Destination Wealth Management Has $25.76 Million Stock Holdings in Fortive Co. (NYSE:FTV)

Destination Wealth Management reduced its stake in Fortive Co. (NYSE:FTV) by 31.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 326,388 shares of the technology company’s stock after selling 150,143 shares during the period. Destination Wealth Management’s holdings in Fortive were worth $25,762,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Raymond James & Associates raised its holdings in Fortive by 15.0% in the 3rd quarter. Raymond James & Associates now owns 395,488 shares of the technology company’s stock valued at $31,216,000 after acquiring an additional 51,690 shares during the period. Atomi Financial Group Inc. lifted its holdings in Fortive by 4.8% during the 3rd quarter. Atomi Financial Group Inc. now owns 4,932 shares of the technology company’s stock worth $389,000 after purchasing an additional 226 shares during the last quarter. Blue Trust Inc. boosted its stake in Fortive by 111.3% in the 2nd quarter. Blue Trust Inc. now owns 541 shares of the technology company’s stock valued at $40,000 after purchasing an additional 285 shares during the period. Versor Investments LP bought a new stake in Fortive in the 2nd quarter valued at $749,000. Finally, TD Asset Management Inc grew its holdings in Fortive by 3.6% in the 2nd quarter. TD Asset Management Inc now owns 864,924 shares of the technology company’s stock valued at $64,091,000 after buying an additional 30,234 shares in the last quarter. 94.94% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FTV has been the subject of a number of recent research reports. JPMorgan Chase & Co. raised shares of Fortive from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $90.00 to $92.00 in a research report on Thursday, October 10th. Raymond James raised shares of Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 target price on the stock in a report on Thursday, September 5th. StockNews.com upgraded shares of Fortive from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Citigroup lowered Fortive from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $92.00 to $86.00 in a research note on Monday. Finally, Morgan Stanley initiated coverage on Fortive in a research report on Friday, September 6th. They set an “overweight” rating and a $89.00 target price for the company. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Fortive currently has a consensus rating of “Moderate Buy” and an average target price of $86.73.

Fortive Price Performance

FTV stock traded down $0.07 during trading on Thursday, reaching $78.21. 20,227 shares of the company were exchanged, compared to its average volume of 1,992,025. The company has a market capitalization of $27.13 billion, a price-to-earnings ratio of 31.19, a P/E/G ratio of 2.17 and a beta of 1.14. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.25 and a quick ratio of 0.99. The company has a 50-day moving average of $76.39 and a two-hundred day moving average of $74.34. Fortive Co. has a twelve month low of $66.15 and a twelve month high of $87.10.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.04. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.55 billion. Fortive had a net margin of 14.35% and a return on equity of 12.56%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the business earned $0.85 EPS. As a group, equities analysts predict that Fortive Co. will post 3.85 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, November 29th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.41%. Fortive’s dividend payout ratio (DPR) is presently 12.75%.

Insider Activity

In other Fortive news, CFO Charles E. Mclaughlin sold 6,864 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $74.03, for a total transaction of $508,141.92. Following the completion of the sale, the chief financial officer now owns 73,391 shares of the company’s stock, valued at approximately $5,433,135.73. This represents a 8.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Peter C. Underwood sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $76.58, for a total transaction of $382,900.00. Following the transaction, the senior vice president now owns 48,346 shares of the company’s stock, valued at approximately $3,702,336.68. The trade was a 9.37 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 197,895 shares of company stock valued at $14,261,051. Company insiders own 1.01% of the company’s stock.

Fortive 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.