Royal Bank of Canada Lowers Fortive (NYSE:FTV) Price Target to $77.00

Fortive (NYSE:FTV) had its target price decreased by Royal Bank of Canada from $85.00 to $77.00 in a research report released on Thursday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the technology company’s stock.

FTV has been the topic of a number of other reports. Barclays reduced their price target on shares of Fortive from $98.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday. Truist Financial boosted their price target on shares of Fortive from $82.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. TD Cowen raised shares of Fortive from a “hold” rating to a “buy” rating and boosted their price target for the company from $75.00 to $90.00 in a research note on Monday, July 8th. Wolfe Research downgraded shares of Fortive from an “outperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, StockNews.com raised shares of Fortive from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.20.

Fortive Price Performance

Fortive stock opened at $71.34 on Thursday. Fortive has a 12-month low of $64.69 and a 12-month high of $87.10. The stock has a market cap of $24.75 billion, a P/E ratio of 28.42, a PEG ratio of 1.96 and a beta of 1.13. The company has a 50-day moving average price of $75.27 and a 200 day moving average price of $74.39. The company has a current ratio of 1.25, a quick ratio of 0.95 and a debt-to-equity ratio of 0.33.

Fortive (NYSE:FTV) last released its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.04. Fortive had a net margin of 14.35% and a return on equity of 12.56%. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same period last year, the business earned $0.85 earnings per share. Fortive’s revenue was up 2.7% compared to the same quarter last year. Sell-side analysts anticipate that Fortive will post 3.85 earnings per share for the current year.

Fortive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Tuesday, September 17th were issued a $0.08 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. Fortive’s payout ratio is currently 12.75%.

Insider Buying and Selling

In related news, SVP Jonathan L. Schwarz sold 14,223 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $73.80, for a total transaction of $1,049,657.40. Following the completion of the sale, the senior vice president now owns 68,161 shares in the company, valued at $5,030,281.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Fortive news, CFO Charles E. Mclaughlin sold 6,864 shares of Fortive stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $74.03, for a total transaction of $508,141.92. Following the transaction, the chief financial officer now owns 73,391 shares of the company’s stock, valued at $5,433,135.73. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Jonathan L. Schwarz sold 14,223 shares of Fortive stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $73.80, for a total value of $1,049,657.40. Following the transaction, the senior vice president now directly owns 68,161 shares in the company, valued at approximately $5,030,281.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.01% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FTV. Capital Performance Advisors LLP acquired a new position in Fortive during the third quarter worth approximately $25,000. Ridgewood Investments LLC acquired a new position in shares of Fortive in the second quarter valued at approximately $30,000. International Assets Investment Management LLC acquired a new position in shares of Fortive in the second quarter valued at approximately $30,000. Goodman Advisory Group LLC acquired a new position in shares of Fortive in the second quarter valued at approximately $31,000. Finally, Advisors Asset Management Inc. acquired a new position in shares of Fortive in the first quarter valued at approximately $32,000. Institutional investors and hedge funds own 94.94% of the company’s stock.

About Fortive

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.