Fortive Co. (NYSE:FTV) Shares Bought by abrdn plc

abrdn plc lifted its stake in Fortive Co. (NYSE:FTV) by 41.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 234,027 shares of the technology company’s stock after buying an additional 68,258 shares during the quarter. abrdn plc owned approximately 0.07% of Fortive worth $17,231,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. CWM LLC raised its position in shares of Fortive by 7.7% in the third quarter. CWM LLC now owns 5,857 shares of the technology company’s stock worth $434,000 after acquiring an additional 417 shares during the period. AE Wealth Management LLC boosted its position in Fortive by 723.0% during the third quarter. AE Wealth Management LLC now owns 23,266 shares of the technology company’s stock worth $1,725,000 after purchasing an additional 20,439 shares in the last quarter. Caprock Group LLC grew its stake in Fortive by 5.2% in the 3rd quarter. Caprock Group LLC now owns 6,499 shares of the technology company’s stock valued at $482,000 after acquiring an additional 324 shares during the period. Coronation Fund Managers Ltd. increased its holdings in Fortive by 22.5% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 29,395 shares of the technology company’s stock worth $2,180,000 after acquiring an additional 5,390 shares in the last quarter. Finally, Advisory Alpha LLC acquired a new position in Fortive during the third quarter worth $267,000. 94.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on FTV shares. StockNews.com raised Fortive from a “hold” rating to a “buy” rating in a report on Friday, January 26th. Vertical Research lowered shares of Fortive from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Wells Fargo & Company increased their price objective on shares of Fortive from $79.00 to $85.00 and gave the company an “equal weight” rating in a report on Thursday, February 1st. Truist Financial initiated coverage on Fortive in a report on Thursday, March 14th. They issued a “buy” rating and a $99.00 target price for the company. Finally, Mizuho raised their target price on Fortive from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, February 1st. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $86.54.

Insider Transactions at Fortive

In related news, CAO Christopher M. Mulhall sold 8,994 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $82.17, for a total value of $739,036.98. Following the transaction, the chief accounting officer now owns 20,564 shares of the company’s stock, valued at $1,689,743.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Fortive news, CFO Charles E. Mclaughlin sold 40,837 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief financial officer now owns 61,855 shares in the company, valued at $5,336,849.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $739,036.98. Following the sale, the chief accounting officer now owns 20,564 shares in the company, valued at approximately $1,689,743.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 63,937 shares of company stock valued at $5,475,122. 0.95% of the stock is currently owned by corporate insiders.

Fortive Price Performance

FTV opened at $76.05 on Thursday. 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 firm has a market cap of $26.72 billion, a price-to-earnings ratio of 31.17, a PEG ratio of 2.45 and a beta of 1.13. The stock’s 50-day moving average price is $84.16 and its 200 day moving average price is $76.13. Fortive Co. has a 12-month low of $62.70 and a 12-month high of $87.10.

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

Fortive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend is Friday, May 31st. Fortive’s payout ratio is presently 13.11%.

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.