Fortive (NYSE:FTV) Price Target Cut to $84.00 by Analysts at Wells Fargo & Company

Fortive (NYSE:FTV) had its target price reduced by Wells Fargo & Company from $92.00 to $84.00 in a research report released on Thursday, Benzinga reports. They currently have an equal weight rating on the technology company’s stock.

A number of other equities research analysts have also recently weighed in on FTV. Vertical Research cut Fortive from a buy rating to a hold rating in a research note on Tuesday, January 2nd. Truist Financial began coverage on shares of Fortive in a report on Thursday, March 14th. They issued a buy rating and a $99.00 price target on the stock. Mizuho boosted their price objective 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. Citigroup raised their target price on shares of Fortive from $90.00 to $101.00 and gave the company a buy rating in a research note on Monday, April 8th. Finally, StockNews.com raised Fortive from a hold rating to a buy rating in a research report on Friday, January 26th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $86.46.

Fortive Trading Down 0.3 %

NYSE FTV opened at $75.97 on Thursday. The company’s 50-day simple moving average is $83.83 and its two-hundred day simple moving average is $76.13. Fortive has a one year low of $62.77 and a one year high of $87.10. The company has a market capitalization 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. 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 (NYSE:FTV) last issued its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.53 billion. Fortive had a net margin of 14.68% and a return on equity of 12.22%. Equities analysts forecast that Fortive will post 3.8 EPS for the current fiscal year.

Fortive Announces Dividend

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

Insider Activity

In related news, CAO Christopher M. Mulhall sold 8,994 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $82.17, for a total value of $739,036.98. Following the sale, the chief accounting officer now owns 20,564 shares in the company, valued at $1,689,743.88. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related 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 completion of the transaction, the chief accounting officer now owns 20,564 shares of the company’s stock, valued at $1,689,743.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $86.28, for a total transaction of $3,523,416.36. Following the completion of the sale, the chief financial officer now directly owns 61,855 shares in the company, valued at $5,336,849.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 63,937 shares of company stock valued at $5,475,122. Company insiders own 0.95% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. OFI Invest Asset Management purchased a new position in shares of Fortive during the 3rd quarter valued at approximately $25,000. Indiana Trust & Investment Management CO acquired a new stake in shares of Fortive during the 1st quarter valued at about $26,000. Cornerstone Planning Group LLC purchased a new position in shares of Fortive in the 3rd quarter valued at about $28,000. Cetera Trust Company N.A acquired a new position in Fortive in the 4th quarter worth about $28,000. Finally, First Command Advisory Services Inc. acquired a new position in shares of Fortive during the 3rd quarter worth approximately $30,000. 94.94% of the stock is owned by institutional investors and hedge funds.

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.