Jennison Associates LLC Sells 21,820 Shares of Fortive Corporation (NYSE:FTV)

Jennison Associates LLC cut its holdings in shares of Fortive Corporation (NYSE:FTV - Free Report) by 5.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 369,645 shares of the technology company's stock after selling 21,820 shares during the period. Jennison Associates LLC owned 0.11% of Fortive worth $27,051,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTV. Parvin Asset Management LLC acquired a new stake in Fortive in the fourth quarter valued at approximately $26,000. American National Bank & Trust acquired a new stake in Fortive in the first quarter valued at approximately $26,000. Global X Japan Co. Ltd. boosted its stake in Fortive by 114.2% in the first quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock valued at $28,000 after acquiring an additional 201 shares in the last quarter. Park Square Financial Group LLC acquired a new stake in shares of Fortive during the fourth quarter worth $30,000. Finally, Quarry LP lifted its stake in shares of Fortive by 229.6% during the fourth quarter. Quarry LP now owns 501 shares of the technology company's stock worth $38,000 after buying an additional 349 shares during the period. 94.94% of the stock is currently owned by institutional investors.

Insider Activity at Fortive

In related news, SVP Peter C. Underwood sold 14,327 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $73.88, for a total transaction of $1,058,478.76. Following the sale, the senior vice president directly owned 51,750 shares of the company's stock, valued at $3,823,290. This represents a 21.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James A. Lico sold 175,000 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $72.40, for a total transaction of $12,670,000.00. Following the sale, the chief executive officer directly owned 428,585 shares in the company, valued at approximately $31,029,554. The trade was a 28.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.92% of the company's stock.

Fortive Stock Performance

NYSE:FTV opened at $50.49 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.99 and a quick ratio of 0.78. The firm has a market capitalization of $17.16 billion, a price-to-earnings ratio of 22.14, a PEG ratio of 3.12 and a beta of 1.09. The company's 50-day moving average is $65.56 and its two-hundred day moving average is $71.33. Fortive Corporation has a 1-year low of $50.00 and a 1-year high of $83.32.

Fortive (NYSE:FTV - Get Free Report) last posted its earnings results on Thursday, May 1st. The technology company reported $0.85 earnings per share for the quarter, meeting the consensus estimate of $0.85. Fortive had a net margin of 12.90% and a return on equity of 13.19%. The company had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the business posted $0.83 EPS. Fortive's revenue was down 3.3% on a year-over-year basis. Analysts forecast that Fortive Corporation will post 4.05 EPS for the current year.

Fortive announced that its Board of Directors has approved a share buyback plan on Tuesday, May 27th that permits the company to repurchase 15,630,000 outstanding shares. This repurchase authorization permits the technology company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

FTV has been the subject of several recent research reports. Wells Fargo & Company reduced their target price on shares of Fortive from $72.00 to $55.00 and set an "equal weight" rating for the company in a report on Tuesday, July 1st. Royal Bank Of Canada raised their target price on shares of Fortive from $78.00 to $79.00 and gave the stock a "sector perform" rating in a report on Monday, June 9th. Cowen cut shares of Fortive from a "buy" rating to a "hold" rating in a report on Tuesday. Mizuho cut their price objective on shares of Fortive from $85.00 to $65.00 and set an "outperform" rating for the company in a report on Wednesday. Finally, Barclays cut their price objective on shares of Fortive from $86.00 to $58.00 and set an "overweight" rating for the company in a report on Wednesday, July 9th. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $69.92.

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.

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