acquired a new position in Veralto during the second quarter valued at approximately $39,343,000. 91.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on VLTO shares. Stifel Nicolaus boosted their price objective on shares of Veralto from $117.00 to $119.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. TD Cowen boosted 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. Royal Bank of Canada boosted their price objective on shares of Veralto from $108.00 to $111.00 and gave the company a “sector perform” rating in a research report on Friday, October 25th. Robert W. Baird boosted their target price on shares of Veralto from $98.00 to $112.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Finally, BMO Capital Markets boosted their target price on shares of Veralto from $117.00 to $119.00 and gave the stock an “outperform” rating in a research note on Monday, September 30th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $108.27.

Veralto Stock Performance

Shares of Veralto stock opened at $102.68 on Monday. The company has a quick ratio of 1.87, a current ratio of 2.13 and a debt-to-equity ratio of 1.35. Veralto Co. has a twelve month low of $70.06 and a twelve month high of $115.00. The stock has a market cap of $25.39 billion and a price-to-earnings ratio of 31.69. The company’s fifty day moving average is $108.57 and its 200 day moving average is $104.13.

Veralto (NYSE:VLTO) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.04. Veralto had a net margin of 15.69% and a return on equity of 52.85%. The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the previous year, the firm posted $0.75 earnings per share. Veralto’s revenue for the quarter was up 4.7% on a year-over-year basis. Sell-side analysts forecast that Veralto Co. will post 3.48 EPS for the current year.

Veralto Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors 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 is 11.11%.

Insider Buying and Selling

In related news, CEO Jennifer Honeycutt sold 13,190 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $110.15, for a total value of $1,452,878.50. Following the transaction, the chief executive officer now owns 138,546 shares in the company, valued at $15,260,841.90. The trade was a 8.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Surekha Trivedi sold 752 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $102.91, for a total transaction of $77,388.32. Following the completion of the transaction, the senior vice president now owns 10,413 shares in the company, valued at approximately $1,071,601.83. The trade was a 6.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,038 shares of company stock valued at $3,989,693 over the last 90 days. 0.31% of the stock is owned by insiders.

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.