Fortive Co. (NYSE:FTV) Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd decreased its position in shares of Fortive Co. (NYSE:FTV) by 1.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 40,318 shares of the technology company’s stock after selling 519 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Fortive were worth $2,969,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. abrdn plc boosted its holdings in shares of Fortive by 41.2% during the fourth quarter. abrdn plc now owns 234,027 shares of the technology company’s stock valued at $17,231,000 after acquiring an additional 68,258 shares during the period. Xponance Inc. boosted its holdings in shares of Fortive by 3.9% during the fourth quarter. Xponance Inc. now owns 46,403 shares of the technology company’s stock valued at $3,417,000 after acquiring an additional 1,733 shares during the period. AIA Group Ltd boosted its holdings in shares of Fortive by 150.9% during the fourth quarter. AIA Group Ltd now owns 20,527 shares of the technology company’s stock valued at $1,511,000 after acquiring an additional 12,346 shares during the period. Flossbach Von Storch AG lifted its holdings in Fortive by 4.8% in the fourth quarter. Flossbach Von Storch AG now owns 11,107,878 shares of the technology company’s stock worth $817,873,000 after purchasing an additional 512,414 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in Fortive by 1,162.8% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 543 shares of the technology company’s stock worth $40,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 94.94% of the company’s stock.

Fortive Price Performance

Shares of Fortive stock opened at $80.61 on Wednesday. The company’s 50-day moving average price is $84.32 and its two-hundred day moving average price is $76.13. The company has a current ratio of 2.05, a quick ratio of 1.75 and a debt-to-equity ratio of 0.35. The stock has a market cap of $28.32 billion, a PE ratio of 33.04, a price-to-earnings-growth ratio of 2.45 and a beta of 1.13. Fortive Co. has a 52 week low of $62.70 and a 52 week high of $87.10.

Fortive (NYSE:FTV) last posted its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.05. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.56 billion. Fortive had a return on equity of 12.12% and a net margin of 14.27%. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.88 EPS. As a group, sell-side analysts anticipate that Fortive Co. will post 3.78 EPS for the current fiscal year.

Fortive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, May 31st. This represents a $0.32 annualized dividend and a yield of 0.40%. Fortive’s payout ratio is presently 13.11%.

Insiders Place Their Bets

In other Fortive news, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $86.28, for a total transaction of $3,523,416.36. Following the sale, the chief financial officer now owns 61,855 shares in the company, valued at approximately $5,336,849.40. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of Fortive 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 transaction, the chief accounting officer now owns 20,564 shares of the company’s stock, valued at approximately $1,689,743.88. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Charles E. Mclaughlin sold 40,837 shares of Fortive stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.28, for a total value of $3,523,416.36. Following the transaction, the chief financial officer now directly owns 61,855 shares in the company, valued at approximately $5,336,849.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 63,937 shares of company stock worth $5,475,122. Company insiders own 0.95% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on FTV. 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 objective for the company. Wells Fargo & Company upped their price objective on shares of Fortive from $79.00 to $85.00 and gave the stock an “equal weight” rating in a report on Thursday, February 1st. Mizuho upped their price objective on shares of Fortive from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, February 1st. Citigroup upped their price objective on shares of Fortive from $90.00 to $101.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Finally, JPMorgan Chase & Co. downgraded shares of Fortive from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $95.00 to $90.00 in a report on Wednesday, April 17th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Fortive currently has an average rating of “Moderate Buy” and a consensus price target of $86.54.

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.