Fortive (NYSE:FTV) Updates FY24 Earnings Guidance

Fortive (NYSE:FTV) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $3.77-3.86 for the period, compared to the consensus earnings per share estimate of $3.79. The company issued revenue guidance of ~$6.35-6.43 billion, compared to the consensus revenue estimate of $6.48 billion. Fortive also updated its FY 2024 guidance to 3.770-3.860 EPS.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FTV. Barclays upped their target price on Fortive from $89.00 to $97.00 and gave the stock an overweight rating in a research note on Tuesday, April 2nd. Royal Bank of Canada upped their target price on Fortive from $75.00 to $80.00 and gave the stock a sector perform rating in a research note on Thursday, February 1st. Mizuho boosted their price target on Fortive from $70.00 to $80.00 and gave the stock a neutral rating in a research report on Thursday, February 1st. Citigroup boosted their price target on Fortive from $90.00 to $101.00 and gave the stock a buy rating in a research report on Monday, April 8th. Finally, Vertical Research cut Fortive from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $86.54.

Fortive Trading Down 5.1 %

Shares of NYSE FTV traded down $4.10 during trading on Wednesday, hitting $76.60. 5,167,912 shares of the company were exchanged, compared to its average volume of 1,659,400. The firm has a market capitalization of $26.92 billion, a PE ratio of 31.28, a P/E/G ratio of 2.45 and a beta of 1.13. Fortive has a 12-month low of $62.70 and a 12-month high of $87.10. The company has a fifty day moving average price of $84.32 and a 200-day moving average price of $76.13. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.75 and a current ratio of 2.05.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.05. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.56 billion. Fortive had a net margin of 14.27% and a return on equity of 12.12%. Fortive’s revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.88 EPS. As a group, equities research analysts expect that Fortive will post 3.78 EPS for the current year.

Fortive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.42%. The ex-dividend date is Friday, May 31st. Fortive’s dividend payout ratio is currently 13.11%.

Insider Transactions at Fortive

In other news, CAO Christopher M. Mulhall sold 8,994 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $82.17, for a total transaction of $739,036.98. Following the completion of the transaction, the chief accounting officer now directly owns 20,564 shares of the company’s stock, valued at $1,689,743.88. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Charles E. Mclaughlin sold 40,837 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $86.28, for a total value of $3,523,416.36. Following the completion of the transaction, the chief financial officer now directly owns 61,855 shares of the company’s stock, valued at $5,336,849.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Christopher M. Mulhall sold 8,994 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $82.17, for a total value of $739,036.98. Following the completion of the transaction, the chief accounting officer now directly owns 20,564 shares of the company’s stock, valued at $1,689,743.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 63,937 shares of company stock valued at $5,475,122. 0.95% of the stock is currently owned by corporate insiders.

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.