PNC Financial Services Group Inc. Buys 2,026 Shares of Fortive Co. (NYSE:FTV)

PNC Financial Services Group Inc. raised its stake in shares of Fortive Co. (NYSE:FTV) by 1.5% in the 4th quarter, HoldingsChannel reports. The firm owned 138,643 shares of the technology company’s stock after purchasing an additional 2,026 shares during the period. PNC Financial Services Group Inc.’s holdings in Fortive were worth $10,208,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FTV. abrdn plc grew its position in Fortive by 2.9% in the third quarter. abrdn plc now owns 165,769 shares of the technology company’s stock worth $12,293,000 after acquiring an additional 4,660 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Fortive by 34.2% in the 4th quarter. Nordea Investment Management AB now owns 527,199 shares of the technology company’s stock worth $38,828,000 after purchasing an additional 134,259 shares in the last quarter. Ferguson Wellman Capital Management Inc. raised its holdings in shares of Fortive by 4.5% during the 4th quarter. Ferguson Wellman Capital Management Inc. now owns 832,888 shares of the technology company’s stock valued at $61,326,000 after buying an additional 35,688 shares in the last quarter. NewEdge Wealth LLC lifted its holdings in shares of Fortive by 12.4% in the 4th quarter. NewEdge Wealth LLC now owns 4,816 shares of the technology company’s stock worth $355,000 after acquiring an additional 531 shares during the last quarter. Finally, Jennison Associates LLC boosted its position in Fortive by 111.7% during the fourth quarter. Jennison Associates LLC now owns 1,176,655 shares of the technology company’s stock valued at $86,637,000 after buying an additional 620,866 shares during the period. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Charles E. Mclaughlin sold 40,837 shares of the 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 transaction, the chief financial officer now directly owns 61,855 shares of the company’s stock, valued at approximately $5,336,849.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Fortive news, SVP Stacey A. Walker sold 9,106 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total transaction of $787,669.00. Following the transaction, the senior vice president now directly owns 36,558 shares in the company, valued at $3,162,267. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 sale, 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. 1.01% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FTV shares. JPMorgan Chase & Co. cut Fortive from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $95.00 to $90.00 in a report on Wednesday, April 17th. Wells Fargo & Company dropped their target price on Fortive from $92.00 to $84.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Mizuho boosted 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. Truist Financial initiated coverage on shares of Fortive in a report on Thursday, March 14th. They set a “buy” rating and a $99.00 price target on the stock. Finally, Barclays boosted their price target on Fortive from $89.00 to $97.00 and gave the company an “overweight” rating in a research note on Tuesday, April 2nd. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $86.46.

Fortive Price Performance

NYSE:FTV opened at $77.05 on Thursday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.17 and a current ratio of 1.50. Fortive Co. has a one year low of $63.05 and a one year high of $87.10. The stock has a 50 day moving average price of $80.82 and a 200 day moving average price of $77.04. The stock has a market cap of $27.12 billion, a PE ratio of 30.45, a P/E/G ratio of 2.25 and a beta of 1.15.

Fortive (NYSE:FTV) last released its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. Fortive had a net margin of 14.68% and a return on equity of 12.22%. The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.53 billion. Equities research analysts expect that Fortive Co. will post 3.81 EPS for the current fiscal year.

Fortive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be issued a $0.08 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. Fortive’s payout ratio is 12.65%.

Fortive Company Profile

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.