Truist Financial Raises Fortive (NYSE:FTV) Price Target to $67.00

Key Points

• Truist Financial raised Fortive’s price target from $61 to $67 while keeping a “hold” rating, implying about 8.34% upside from the current share price.
• Several other analysts also recently increased their targets on Fortive, though the overall consensus remains “Hold” with an average price target of $61.83.
• Fortive reported stronger-than-expected quarterly earnings, beat EPS estimates, and announced a stock buyback authorization for up to 20 million shares.

Fortive (NYSE:FTV - Get Free Report) had its price objective upped by equities researchers at Truist Financial from $61.00 to $67.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a "hold" rating on the technology company's stock. Truist Financial's target price indicates a potential upside of 8.34% from the stock's current price.

A number of other brokerages also recently commented on FTV. Citigroup lifted their price objective on Fortive from $64.00 to $65.00 and gave the stock a "neutral" rating in a research report on Friday, May 1st. Morgan Stanley upped their target price on Fortive from $58.00 to $59.00 and gave the company an "equal weight" rating in a report on Wednesday, June 3rd. Royal Bank Of Canada raised their target price on Fortive from $59.00 to $63.00 and gave the stock a "sector perform" rating in a research note on Friday, May 1st. JPMorgan Chase & Co. lifted their price target on Fortive from $63.00 to $64.00 and gave the stock an "underweight" rating in a report on Tuesday, May 12th. Finally, Wells Fargo & Company lifted their price target on Fortive from $58.00 to $65.00 and gave the stock an "equal weight" rating in a report on Monday, May 4th. Two analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $61.83.

Fortive Stock Up 1.2%

FTV stock opened at $61.84 on Thursday. The company has a market cap of $18.85 billion, a price-to-earnings ratio of 37.03 and a beta of 1.06. The company has a current ratio of 0.71, a quick ratio of 0.57 and a debt-to-equity ratio of 0.43. Fortive has a 12 month low of $46.34 and a 12 month high of $63.40. The firm has a 50-day moving average of $60.43 and a two-hundred day moving average of $57.76.

Fortive (NYSE:FTV - Get Free Report) last released its earnings results on Thursday, April 30th. The technology company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.64 by $0.06. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $1.04 billion. Fortive had a net margin of 12.84% and a return on equity of 12.66%. The business's revenue was up 7.7% on a year-over-year basis. During the same period last year, the company posted $0.85 EPS. Fortive has set its FY 2026 guidance at 2.900-3.000 EPS. As a group, analysts forecast that Fortive will post 2.97 earnings per share for the current fiscal year.

Fortive announced that its board has approved a stock buyback plan on Monday, May 4th that permits the company to buyback 20,000,000 outstanding shares. This buyback authorization permits the technology company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling

In related news, SVP Peter C. Underwood sold 47,557 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $60.81, for a total value of $2,891,941.17. Following the completion of the transaction, the senior vice president directly owned 87,780 shares in the company, valued at approximately $5,337,901.80. This represents a 35.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.65% of the company's stock.

Institutional Investors Weigh In On Fortive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTV. DV Equities LLC purchased a new position in shares of Fortive during the 4th quarter worth $25,000. Geneos Wealth Management Inc. raised its holdings in Fortive by 246.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 502 shares of the technology company's stock valued at $37,000 after buying an additional 357 shares during the period. Root Financial Partners LLC raised its holdings in Fortive by 43.6% in the 4th quarter. Root Financial Partners LLC now owns 553 shares of the technology company's stock valued at $31,000 after buying an additional 168 shares during the period. Main Street Group LTD acquired a new position in Fortive in the first quarter valued at about $31,000. Finally, Dakota Community Bank & Trust NA lifted its position in Fortive by 59.2% in the first quarter. Dakota Community Bank & Trust NA now owns 702 shares of the technology company's stock valued at $39,000 after buying an additional 261 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company's stock.

About Fortive

Fortive Corporation NYSE: FTV is a diversified industrial technology company headquartered in Everett, Washington. The company was created through a spin‑off from Danaher Corporation in 2016 and has since focused on building a portfolio of professional instrumentation and industrial technology businesses. In 2020 Fortive completed a further portfolio separation with the spin‑off of Vontier, concentrating Fortive's activities on higher‑margin instrumentation, software and services.

Fortive's operations center on professional test and measurement, sensing and monitoring, software‑enabled solutions, and lifecycle services that support industrial and commercial customers.

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