Destination Wealth Management Sells 12,292 Shares of Fortive Co. (NYSE:FTV)

Destination Wealth Management decreased its position in shares of Fortive Co. (NYSE:FTV - Free Report) by 3.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 314,096 shares of the technology company's stock after selling 12,292 shares during the quarter. Destination Wealth Management owned approximately 0.09% of Fortive worth $23,557,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. Capital Performance Advisors LLP purchased a new position in Fortive during the third quarter worth about $25,000. Whipplewood Advisors LLC purchased a new stake in shares of Fortive during the 4th quarter valued at approximately $31,000. Versant Capital Management Inc raised its position in shares of Fortive by 186.8% during the 4th quarter. Versant Capital Management Inc now owns 456 shares of the technology company's stock valued at $34,000 after buying an additional 297 shares during the period. Crews Bank & Trust acquired a new position in Fortive in the fourth quarter valued at approximately $37,000. Finally, Albion Financial Group UT purchased a new position in Fortive in the fourth quarter worth approximately $38,000. Hedge funds and other institutional investors own 94.94% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FTV shares. Truist Financial boosted their price objective on shares of Fortive from $89.00 to $90.00 and gave the company a "buy" rating in a report on Thursday, December 19th. Royal Bank of Canada lifted their target price on Fortive from $77.00 to $85.00 and gave the company a "sector perform" rating in a report on Monday, February 10th. Citigroup cut shares of Fortive from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $92.00 to $86.00 in a report on Monday, December 9th. UBS Group initiated coverage on Fortive in a report on Wednesday, November 13th. They issued a "neutral" rating and a $84.00 price objective on the stock. Finally, Wells Fargo & Company lifted their price target on shares of Fortive from $80.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Monday, February 10th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Fortive presently has a consensus rating of "Moderate Buy" and a consensus target price of $87.64.

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Fortive Price Performance

Shares of FTV traded down $0.70 during mid-day trading on Tuesday, reaching $74.22. 2,944,073 shares of the company's stock were exchanged, compared to its average volume of 2,122,222. Fortive Co. has a 52-week low of $66.15 and a 52-week high of $87.10. The company has a market cap of $25.26 billion, a price-to-earnings ratio of 31.45, a PEG ratio of 2.68 and a beta of 1.16. The company has a 50-day simple moving average of $78.94 and a two-hundred day simple moving average of $76.85. The company has a quick ratio of 0.91, a current ratio of 1.16 and a debt-to-equity ratio of 0.33.

Fortive (NYSE:FTV - Get Free Report) last announced its earnings results on Friday, February 7th. The technology company reported $1.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.12 by $0.05. Fortive had a net margin of 13.36% and a return on equity of 13.15%. During the same quarter last year, the company earned $0.98 EPS. On average, sell-side analysts predict that Fortive Co. will post 4.05 EPS for the current fiscal year.

Fortive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.32 annualized dividend and a yield of 0.43%. Fortive's payout ratio is currently 13.56%.

Insider Buying and Selling

In other Fortive news, CAO Christopher M. Mulhall sold 6,493 shares of Fortive stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $79.95, for a total transaction of $519,115.35. Following the transaction, the chief accounting officer now directly owns 24,283 shares of the company's stock, valued at $1,941,425.85. The trade was a 21.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Stacey A. Walker sold 5,688 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $80.52, for a total transaction of $457,997.76. Following the completion of the sale, the senior vice president now directly owns 47,141 shares of the company's stock, valued at $3,795,793.32. The trade was a 10.77 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 243,385 shares of company stock worth $19,508,529. 1.01% of the stock is owned by company insiders.

Fortive 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.