Fortive (NYSE:FTV) Issues FY23 Earnings Guidance

Fortive (NYSE:FTV – Get Rating) updated its FY23 earnings guidance on Thursday. The company provided EPS guidance of $3.29-3.40 for the period, compared to the consensus EPS estimate of $3.35. The company issued revenue guidance of $6.0-6.1 billion, compared to the consensus revenue estimate of $6.06 billion. Fortive also updated its Q2 guidance to $0.52-0.56 EPS.

Fortive Trading Down 1.9 %

Shares of NYSE:FTV opened at $63.80 on Thursday. The business’s 50-day moving average is $65.39 and its 200 day moving average is $66.16. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.93 and a quick ratio of 0.72. Fortive has a 1 year low of $52.47 and a 1 year high of $69.78. The firm has a market capitalization of $22.56 billion, a P/E ratio of 29.81, a P/E/G ratio of 2.47 and a beta of 1.14.

Fortive (NYSE:FTV – Get Rating) last posted its quarterly earnings data on Wednesday, April 26th. The technology company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.02. The firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.42 billion. Fortive had a net margin of 12.92% and a return on equity of 11.92%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.70 earnings per share. On average, research analysts predict that Fortive will post 3.35 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, May 26th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, May 25th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.44%. Fortive’s payout ratio is currently 13.08%.

Analyst Ratings Changes

FTV has been the topic of several analyst reports. JPMorgan Chase & Co. raised their target price on Fortive from $77.00 to $78.00 in a report on Thursday, April 27th. StockNews.com initiated coverage on shares of Fortive in a research note on Thursday, May 18th. They set a buy rating on the stock. Citigroup boosted their target price on shares of Fortive from $77.00 to $78.00 and gave the company a buy rating in a research note on Thursday, February 2nd. Wells Fargo & Company dropped their price target on shares of Fortive from $70.00 to $68.00 and set an equal weight rating on the stock in a research report on Thursday, April 13th. Finally, Vertical Research upgraded shares of Fortive from a hold rating to a buy rating and set a $74.00 price objective for the company in a research report on Monday, March 27th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $73.00.

Insider Buying and Selling at Fortive

In other news, SVP Stacey A. Walker sold 3,249 shares of Fortive stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $67.75, for a total value of $220,119.75. Following the sale, the senior vice president now directly owns 32,721 shares of the company’s stock, valued at $2,216,847.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTV. Fairfield Bush & CO. acquired a new stake in shares of Fortive in the first quarter valued at about $66,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Fortive by 6.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,124,090 shares of the technology company’s stock valued at $129,421,000 after acquiring an additional 127,093 shares during the last quarter. Panagora Asset Management Inc. raised its holdings in Fortive by 123.0% in the 1st quarter. Panagora Asset Management Inc. now owns 19,004 shares of the technology company’s stock valued at $1,158,000 after acquiring an additional 10,481 shares during the last quarter. Cibc World Market Inc. lifted its stake in Fortive by 11.7% in the 1st quarter. Cibc World Market Inc. now owns 21,144 shares of the technology company’s stock worth $1,288,000 after purchasing an additional 2,217 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Fortive by 5.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,693,658 shares of the technology company’s stock worth $103,217,000 after purchasing an additional 84,238 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Fortive Company Profile

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Fortive Corp. engages in the design, development, manufacturing, and marketing of professional and engineered products, software, and services for a variety of end markets. It operates through the following segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions.