Meiji Yasuda Asset Management Co Ltd. Has $446,000 Position in Fortive Corporation $FTV

Key Points

• Meiji Yasuda Asset Management Co Ltd. notably reduced its stake in Fortive Corporation by 68.9% during the first quarter, holding 6,090 shares valued at approximately $446,000 after selling a substantial number of shares.
• Fortive's reported Q2 earnings were $0.58 per share, missing estimates, and revenue decreased by 0.4% year-over-year, underscoring potential concerns about its financial performance.
• Analysts have given Fortive a mixed outlook, with a consensus rating of "Hold" and a target price of $62.79, indicating the stock is perceived as having limited upside potential in the near term.

Meiji Yasuda Asset Management Co Ltd. cut its stake in Fortive Corporation (NYSE:FTV - Free Report) by 68.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,090 shares of the technology company's stock after selling 13,513 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.'s holdings in Fortive were worth $446,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of FTV. Brighton Jones LLC grew its stake in Fortive by 97.1% during the fourth quarter. Brighton Jones LLC now owns 5,706 shares of the technology company's stock worth $428,000 after buying an additional 2,811 shares in the last quarter. Captrust Financial Advisors grew its stake in Fortive by 10.7% during the fourth quarter. Captrust Financial Advisors now owns 17,875 shares of the technology company's stock worth $1,341,000 after buying an additional 1,729 shares in the last quarter. D. E. Shaw & Co. Inc. grew its stake in Fortive by 3.0% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 195,544 shares of the technology company's stock worth $14,666,000 after buying an additional 5,762 shares in the last quarter. Gotham Asset Management LLC grew its stake in Fortive by 2.5% during the fourth quarter. Gotham Asset Management LLC now owns 16,603 shares of the technology company's stock worth $1,245,000 after buying an additional 408 shares in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new stake in Fortive during the fourth quarter worth about $1,031,000. 94.94% of the stock is owned by institutional investors.

Fortive Trading Down 0.5%

Fortive stock traded down $0.23 during mid-day trading on Tuesday, hitting $48.34. 516,403 shares of the stock were exchanged, compared to its average volume of 3,373,466. The company has a quick ratio of 0.82, a current ratio of 0.98 and a debt-to-equity ratio of 0.28. Fortive Corporation has a 12 month low of $46.34 and a 12 month high of $83.32. The firm's fifty day simple moving average is $49.10 and its two-hundred day simple moving average is $62.42. The stock has a market capitalization of $16.35 billion, a price-to-earnings ratio of 21.76, a PEG ratio of 3.10 and a beta of 1.10.

Fortive (NYSE:FTV - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The technology company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.02). The firm had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortive had a return on equity of 11.96% and a net margin of 13.62%.The firm's revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.93 EPS. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. Analysts forecast that Fortive Corporation will post 4.05 EPS for the current year.

Fortive announced that its board has initiated a stock repurchase plan on Tuesday, May 27th that allows the company to repurchase 15,630,000 shares. This repurchase authorization allows the technology company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company's management believes its stock is undervalued.

Fortive Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a $0.06 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.24 annualized dividend and a dividend yield of 0.5%. Fortive's payout ratio is currently 10.81%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Raymond James Financial reduced their price target on shares of Fortive from $90.00 to $65.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 1st. Morgan Stanley restated an "equal weight" rating and issued a $50.00 price target (down from $90.00) on shares of Fortive in a research note on Tuesday, September 2nd. Melius downgraded shares of Fortive from a "buy" rating to a "hold" rating and set a $62.00 price target on the stock. in a research note on Tuesday, July 22nd. BNP Paribas reiterated a "neutral" rating on shares of Fortive in a report on Thursday, June 12th. Finally, TD Cowen lowered shares of Fortive from a "buy" rating to a "hold" rating and dropped their price objective for the company from $85.00 to $50.00 in a report on Tuesday, July 15th. Four equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $62.79.

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.