Stocks

Quintet Private Bank Europe S.A. Increases Stake in Fortive Co.

Published November 5, 2024

Quintet Private Bank Europe S.A. has expanded its investment in Fortive Co. (NYSE:FTV) by 12.7% in the third quarter, as reported in the company’s recent Form 13F filing with the Securities and Exchange Commission (SEC). Following this adjustment, Quintet Private Bank now holds 303,468 shares of Fortive’s technology stock.

In contrast, Capital Investment Services of America Inc. chose to decrease its stake in Fortive by 5.5% during the same quarter. After selling 16,160 shares, the firm’s holdings now amount to 280,317 shares. Fortive represents about 2.1% of Capital Investment Services of America’s portfolio, making it the 23rd largest holding for the firm.

Buying the Dip in Fortive Stock is a Strong Move

Several other institutional investors have also made adjustments to their positions in Fortive recently. Ridgewood Investments LLC and International Assets Investment Management LLC both acquired new stakes in Fortive during the second quarter, each valued at roughly $30,000. Meanwhile, Goodman Advisory Group LLC bought into Fortive with a new investment of approximately $31,000. Advisors Asset Management Inc. made a slightly more substantial investment in the first quarter, worth approximately $32,000. Pinnacle Bancorp Inc. increased its position significantly by 71.0% in the third quarter, adding 176 shares to its portfolio, which now consists of 424 shares valued at $33,000. Notably, institutional investors currently own around 94.94% of Fortive’s stock.

Changes in Analyst Ratings

Recently, multiple brokerages have weighed in on Fortive’s stock. Truist Financial reduced its price target on Fortive from $90.00 to $89.00, while maintaining a "buy" rating in a report released on Friday. StockNews.com upgraded Fortive from a "hold" to a "buy" rating on September 13. Meanwhile, Wolfe Research downgraded the company from an "outperform" to a "peer perform" rating on September 6. In contrast, TD Cowen raised Fortive’s rating from "hold" to "buy" and increased the target price from $75.00 to $90.00 in a report dated July 8. Raymond James also upgraded its rating, moving from "market perform" to "outperform" with a target price of $85.00 set on September 5. Currently, four research analysts rate Fortive with a hold rating, while nine have assigned a buy rating, resulting in a consensus rating of "Moderate Buy" as reported by MarketBeat.com, along with a target price averaging $88.20.

Check Out Our Latest Analysis on Fortive

Insider Transactions

In insider news, senior vice president Jonathan L. Schwarz sold 14,223 shares of Fortive stock on September 13. This transaction, completed at an average price of $73.80, totaled $1,049,657.40. Following the sale, he retained ownership of 68,161 shares valued at about $5,030,281.80. Additionally, CFO Charles E. Mclaughlin sold 6,864 shares on the same day at an average price of $74.03, making the total value $508,141.92. Post-sale, he holds 73,391 shares worth approximately $5,433,135.73. Company insiders currently own about 1.01% of Fortive's stock.

Fortive's Stock Performance

Fortive's stock experienced a slight decline of 0.3% on Monday, with trading at $71.10 and a total volume of 1,035,216 shares traded, which was below its average of 1,903,608. The company boasts a market cap of $24.67 billion, a price-to-earnings ratio of 28.42, a P/E/G ratio of 1.96, and a beta of 1.13. Fortive has seen a trading range between a 12-month low of $64.69 and a high of $87.10. Financial ratios included a debt-to-equity ratio of 0.33 and current and quick ratios of 1.25 and 0.95, respectively. The 50-day moving average stands at $75.27, while the 200-day moving average is $74.39.

Fortive last reported quarterly earnings on October 30, revealing earnings per share (EPS) of $0.97, surpassing analysts' expectations of $0.93 by $0.04. It reported quarterly revenue of $1.53 billion, slightly short of the anticipated $1.55 billion, with a net margin of 14.35% and an annual revenue growth of 2.7% from the prior year. Analysts predict that Fortive will achieve an EPS of 3.85 for the current year.

Dividend Announcement

The company has also announced a quarterly dividend, which was paid on September 27. Shareholders on record as of September 17 received a $0.08 per share dividend, translating to an annualized dividend of $0.32 and a yield of 0.45%. The ex-dividend date was set for September 13. Fortive’s payout ratio stands at 12.75%.

Fortive Company Overview

Fortive Corporation develops and provides a range of professional and engineered products, software, and services globally, across multiple segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. The Intelligent Operating Solutions segment offers advanced instrumentation, software, and services, catering to sectors like healthcare, utilities, manufacturing, and process industries.