Wells Fargo & Company Raises Fortive (NYSE:FTV) Price Target to $80.00

Fortive (NYSE:FTV) had its target price upped by Wells Fargo & Company from $77.00 to $80.00 in a research note issued to investors on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the technology company’s stock.

FTV has been the topic of several other reports. Truist Financial boosted their price target on shares of Fortive from $89.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Citigroup downgraded shares of Fortive from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $92.00 to $86.00 in a report on Monday, December 9th. Argus restated a “hold” rating on shares of Fortive in a report on Monday, November 18th. Barclays dropped their price target on Fortive from $98.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. raised Fortive from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $90.00 to $92.00 in a research note on Thursday, October 10th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Fortive currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.64.

Fortive Trading Up 0.2 %

Fortive stock opened at $76.80 on Tuesday. Fortive has a 12-month low of $66.15 and a 12-month high of $87.10. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.25 and a quick ratio of 0.99. The stock has a market capitalization of $26.65 billion, a PE ratio of 30.60, a price-to-earnings-growth ratio of 2.11 and a beta of 1.14. The firm has a 50 day simple moving average of $76.14 and a 200-day simple moving average of $74.64.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Wednesday, October 30th. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.04. Fortive had a return on equity of 12.56% and a net margin of 14.35%. The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.55 billion. During the same period last year, the company posted $0.85 EPS. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, equities research analysts expect that Fortive will post 3.85 EPS for the current fiscal year.

Fortive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, November 29th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend was Friday, November 29th. Fortive’s dividend payout ratio (DPR) is 12.75%.

Insider Buying and Selling

In other news, SVP Stacey A. Walker sold 171,808 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $71.71, for a total transaction of $12,320,351.68. Following the completion of the sale, the senior vice president now directly owns 42,651 shares of the company’s stock, valued at $3,058,503.21. This trade represents a 80.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Peter C. Underwood sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $76.58, for a total value of $382,900.00. Following the completion of the sale, the senior vice president now directly owns 48,346 shares of the company’s stock, valued at approximately $3,702,336.68. The trade was a 9.37 % decrease in their position. The disclosure for this sale can be found here. 1.01% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FTV. Geode Capital Management LLC increased its position in Fortive by 0.6% during the third quarter. Geode Capital Management LLC now owns 8,191,915 shares of the technology company’s stock worth $644,346,000 after buying an additional 46,704 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Fortive by 13.8% during the 3rd quarter. Janus Henderson Group PLC now owns 8,041,324 shares of the technology company’s stock valued at $634,701,000 after acquiring an additional 977,428 shares during the last quarter. Mizuho Securities USA LLC raised its stake in shares of Fortive by 14,635.7% in the 3rd quarter. Mizuho Securities USA LLC now owns 4,000,000 shares of the technology company’s stock valued at $315,720,000 after acquiring an additional 3,972,855 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Fortive by 3.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,444,205 shares of the technology company’s stock worth $271,851,000 after purchasing an additional 103,530 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Fortive by 8.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,668,448 shares of the technology company’s stock worth $197,726,000 after purchasing an additional 205,893 shares during the last quarter. 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.