Royal Bank of Canada Trims Fortive (NYSE:FTV) Target Price to $83.00

Fortive (NYSE:FTV) had its price objective lowered by Royal Bank of Canada from $93.00 to $83.00 in a report published on Thursday, Benzinga reports. The firm currently has a sector perform rating on the technology company’s stock.

FTV has been the topic of a number of other research reports. Citigroup increased their price target on Fortive from $90.00 to $101.00 and gave the company a buy rating in a research note on Monday, April 8th. Truist Financial initiated coverage on Fortive in a research note on Thursday, March 14th. They issued a buy rating and a $99.00 price target on the stock. Wells Fargo & Company cut their price target on Fortive from $92.00 to $84.00 and set an equal weight rating on the stock in a research note on Thursday. JPMorgan Chase & Co. downgraded Fortive from an overweight rating to a neutral rating and cut their price target for the company from $95.00 to $90.00 in a research note on Wednesday, April 17th. Finally, Barclays increased their price target on Fortive from $89.00 to $97.00 and gave the company an overweight rating in a research note on Tuesday, April 2nd. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $86.46.

Fortive Trading Down 0.5 %

NYSE:FTV traded down $0.41 during trading hours on Thursday, hitting $75.80. 553,588 shares of the stock were exchanged, compared to its average volume of 1,673,142. The company’s 50 day moving average is $84.00 and its two-hundred day moving average is $76.13. Fortive has a twelve month low of $62.77 and a twelve month high of $87.10. The company has a quick ratio of 1.75, a current ratio of 1.50 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $26.68 billion, a P/E ratio of 30.12, a price-to-earnings-growth ratio of 2.32 and a beta of 1.13.

Fortive (NYSE:FTV) last posted its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. Fortive had a return on equity of 12.22% and a net margin of 14.68%. The firm had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.53 billion. On average, sell-side analysts anticipate that Fortive will post 3.79 earnings per share for the current fiscal year.

Fortive Announces Dividend

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

Insider Activity

In other news, CAO Christopher M. Mulhall sold 8,994 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $82.17, for a total value of $739,036.98. Following the completion of the transaction, the chief accounting officer now owns 20,564 shares in the company, valued at approximately $1,689,743.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Tamara S. Newcombe sold 5,000 shares of Fortive stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $85.00, for a total transaction of $425,000.00. Following the completion of the transaction, the chief executive officer now owns 55,017 shares in the company, valued at $4,676,445. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Christopher M. Mulhall sold 8,994 shares of Fortive stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $82.17, for a total value of $739,036.98. Following the transaction, 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. Insiders sold 63,937 shares of company stock worth $5,475,122 in the last quarter. Corporate insiders own 0.95% of the company’s stock.

Hedge Funds Weigh In On Fortive

A number of hedge funds and other institutional investors have recently bought and sold shares of FTV. SYSTM Wealth Solutions LLC lifted its position in Fortive by 6.3% during the first quarter. SYSTM Wealth Solutions LLC now owns 5,617 shares of the technology company’s stock worth $483,000 after acquiring an additional 333 shares during the last quarter. Mesirow Financial Investment Management Inc. acquired a new stake in Fortive during the first quarter worth approximately $874,000. Verity & Verity LLC acquired a new stake in Fortive during the first quarter worth approximately $1,674,000. V Square Quantitative Management LLC lifted its position in Fortive by 20.2% during the first quarter. V Square Quantitative Management LLC now owns 8,487 shares of the technology company’s stock worth $730,000 after acquiring an additional 1,428 shares during the last quarter. Finally, Simplicity Wealth LLC acquired a new stake in Fortive during the first quarter worth approximately $356,000. Institutional investors own 94.94% of the company’s stock.

Fortive Company Profile

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.