Brokerages Set Fortive Corporation (NYSE:FTV) Price Target at $82.62

Shares of Fortive Corporation (NYSE:FTVGet Free Report) have received an average rating of “Moderate Buy” from the fifteen ratings firms that are covering the stock, MarketBeat.com reports. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $82.62.

FTV has been the subject of several recent analyst reports. Citigroup decreased their price objective on shares of Fortive from $84.00 to $69.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Barclays reiterated an “overweight” rating and set a $86.00 price target (up from $84.00) on shares of Fortive in a research note on Tuesday, June 3rd. Robert W. Baird cut their price target on shares of Fortive from $88.00 to $82.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 7th. Truist Financial cut their price target on shares of Fortive from $90.00 to $81.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. Finally, Royal Bank Of Canada lifted their price target on shares of Fortive from $78.00 to $79.00 and gave the stock a “sector perform” rating in a research note on Monday, June 9th.

Get Our Latest Report on Fortive

Fortive Price Performance

Fortive stock opened at $69.55 on Wednesday. The stock has a market cap of $23.64 billion, a P/E ratio of 30.51, a price-to-earnings-growth ratio of 2.89 and a beta of 1.11. The company has a fifty day simple moving average of $69.75 and a 200-day simple moving average of $74.03. Fortive has a 12-month low of $60.39 and a 12-month high of $83.32. The company has a current ratio of 0.99, a quick ratio of 0.78 and a debt-to-equity ratio of 0.29.

Fortive (NYSE:FTVGet Free Report) last released its quarterly earnings data on Thursday, May 1st. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.85. The business had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Fortive had a net margin of 12.90% and a return on equity of 13.19%. The company’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.83 EPS. Equities analysts expect that Fortive will post 4.05 EPS for the current fiscal year.

Fortive declared that its Board of Directors has authorized a stock repurchase program on Tuesday, May 27th that authorizes the company to buyback 15,630,000 outstanding shares. This buyback authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Fortive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Wednesday, April 30th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.32 annualized dividend and a yield of 0.46%. Fortive’s payout ratio is currently 14.04%.

Insiders Place Their Bets

In other Fortive news, CEO James A. Lico sold 175,000 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $72.40, for a total value of $12,670,000.00. Following the sale, the chief executive officer now owns 428,585 shares of the company’s stock, valued at $31,029,554. This represents a 28.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Peter C. Underwood sold 14,327 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $73.88, for a total transaction of $1,058,478.76. Following the completion of the sale, the senior vice president now directly owns 51,750 shares in the company, valued at $3,823,290. This trade represents a 21.68% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is currently owned by company insiders.

Institutional Trading of Fortive

Several institutional investors and hedge funds have recently modified their holdings of the business. Voya Investment Management LLC lifted its stake in shares of Fortive by 3.2% during the first quarter. Voya Investment Management LLC now owns 435,938 shares of the technology company’s stock valued at $31,902,000 after buying an additional 13,526 shares during the period. First Hawaiian Bank lifted its stake in shares of Fortive by 90.8% during the first quarter. First Hawaiian Bank now owns 29,126 shares of the technology company’s stock valued at $2,131,000 after buying an additional 13,862 shares during the period. Strs Ohio purchased a new position in shares of Fortive during the first quarter valued at approximately $16,058,000. Geneos Wealth Management Inc. lifted its stake in shares of Fortive by 246.2% during the first quarter. Geneos Wealth Management Inc. now owns 502 shares of the technology company’s stock valued at $37,000 after buying an additional 357 shares during the period. Finally, IFM Investors Pty Ltd lifted its stake in shares of Fortive by 4.3% during the first quarter. IFM Investors Pty Ltd now owns 42,303 shares of the technology company’s stock valued at $3,096,000 after buying an additional 1,762 shares during the period. Hedge funds and other institutional investors own 94.94% of the company’s stock.

About Fortive

(Get Free Report

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.

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Analyst Recommendations for Fortive (NYSE:FTV)

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