CIBC Private Wealth Group LLC decreased its stake in Fortive Co. (NYSE:FTV – Get Rating) by 9.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,330 shares of the technology company’s stock after selling 2,492 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Fortive were worth $1,627,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in Fortive by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 37,557,116 shares of the technology company’s stock worth $2,288,355,000 after buying an additional 989,883 shares during the period. BlackRock Inc. increased its stake in Fortive by 3.0% during the 3rd quarter. BlackRock Inc. now owns 29,779,513 shares of the technology company’s stock worth $1,736,146,000 after buying an additional 860,002 shares during the period. Royal Bank of Canada increased its stake in Fortive by 0.7% during the 3rd quarter. Royal Bank of Canada now owns 17,573,328 shares of the technology company’s stock worth $1,024,524,000 after buying an additional 124,392 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Fortive by 4.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,886,004 shares of the technology company’s stock worth $401,454,000 after buying an additional 265,547 shares during the period. Finally, Brown Advisory Inc. increased its stake in Fortive by 39.4% during the 3rd quarter. Brown Advisory Inc. now owns 5,710,019 shares of the technology company’s stock worth $332,894,000 after buying an additional 1,614,640 shares during the period. Institutional investors and hedge funds own 94.84% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on FTV shares. Vertical Research raised shares of Fortive from a “hold” rating to a “buy” rating and set a $74.00 target price on the stock in a research note on Monday, March 27th. StockNews.com initiated coverage on shares of Fortive in a report on Thursday, May 18th. They set a “buy” rating for the company. Royal Bank of Canada boosted their price target on shares of Fortive from $74.00 to $75.00 in a report on Friday, May 26th. JPMorgan Chase & Co. boosted their price target on shares of Fortive from $77.00 to $78.00 in a report on Thursday, April 27th. Finally, Wells Fargo & Company lowered their price target on shares of Fortive from $70.00 to $68.00 and set an “equal weight” rating for the company in a report on Thursday, April 13th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $74.18.
Fortive Trading Up 2.7 %
Fortive (NYSE:FTV – Get Rating) last issued its quarterly earnings results on Wednesday, April 26th. The technology company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.02. The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Fortive had a net margin of 12.92% and a return on equity of 11.92%. Fortive’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.70 EPS. On average, equities analysts forecast that Fortive Co. will post 3.35 EPS for the current fiscal year.
Fortive Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, May 26th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date is Thursday, May 25th. Fortive’s dividend payout ratio is currently 13.08%.
About Fortive
Fortive Corp. engages in the design, development, manufacturing, and marketing of professional and engineered products, software, and services for a variety of end markets. It operates through the following segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions.
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