Fortive (NYSE:FTV) Price Target Raised to $90.00 at Truist Financial

Fortive (NYSE:FTV - Free Report) had its target price lifted by Truist Financial from $89.00 to $90.00 in a report issued on Thursday,Benzinga reports. They currently have a buy rating on the technology company's stock.

FTV has been the topic of several other reports. Argus reissued a "hold" rating on shares of Fortive in a research report on Monday, November 18th. Mizuho upgraded Fortive from a "neutral" rating to an "outperform" rating and boosted their price target for the company from $80.00 to $90.00 in a research report on Friday, September 6th. Royal Bank of Canada reduced their price objective on Fortive from $85.00 to $77.00 and set a "sector perform" rating for the company in a research note on Thursday, October 31st. UBS Group initiated coverage on Fortive in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $84.00 target price on the stock. Finally, Wells Fargo & Company cut their price target on Fortive from $82.00 to $77.00 and set an "equal weight" rating for the company in a research note on Thursday, October 31st. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $86.82.

Fortive Stock Performance

Shares of FTV traded down $0.42 during midday trading on Thursday, reaching $73.24. 2,932,593 shares of the stock were exchanged, compared to its average volume of 2,016,209. The company has a market capitalization of $25.41 billion, a price-to-earnings ratio of 29.18, a PEG ratio of 2.15 and a beta of 1.14. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.25 and a quick ratio of 0.99. Fortive has a twelve month low of $66.15 and a twelve month high of $87.10. The business's 50-day moving average price is $76.24 and its 200 day moving average price is $74.39.

Fortive (NYSE:FTV - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.55 billion. Fortive had a return on equity of 12.56% and a net margin of 14.35%. The firm's revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.85 earnings per share. On average, sell-side analysts expect that Fortive will post 3.85 EPS for the current fiscal year.

Fortive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, November 29th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.32 annualized dividend and a yield of 0.44%. Fortive's payout ratio is currently 12.75%.

Insider Activity at Fortive

In related news, SVP Peter C. Underwood sold 5,000 shares of the company's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $76.58, for a total value of $382,900.00. Following the sale, the senior vice president now owns 48,346 shares of the company's stock, valued at approximately $3,702,336.68. This represents a 9.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Stacey A. Walker sold 171,808 shares of the business's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $71.71, for a total transaction of $12,320,351.68. Following the completion of the transaction, the senior vice president now directly owns 42,651 shares of the company's stock, valued at $3,058,503.21. The trade was a 80.11 % decrease in their position. The disclosure for this sale can be found here. 1.01% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortive

Hedge funds have recently made changes to their positions in the business. Mizuho Securities USA LLC boosted its stake in Fortive by 14,635.7% in the 3rd quarter. Mizuho Securities USA LLC now owns 4,000,000 shares of the technology company's stock worth $315,720,000 after buying an additional 3,972,855 shares during the last quarter. Point72 Asset Management L.P. boosted its position in shares of Fortive by 1,005.9% in the third quarter. Point72 Asset Management L.P. now owns 1,937,153 shares of the technology company's stock worth $152,899,000 after acquiring an additional 1,761,983 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Fortive by 13.8% in the third quarter. Janus Henderson Group PLC now owns 8,041,324 shares of the technology company's stock valued at $634,701,000 after purchasing an additional 977,428 shares during the period. Holocene Advisors LP increased its position in Fortive by 1,014.1% during the third quarter. Holocene Advisors LP now owns 924,671 shares of the technology company's stock worth $72,984,000 after purchasing an additional 841,671 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Fortive by 59.3% during the third quarter. The Manufacturers Life Insurance Company now owns 1,359,069 shares of the technology company's stock worth $107,271,000 after purchasing an additional 505,882 shares during the period. 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.