TD Asset Management Inc Lowers Stake in Fortive Co. (NYSE:FTV)

TD Asset Management Inc trimmed its position in Fortive Co. (NYSE:FTV) by 1.8% during the second quarter, HoldingsChannel.com reports. The firm owned 983,393 shares of the technology company’s stock after selling 17,854 shares during the quarter. TD Asset Management Inc’s holdings in Fortive were worth $73,528,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Intech Investment Management LLC lifted its position in Fortive by 56.4% during the second quarter. Intech Investment Management LLC now owns 577,969 shares of the technology company’s stock valued at $43,215,000 after buying an additional 208,500 shares in the last quarter. Montag A & Associates Inc. lifted its holdings in shares of Fortive by 2.8% during the 2nd quarter. Montag A & Associates Inc. now owns 9,870 shares of the technology company’s stock valued at $738,000 after acquiring an additional 270 shares in the last quarter. Ellevest Inc. boosted its position in Fortive by 6.1% during the 2nd quarter. Ellevest Inc. now owns 8,976 shares of the technology company’s stock worth $671,000 after purchasing an additional 513 shares during the period. Lido Advisors LLC increased its holdings in Fortive by 169.4% in the 2nd quarter. Lido Advisors LLC now owns 8,954 shares of the technology company’s stock valued at $670,000 after purchasing an additional 5,630 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Fortive by 3.1% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 61,660 shares of the technology company’s stock valued at $4,610,000 after purchasing an additional 1,835 shares during the period. 95.95% of the stock is owned by institutional investors and hedge funds.

Fortive Price Performance

Shares of FTV opened at $66.94 on Wednesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.02 and a quick ratio of 0.79. The company has a market cap of $23.52 billion, a P/E ratio of 28.73 and a beta of 1.15. Fortive Co. has a 12 month low of $62.70 and a 12 month high of $79.90. The stock has a fifty day moving average price of $71.95 and a 200 day moving average price of $72.12.

Fortive (NYSE:FTV) last released its quarterly earnings results on Wednesday, October 25th. The technology company reported $0.85 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.01). Fortive had a return on equity of 11.96% and a net margin of 13.77%. The firm had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.52 billion. On average, research analysts forecast that Fortive Co. will post 3.39 earnings per share for the current year.

Fortive Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, November 24th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, November 22nd. This represents a $0.32 annualized dividend and a dividend yield of 0.48%. This is a positive change from Fortive’s previous quarterly dividend of $0.07. Fortive’s dividend payout ratio (DPR) is presently 12.02%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on FTV. Mizuho lowered their target price on Fortive from $70.00 to $66.00 and set a “neutral” rating for the company in a research note on Thursday, October 26th. Argus increased their price objective on shares of Fortive from $80.00 to $85.00 in a research report on Thursday, July 27th. Seaport Res Ptn reissued a “buy” rating on shares of Fortive in a research report on Monday, August 7th. BNP Paribas started coverage on shares of Fortive in a report on Thursday, October 5th. They set an “outperform” rating and a $91.00 price target for the company. Finally, Barclays cut their price objective on shares of Fortive from $83.00 to $76.00 and set an “overweight” rating on the stock in a report on Thursday, October 26th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $78.46.

Fortive Profile

Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Intelligent Operating Solutions segment provides advanced instrumentation, software and services, which includes electrical test and measurement, facility and asset lifecycle software applications, and worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.