Valeo Financial Advisors LLC Buys 605 Shares of Fortive Co. (NYSE:FTV)

Posted by Defense World Staff on Jun 30th, 2023

Valeo Financial Advisors LLC grew its stake in Fortive Co. (NYSE:FTV – Free Report) by 15.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,632 shares of the technology company’s stock after acquiring an additional 605 shares during the period. Valeo Financial Advisors LLC’s holdings in Fortive were worth $316,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Fairfield Bush & CO. purchased a new stake in shares of Fortive in the 1st quarter worth $66,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Fortive by 6.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,124,090 shares of the technology company’s stock worth $129,421,000 after acquiring an additional 127,093 shares during the period. Panagora Asset Management Inc. grew its holdings in Fortive by 123.0% during the 1st quarter. Panagora Asset Management Inc. now owns 19,004 shares of the technology company’s stock worth $1,158,000 after acquiring an additional 10,481 shares in the last quarter. Cibc World Market Inc. increased its position in Fortive by 11.7% during the 1st quarter. Cibc World Market Inc. now owns 21,144 shares of the technology company’s stock valued at $1,288,000 after purchasing an additional 2,217 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Fortive by 5.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,693,658 shares of the technology company’s stock valued at $103,217,000 after purchasing an additional 84,238 shares in the last quarter. 95.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Royal Bank of Canada lifted their price objective on shares of Fortive from $74.00 to $75.00 in a report on Friday, May 26th. StockNews.com initiated coverage on Fortive in a research report on Thursday, May 18th. They issued a “buy” rating for the company. Vertical Research upgraded Fortive from a “hold” rating to a “buy” rating and set a $74.00 price objective for the company in a research note on Monday, March 27th. Wells Fargo & Company cut their target price on Fortive from $70.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 13th. Finally, JPMorgan Chase & Co. increased their price target on shares of Fortive from $77.00 to $78.00 in a research report on Thursday, April 27th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.18.

Fortive Stock Performance

Shares of Fortive stock opened at $73.55 on Friday. The company has a 50 day moving average price of $67.17 and a 200 day moving average price of $66.63. The firm has a market capitalization of $25.87 billion, a P/E ratio of 34.37, a PEG ratio of 2.74 and a beta of 1.13. The company has a quick ratio of 0.72, a current ratio of 0.93 and a debt-to-equity ratio of 0.21. Fortive Co. has a 52 week low of $52.47 and a 52 week high of $73.58.

Fortive (NYSE:FTV – Free Report) last posted its quarterly earnings results on Wednesday, April 26th. The technology company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.02. The business 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%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the company posted $0.70 earnings per share. Sell-side analysts expect that Fortive Co. will post 3.35 EPS for the current year.

Fortive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Friday, May 26th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend is Thursday, May 25th. Fortive’s dividend payout ratio is presently 13.08%.

Fortive Company Profile

(Free Report)

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.