Fortive (NYSE:FTV) Price Target Raised to $85.00

Fortive (NYSE:FTV) had its target price boosted by Royal Bank of Canada from $77.00 to $85.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a sector perform rating on the technology company’s stock.

Several other equities research analysts have also commented on FTV. UBS Group started coverage on shares of Fortive in a research report on Wednesday, November 13th. They set a “neutral” rating and a $84.00 price target for the company. Argus reissued a “hold” rating on shares of Fortive in a report on Monday, November 18th. Truist Financial increased their target price on shares of Fortive from $89.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Barclays reduced their target price on shares of Fortive from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Finally, StockNews.com raised shares of Fortive from a “hold” rating to a “buy” rating in a report on Saturday, January 25th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Fortive has an average rating of “Moderate Buy” and an average target price of $87.64.

Fortive Price Performance

NYSE FTV opened at $80.18 on Monday. Fortive has a 52 week low of $66.15 and a 52 week high of $87.10. The firm has a market capitalization of $27.82 billion, a P/E ratio of 31.94, a PEG ratio of 2.14 and a beta of 1.15. The company has a quick ratio of 0.99, a current ratio of 1.25 and a debt-to-equity ratio of 0.33. The company has a 50-day moving average price of $77.72 and a 200-day moving average price of $75.53.

Fortive (NYSE:FTV) last released its quarterly earnings results on Friday, February 7th. The technology company reported $1.17 EPS for the quarter, beating the consensus estimate of $1.12 by $0.05. Fortive had a net margin of 14.35% and a return on equity of 12.56%. During the same quarter last year, the company posted $0.98 earnings per share. Equities research analysts anticipate that Fortive will post 3.84 earnings per share for the current year.

Fortive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, February 28th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. Fortive’s dividend payout ratio is currently 12.75%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Capital Performance Advisors LLP bought a new position in shares of Fortive during the 3rd quarter valued at approximately $25,000. Whipplewood Advisors LLC bought a new position in shares of Fortive during the 4th quarter valued at approximately $31,000. Versant Capital Management Inc boosted its position in shares of Fortive by 186.8% during the 4th quarter. Versant Capital Management Inc now owns 456 shares of the technology company’s stock valued at $34,000 after acquiring an additional 297 shares during the last quarter. Crews Bank & Trust bought a new position in shares of Fortive during the 4th quarter valued at approximately $37,000. Finally, Albion Financial Group UT bought a new position in shares of Fortive during the 4th quarter valued at approximately $38,000. 94.94% of the stock is currently owned by 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.