Fortive (NYSE:FTV) Price Target Cut to $83.00

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

A number of other research analysts also recently issued reports on FTV. Citigroup lifted their price target on shares of Fortive from $90.00 to $101.00 and gave the stock a buy rating in a research note on Monday, April 8th. Mizuho boosted 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. 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. cut Fortive from an overweight rating to a neutral rating and lowered their price objective for the stock from $95.00 to $90.00 in a research report on Wednesday, April 17th. Finally, Barclays increased their price objective on Fortive from $89.00 to $97.00 and gave the company an overweight rating in a report on Tuesday, April 2nd. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $86.46.

Fortive Stock Performance

NYSE:FTV opened at $75.97 on Thursday. Fortive has a 52 week low of $62.77 and a 52 week high of $87.10. The company has a fifty day simple moving average of $83.83 and a two-hundred day simple moving average of $76.13. 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 cap of $26.74 billion, a price-to-earnings ratio of 30.03, a price-to-earnings-growth ratio of 2.31 and a beta of 1.13.

Fortive (NYSE:FTV) last released its earnings results on Wednesday, April 24th. The technology company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Fortive had a return on equity of 12.22% and a net margin of 14.68%. As a group, equities analysts anticipate that Fortive will post 3.8 earnings per share for the current fiscal year.

Fortive Announces Dividend

The company 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 currently 12.65%.

Insider Activity

In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $82.17, for a total transaction of $739,036.98. Following the transaction, the chief accounting officer now directly owns 20,564 shares of the company’s stock, valued at approximately $1,689,743.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $82.17, for a total transaction of $739,036.98. Following the completion of the sale, the chief accounting officer now directly owns 20,564 shares of the company’s stock, valued at approximately $1,689,743.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 61,855 shares in the company, valued at approximately $5,336,849.40. The disclosure for this sale can be found here. Insiders have sold 63,937 shares of company stock valued at $5,475,122 in the last ninety days. 0.95% of the stock is currently owned by company insiders.

Institutional Trading of Fortive

Several hedge funds have recently made changes to their positions in the company. Quadrant Capital Group LLC raised its holdings in Fortive by 4.8% during the fourth quarter. Quadrant Capital Group LLC now owns 2,724 shares of the technology company’s stock worth $201,000 after purchasing an additional 126 shares in the last quarter. Edgemoor Investment Advisors Inc. lifted its holdings in shares of Fortive by 4.8% in the 4th quarter. Edgemoor Investment Advisors Inc. now owns 3,249 shares of the technology company’s stock valued at $239,000 after buying an additional 150 shares during the period. Fulton Bank N.A. boosted its stake in shares of Fortive by 3.4% in the first quarter. Fulton Bank N.A. now owns 4,580 shares of the technology company’s stock valued at $394,000 after buying an additional 151 shares in the last quarter. Brighton Jones LLC grew its holdings in Fortive by 5.3% during the third quarter. Brighton Jones LLC now owns 3,191 shares of the technology company’s stock worth $237,000 after acquiring an additional 160 shares during the period. Finally, TCI Wealth Advisors Inc. raised its position in Fortive by 4.9% in the third quarter. TCI Wealth Advisors Inc. now owns 3,505 shares of the technology company’s stock worth $260,000 after acquiring an additional 165 shares in the last quarter. Institutional investors and hedge funds 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.