Analysts Set Fortive Corporation (NYSE:FTV) Price Target at $63.00

Fortive Corporation (NYSE:FTV) has earned a consensus recommendation of “Hold” from the twelve brokerages that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $63.00.

Several research analysts recently commented on the stock. Citigroup lifted their target price on shares of Fortive from $64.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. Royal Bank Of Canada increased their price target on shares of Fortive from $59.00 to $63.00 and gave the company a “sector perform” rating in a research report on Friday, May 1st. Argus raised shares of Fortive from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a report on Monday, May 11th. Truist Financial boosted their price objective on shares of Fortive from $61.00 to $67.00 and gave the company a “hold” rating in a research report on Thursday, July 2nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Fortive in a research note on Friday, May 22nd.

Insider Buying and Selling

In other Fortive news, SVP Peter C. Underwood sold 47,557 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $60.81, for a total transaction of $2,891,941.17. Following the completion of the transaction, the senior vice president owned 87,780 shares of the company’s stock, valued at $5,337,901.80. This represents a 35.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.65% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortive

Hedge funds have recently made changes to their positions in the business. Dodge & Cox lifted its stake in Fortive by 3.7% in the fourth quarter. Dodge & Cox now owns 44,157,822 shares of the technology company’s stock worth $2,437,953,000 after acquiring an additional 1,562,028 shares during the period. Viking Global Investors LP increased its position in Fortive by 28.7% during the 3rd quarter. Viking Global Investors LP now owns 20,483,680 shares of the technology company’s stock valued at $1,003,495,000 after purchasing an additional 4,571,056 shares during the period. Price T Rowe Associates Inc. MD increased its position in Fortive by 29.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 20,046,352 shares of the technology company’s stock valued at $1,106,760,000 after purchasing an additional 4,532,031 shares during the period. Norges Bank purchased a new position in Fortive during the 4th quarter valued at $491,928,000. Finally, Geode Capital Management LLC raised its holdings in Fortive by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 8,787,747 shares of the technology company’s stock worth $483,327,000 after purchasing an additional 116,939 shares in the last quarter. 94.94% of the stock is owned by hedge funds and other institutional investors.

Fortive Price Performance

FTV opened at $62.39 on Thursday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.71 and a quick ratio of 0.57. The stock’s 50 day simple moving average is $60.82 and its 200 day simple moving average is $58.50. The firm has a market cap of $18.87 billion, a price-to-earnings ratio of 37.36 and a beta of 1.06. Fortive has a 1 year low of $46.34 and a 1 year high of $64.33.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Thursday, April 30th. The technology company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.06. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $1.04 billion. Fortive had a return on equity of 12.66% and a net margin of 12.84%.The business’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.85 earnings per share. Fortive has set its FY 2026 guidance at 2.900-3.000 EPS. As a group, analysts predict that Fortive will post 2.98 earnings per share for the current year.

Fortive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Monday, June 22nd were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Monday, June 22nd. Fortive’s payout ratio is currently 14.37%.

Fortive declared that its Board of Directors has initiated a share repurchase plan on Monday, May 4th that allows the company to buyback 20,000,000 outstanding shares. This buyback authorization allows the technology company to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Fortive Company Profile

Fortive Corporation (NYSE: FTV) is a diversified industrial technology company headquartered in Everett, Washington. The company was created through a spin?off from Danaher Corporation in 2016 and has since focused on building a portfolio of professional instrumentation and industrial technology businesses. In 2020 Fortive completed a further portfolio separation with the spin?off of Vontier, concentrating Fortive’s activities on higher?margin instrumentation, software and services.

Fortive’s operations center on professional test and measurement, sensing and monitoring, software?enabled solutions, and lifecycle services that support industrial and commercial customers.