Fortive (NYSE:FTV) Updates FY24 Earnings Guidance

Fortive (NYSE:FTV) issued an update on its FY24 earnings guidance on Wednesday morning. 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

A number of brokerages have weighed in on FTV. StockNews.com upgraded shares of Fortive from a hold rating to a buy rating in a research note on Friday, January 26th. Mizuho boosted their target price on shares of Fortive from $70.00 to $80.00 and gave the company a neutral rating in a research note on Thursday, February 1st. Royal Bank of Canada boosted their target price on shares of Fortive from $75.00 to $80.00 and gave the company a sector perform rating in a research note on Thursday, February 1st. Wells Fargo & Company upped their price objective on Fortive from $79.00 to $85.00 and gave the stock an equal weight rating in a research note on Thursday, February 1st. Finally, JPMorgan Chase & Co. lowered Fortive from an overweight rating to a neutral rating and reduced their price objective for the stock from $95.00 to $90.00 in a research note on Wednesday, April 17th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $86.54.

Fortive Stock Performance

Shares of NYSE:FTV opened at $76.05 on Thursday. The firm has a market cap of $26.77 billion, a PE ratio of 31.17, a price-to-earnings-growth ratio of 2.47 and a beta of 1.13. The firm’s 50 day simple moving average is $84.16 and its 200-day simple moving average is $76.13. Fortive has a one year low of $62.70 and a one year high of $87.10. 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 earnings results on Wednesday, April 24th. The technology company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.53 billion. Fortive had a net margin of 14.27% and a return on equity of 12.12%. As a group, equities analysts predict that Fortive will post 3.78 EPS for the current year.

Fortive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend is Friday, May 31st. Fortive’s payout ratio is 13.11%.

Insider Activity at Fortive

In related news, CAO Christopher M. Mulhall sold 8,994 shares of Fortive stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $82.17, for a total transaction of $739,036.98. Following 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 other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of the firm’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 sale, the chief accounting officer now directly owns 20,564 shares in the company, valued at $1,689,743.88. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Tamara S. Newcombe sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $85.00, for a total transaction of $425,000.00. Following the completion of the sale, the chief executive officer now owns 55,017 shares of the company’s stock, valued at $4,676,445. The disclosure for this sale can be found here. Insiders have sold a total of 63,937 shares of company stock valued at $5,475,122 over the last ninety days. 0.95% of the stock is owned by company insiders.

Fortive Company 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.