Retirement Systems of Alabama Has $6.11 Million Stock Position in Veralto Co. (NYSE:VLTO)

Retirement Systems of Alabama raised its stake in shares of Veralto Co. (NYSE:VLTO - Free Report) by 12.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 54,633 shares of the company's stock after purchasing an additional 6,170 shares during the quarter. Retirement Systems of Alabama's holdings in Veralto were worth $6,111,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new position in Veralto during the 3rd quarter valued at about $25,000. Goodman Advisory Group LLC acquired a new stake in shares of Veralto during the second quarter worth approximately $26,000. Fairscale Capital LLC bought a new position in shares of Veralto in the second quarter valued at approximately $30,000. Hazlett Burt & Watson Inc. boosted its holdings in shares of Veralto by 11,100.0% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 336 shares of the company's stock worth $32,000 after acquiring an additional 333 shares in the last quarter. Finally, Raleigh Capital Management Inc. grew its position in Veralto by 692.3% during the 3rd quarter. Raleigh Capital Management Inc. now owns 309 shares of the company's stock worth $35,000 after acquiring an additional 270 shares during the last quarter. 91.28% of the stock is currently owned by institutional investors.

Veralto Trading Up 0.1 %

VLTO stock traded up $0.10 during midday trading on Thursday, reaching $101.33. The company's stock had a trading volume of 1,738,556 shares, compared to its average volume of 1,518,276. The business's 50-day simple moving average is $106.27 and its 200-day simple moving average is $105.35. 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 52 week low of $73.91 and a 52 week high of $115.00. The stock has a market cap of $25.06 billion, a PE ratio of 31.27, a price-to-earnings-growth ratio of 4.30 and a beta of 0.91.

Veralto (NYSE:VLTO - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.04. The business had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. Veralto had a return on equity of 52.85% and a net margin of 15.69%. The firm's revenue was up 4.7% on a year-over-year basis. During the same period last year, the company earned $0.75 EPS. As a group, sell-side analysts expect that Veralto Co. will post 3.48 EPS for the current year.

Veralto Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a $0.11 dividend. This is a boost from Veralto's previous quarterly dividend of $0.09. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.43%. Veralto's dividend payout ratio is 11.11%.

Insider Activity at Veralto

In other news, SVP Surekha Trivedi sold 753 shares of Veralto stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $112.55, for a total transaction of $84,750.15. Following the transaction, the senior vice president now owns 11,165 shares in the company, valued at $1,256,620.75. The trade was a 6.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jennifer Honeycutt sold 13,190 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $110.15, for a total value of $1,452,878.50. Following the sale, the chief executive officer now directly owns 138,546 shares of the company's stock, valued at approximately $15,260,841.90. The trade was a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 14,695 shares of company stock worth $1,615,017 in the last ninety days. Company insiders own 0.31% of the company's stock.

Wall Street Analysts Forecast Growth

VLTO has been the subject of several research analyst reports. Royal Bank of Canada lifted their price objective on Veralto from $108.00 to $111.00 and gave the company a "sector perform" rating in a research report on Friday, October 25th. BMO Capital Markets lifted their price target on Veralto from $117.00 to $119.00 and gave the company an "outperform" rating in a report on Monday, September 30th. Stifel Nicolaus decreased their price objective on shares of Veralto from $119.00 to $117.00 and set a "buy" rating on the stock in a report on Wednesday, December 11th. Finally, Jefferies Financial Group began coverage on shares of Veralto in a research note on Thursday, December 12th. They issued a "buy" rating and a $125.00 target price for the company. Six investment analysts have rated the stock with a hold rating and six 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 $109.50.

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.