TD Asset Management Inc Cuts Stock Holdings in Fortive Corporation $FTV

Key Points

• TD Asset Management Inc reduced its stake in Fortive Corporation by 17.9%, selling 178,411 shares, bringing its total holdings to 816,044 shares valued at approximately $42.54 million.
• Several institutional investors have significantly increased their positions in Fortive, with Dodge & Cox boosting its shares by 181.5% and now owning nearly 21.9 million shares.
• Fortive recently cut its quarterly dividend to $0.06, resulting in an annual yield of 0.5%, highlighting a change in the company's dividend strategy amidst fluctuating investor sentiment.

TD Asset Management Inc decreased its position in shares of Fortive Corporation (NYSE:FTV - Free Report) by 17.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 816,044 shares of the technology company's stock after selling 178,411 shares during the period. TD Asset Management Inc owned approximately 0.24% of Fortive worth $42,540,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in FTV. Dodge & Cox lifted its holdings in shares of Fortive by 181.5% in the 1st quarter. Dodge & Cox now owns 21,900,363 shares of the technology company's stock valued at $1,602,669,000 after acquiring an additional 14,120,456 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Fortive by 50.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,112,403 shares of the technology company's stock valued at $959,567,000 after acquiring an additional 4,382,242 shares during the last quarter. Invesco Ltd. increased its position in Fortive by 96.6% during the first quarter. Invesco Ltd. now owns 5,626,962 shares of the technology company's stock valued at $411,781,000 after acquiring an additional 2,764,432 shares during the last quarter. Pacer Advisors Inc. increased its position in Fortive by 4,854.2% during the first quarter. Pacer Advisors Inc. now owns 1,451,325 shares of the technology company's stock valued at $106,208,000 after acquiring an additional 1,422,030 shares during the last quarter. Finally, Nuveen LLC bought a new position in Fortive during the 1st quarter valued at about $76,671,000. Hedge funds and other institutional investors own 94.94% of the company's stock.

Fortive Price Performance

Shares of FTV stock opened at $48.72 on Friday. Fortive Corporation has a 1-year low of $46.34 and a 1-year high of $83.32. The stock's 50-day moving average is $48.44 and its 200 day moving average is $58.43. The company has a market cap of $16.48 billion, a P/E ratio of 21.95, a PEG ratio of 3.07 and a beta of 1.15. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.98 and a quick ratio of 0.82.

Fortive (NYSE:FTV - Get Free Report) last issued its quarterly earnings data on Monday, June 9th. The technology company reported $0.80 earnings per share for the quarter. Fortive had a return on equity of 11.96% and a net margin of 13.62%.The company had revenue of $1.07 billion for the quarter. Research analysts predict that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.5%. The ex-dividend date was Friday, September 12th. Fortive's dividend payout ratio (DPR) is 10.81%.

Analysts Set New Price Targets

FTV has been the topic of several analyst reports. Barclays set a $54.00 price target on shares of Fortive and gave the company an "equal weight" rating in a report on Thursday, August 14th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $53.00 target price (down previously from $58.00) on shares of Fortive in a research note on Wednesday. Truist Financial reaffirmed a "hold" rating and issued a $55.00 price objective (down previously from $60.00) on shares of Fortive in a research report on Thursday, July 31st. Melius downgraded Fortive from a "buy" rating to a "hold" rating and set a $62.00 price objective on the stock. in a research report on Tuesday, July 22nd. Finally, Raymond James Financial cut their price target on shares of Fortive from $90.00 to $65.00 and set an "outperform" rating on the stock in a report on Tuesday, July 1st. Three investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $61.93.

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.

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