Fortive (NYSE:FTV) Price Target Cut to $83.00 by Analysts at Royal Bank of Canada

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

FTV has been the topic of several other research reports. Citigroup lifted their price target on shares of Fortive from $90.00 to $101.00 and gave the company a buy rating in a report on Monday, April 8th. Mizuho lifted their price objective on shares of Fortive from $70.00 to $80.00 and gave the company a neutral rating in a research report on Thursday, February 1st. Wells Fargo & Company reduced their price objective on shares of Fortive from $92.00 to $84.00 and set an equal weight rating on the stock in a research report on Thursday. Barclays lifted their price objective on shares of Fortive from $89.00 to $97.00 and gave the company an overweight rating in a research report on Tuesday, April 2nd. Finally, Vertical Research cut shares of Fortive from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $86.46.

Fortive Stock Down 0.5 %

Shares of Fortive stock traded down $0.41 during trading on Thursday, hitting $75.80. The company’s stock had a trading volume of 553,588 shares, compared to its average volume of 1,673,142. The company has a market capitalization of $26.68 billion, a PE ratio of 30.12, a P/E/G ratio of 2.32 and a beta of 1.13. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.75 and a current ratio of 1.50. 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 $84.00 and a two-hundred day simple moving average of $76.13.

Fortive (NYSE:FTV) last announced its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.53 billion. Fortive had a net margin of 14.68% and a return on equity of 12.22%. Equities research analysts predict that Fortive will post 3.79 earnings per share for the current year.

Fortive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend is Friday, May 31st. Fortive’s payout ratio is 12.65%.

Insiders Place Their Bets

In other news, SVP Stacey A. Walker sold 9,106 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total transaction of $787,669.00. Following the completion of the sale, the senior vice president now directly owns 36,558 shares of the company’s stock, valued at $3,162,267. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Stacey A. Walker sold 9,106 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total value of $787,669.00. Following the completion of the sale, the senior vice president now directly owns 36,558 shares of the company’s stock, valued at $3,162,267. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Christopher M. Mulhall sold 8,994 shares of the company’s stock in a transaction dated 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 $1,689,743.88. The disclosure for this sale can be found here. Insiders sold 63,937 shares of company stock valued at $5,475,122 over the last three months. 0.95% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortive

A number of large investors have recently added to or reduced their stakes in the company. CWM LLC increased its holdings in shares of Fortive by 7.7% during the third quarter. CWM LLC now owns 5,857 shares of the technology company’s stock valued at $434,000 after acquiring an additional 417 shares in the last quarter. AE Wealth Management LLC increased its holdings in shares of Fortive by 723.0% during the third quarter. AE Wealth Management LLC now owns 23,266 shares of the technology company’s stock valued at $1,725,000 after acquiring an additional 20,439 shares in the last quarter. Caprock Group LLC increased its holdings in shares of Fortive by 5.2% during the third quarter. Caprock Group LLC now owns 6,499 shares of the technology company’s stock valued at $482,000 after acquiring an additional 324 shares in the last quarter. Coronation Fund Managers Ltd. increased its holdings in shares of Fortive by 22.5% during the third quarter. Coronation Fund Managers Ltd. now owns 29,395 shares of the technology company’s stock valued at $2,180,000 after acquiring an additional 5,390 shares in the last quarter. Finally, Advisory Alpha LLC acquired a new position in shares of Fortive during the third quarter valued at about $267,000. 94.94% of the stock is currently owned by institutional investors.

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.