Fred Alger Management LLC Has $2.94 Million Stock Position in Veralto Co. (NYSE:VLTO)

Fred Alger Management LLC grew its stake in shares of Veralto Co. (NYSE:VLTO) by 131.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,822 shares of the company’s stock after purchasing an additional 17,512 shares during the quarter. Fred Alger Management LLC’s holdings in Veralto were worth $2,943,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Veralto by 6.1% during the 1st quarter. Vanguard Group Inc. now owns 27,429,158 shares of the company’s stock worth $2,431,869,000 after purchasing an additional 1,568,103 shares during the last quarter. Capital International Investors increased its position in shares of Veralto by 8.5% during the 1st quarter. Capital International Investors now owns 7,097,130 shares of the company’s stock worth $629,232,000 after purchasing an additional 553,021 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Veralto by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,178,777 shares of the company’s stock worth $398,948,000 after purchasing an additional 200,657 shares during the last quarter. Swedbank AB increased its holdings in shares of Veralto by 4.9% during the 2nd 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 during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Veralto by 33,575.5% during the 4th quarter. Northern Trust Corp now owns 2,520,275 shares of the company’s stock worth $207,318,000 after acquiring an additional 2,512,791 shares during the last quarter. Institutional investors and hedge funds own 91.28% of the company’s stock.

Veralto Stock Performance

Shares of NYSE VLTO opened at $111.27 on Friday. The stock’s fifty day moving average price is $107.66 and its two-hundred day moving average price is $99.26. The firm has a market cap of $27.47 billion and a price-to-earnings ratio of 29.91. 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 Co. has a one year low of $65.51 and a one year high of $112.77.

Veralto (NYSE:VLTO) last released its earnings results on Thursday, July 25th. The company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.05. The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. Veralto had a return on equity of 58.82% and a net margin of 15.60%. The company’s revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.80 EPS. On average, equities analysts forecast that Veralto Co. will post 3.45 EPS for the current year.

Veralto Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.32%. Veralto’s payout ratio is 9.68%.

Insider Activity

In other news, SVP Surekha Trivedi sold 753 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $111.10, for a total transaction of $83,658.30. Following the completion of the sale, the senior vice president now directly owns 11,918 shares in the company, valued at approximately $1,324,089.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Jennifer Honeycutt sold 13,191 shares of the company’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 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Surekha Trivedi sold 753 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $111.10, for a total value of $83,658.30. Following the sale, the senior vice president now owns 11,918 shares of the company’s stock, valued at $1,324,089.80. The disclosure for this sale can be found here. In the last three months, insiders sold 25,096 shares of company stock worth $2,772,707. 0.31% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. The Goldman Sachs Group boosted their target price on Veralto from $104.00 to $116.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Robert W. Baird boosted their target price on Veralto from $98.00 to $112.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Stifel Nicolaus boosted their target price on Veralto from $110.00 to $117.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft boosted their target price on Veralto from $100.00 to $109.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Finally, Royal Bank of Canada boosted their target price on Veralto from $101.00 to $108.00 and gave the stock a “sector perform” rating in a 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 stock. Based on data from MarketBeat, Veralto currently has a consensus rating of “Moderate Buy” and a consensus target price of $104.46.

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.