Fortive (NYSE:FTV) PT Lowered to $84.00 at Wells Fargo & Company

Fortive (NYSE:FTV) had its price target cut by Wells Fargo & Company from $92.00 to $84.00 in a report issued on Thursday, Benzinga reports. They currently have an equal weight rating on the technology company’s stock.

A number of other equities research analysts have also recently weighed in on the stock. StockNews.com upgraded shares of Fortive from a hold rating to a buy rating in a report on Friday, January 26th. JPMorgan Chase & Co. downgraded shares of Fortive from an overweight rating to a neutral rating and dropped their target price for the stock from $95.00 to $90.00 in a research note on Wednesday, April 17th. Mizuho upped their target price on shares of Fortive from $70.00 to $80.00 and gave the stock a neutral rating in a research note on Thursday, February 1st. Royal Bank of Canada upped their target price on shares of Fortive from $75.00 to $80.00 and gave the stock a sector perform rating in a research note on Thursday, February 1st. Finally, Truist Financial began coverage on shares of Fortive in a research note on Thursday, March 14th. They issued a buy rating and a $99.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $86.46.

Fortive Price Performance

Shares of NYSE FTV opened at $75.97 on Thursday. Fortive has a 1 year low of $62.77 and a 1 year high of $87.10. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 1.75. The company’s 50-day moving average is $83.83 and its 200 day moving average is $76.13. The stock has a market capitalization of $26.74 billion, a P/E ratio of 30.03, a P/E/G ratio of 2.31 and a beta of 1.13.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Fortive had a net margin of 14.68% and a return on equity of 12.22%. On average, sell-side analysts expect that Fortive will post 3.8 earnings per share for the current year.

Fortive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. Fortive’s payout ratio is currently 12.65%.

Insider Transactions at Fortive

In other news, CFO Charles E. Mclaughlin sold 40,837 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.28, for a total value of $3,523,416.36. Following the completion of the sale, the chief financial officer now owns 61,855 shares in the company, valued at approximately $5,336,849.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Charles E. Mclaughlin sold 40,837 shares of Fortive stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.28, for a total transaction of $3,523,416.36. Following the completion of the sale, the chief financial officer now owns 61,855 shares in the company, valued at approximately $5,336,849.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Christopher M. Mulhall sold 8,994 shares of Fortive stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $82.17, for a total transaction of $739,036.98. Following the sale, the chief accounting officer now owns 20,564 shares of the company’s stock, valued at approximately $1,689,743.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,937 shares of company stock worth $5,475,122. 0.95% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its position in Fortive by 1.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,092,535 shares of the technology company’s stock valued at $1,415,902,000 after purchasing an additional 181,948 shares during the period. Flossbach Von Storch AG increased its position in Fortive by 4.8% during the 4th quarter. Flossbach Von Storch AG now owns 11,107,878 shares of the technology company’s stock valued at $817,873,000 after purchasing an additional 512,414 shares during the period. Brown Advisory Inc. increased its position in Fortive by 13.1% during the 4th quarter. Brown Advisory Inc. now owns 7,577,474 shares of the technology company’s stock valued at $557,929,000 after purchasing an additional 878,523 shares during the period. Capital World Investors increased its position in Fortive by 0.6% during the 4th quarter. Capital World Investors now owns 5,847,724 shares of the technology company’s stock valued at $430,568,000 after purchasing an additional 33,990 shares during the period. Finally, Northern Trust Corp increased its position in Fortive by 2.3% during the 3rd quarter. Northern Trust Corp now owns 3,886,914 shares of the technology company’s stock valued at $288,254,000 after purchasing an additional 85,560 shares during the period. Hedge funds and other institutional investors own 94.94% of the company’s stock.

About Fortive

Fortive Corporation designs, develops, manufactures, and services professional and engineered products, software, and services in the United States, China, and internationally. It operates in three segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. The Intelligent Operating Solutions segment provides advanced instrumentation, software, and services, including electrical test and measurement, facility and asset lifecycle software applications, and connected worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.