Fortive (NYSE:FTV) Stock Rating Reaffirmed by Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Fortive (NYSE:FTV) in a report issued on Friday, Benzinga reports. The firm currently has a $77.00 price objective on the technology company’s stock.

Other analysts have also issued reports about the company. Barclays dropped their price target on Fortive from $93.00 to $91.00 and set an overweight rating on the stock in a report on Thursday, July 25th. Wells Fargo & Company lowered their target price on Fortive from $84.00 to $75.00 and set an equal weight rating on the stock in a research note on Wednesday, July 10th. Truist Financial cut their price target on shares of Fortive from $89.00 to $82.00 and set a buy rating on the stock in a report on Thursday, July 25th. Morgan Stanley began coverage on shares of Fortive in a report on Friday. They set an overweight rating and a $89.00 price objective for the company. Finally, Mizuho raised shares of Fortive from a neutral rating to an outperform rating and lifted their price objective for the stock from $80.00 to $90.00 in a research report on Friday. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $86.23.

Fortive Price Performance

FTV opened at $70.67 on Friday. Fortive has a 1 year low of $63.05 and a 1 year high of $87.10. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.23 and a quick ratio of 0.95. The company has a market capitalization of $24.88 billion, a price-to-earnings ratio of 27.93, a P/E/G ratio of 2.17 and a beta of 1.12. The firm’s fifty day moving average price is $72.23 and its two-hundred day moving average price is $77.01.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.01. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.57 billion. Fortive had a net margin of 14.39% and a return on equity of 12.32%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.85 EPS. As a group, analysts anticipate that Fortive will post 3.82 earnings per share for the current fiscal year.

Fortive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, September 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.45%. Fortive’s dividend payout ratio is currently 12.65%.

Hedge Funds Weigh In On Fortive

Several hedge funds have recently made changes to their positions in FTV. Indiana Trust & Investment Management CO purchased a new stake in Fortive during the 1st quarter worth about $26,000. Ridgewood Investments LLC purchased a new position in Fortive during the 2nd quarter valued at about $30,000. International Assets Investment Management LLC bought a new stake in shares of Fortive during the second quarter valued at about $30,000. Goodman Advisory Group LLC bought a new position in shares of Fortive in the second quarter valued at approximately $31,000. Finally, Advisors Asset Management Inc. purchased a new position in Fortive during the first quarter valued at approximately $32,000. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

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.