Jennison Associates LLC Sells 787,441 Shares of Fortive Co. (NYSE:FTV)

Jennison Associates LLC decreased its position in shares of Fortive Co. (NYSE:FTV) by 66.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 389,920 shares of the technology company’s stock after selling 787,441 shares during the period. Jennison Associates LLC owned about 0.11% of Fortive worth $30,776,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new stake in shares of Fortive in the 3rd quarter valued at $25,000. Ridgewood Investments LLC acquired a new stake in Fortive in the second quarter valued at about $30,000. International Assets Investment Management LLC bought a new position in Fortive in the second quarter valued at about $30,000. Goodman Advisory Group LLC acquired a new position in Fortive during the second quarter worth about $31,000. Finally, Advisors Asset Management Inc. bought a new position in shares of Fortive in the first quarter worth about $32,000. 94.94% of the stock is owned by institutional investors.

Fortive Stock Up 1.4 %

Shares of Fortive stock opened at $76.84 on Friday. The stock’s 50-day moving average is $75.76 and its 200 day moving average is $74.17. Fortive Co. has a one year low of $66.15 and a one year high of $87.10. The firm has a market cap of $26.66 billion, a price-to-earnings ratio of 30.61, a PEG ratio of 2.05 and a beta of 1.13. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.25 and a quick ratio of 0.99.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. Fortive had a net margin of 14.35% and a return on equity of 12.56%. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same quarter last year, the firm posted $0.85 EPS. The company’s quarterly revenue was up 2.7% on a year-over-year basis. Equities research analysts anticipate that Fortive Co. will post 3.85 EPS for the current year.

Fortive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, November 29th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, November 29th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. Fortive’s dividend payout ratio (DPR) is presently 12.75%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FTV. Wolfe Research downgraded shares of Fortive from an “outperform” rating to a “peer perform” rating in a research note on Friday, September 6th. StockNews.com raised Fortive from a “hold” rating to a “buy” rating in a report on Friday, September 13th. JPMorgan Chase & Co. raised Fortive from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $90.00 to $92.00 in a report on Thursday, October 10th. Mizuho raised Fortive from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $80.00 to $90.00 in a research note on Friday, September 6th. Finally, Royal Bank of Canada lowered their price objective on Fortive from $85.00 to $77.00 and set a “sector perform” rating for the company in a research note on Thursday, October 31st. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.82.

Insider Activity

In related news, CFO Charles E. Mclaughlin sold 6,864 shares of Fortive stock in a transaction on Friday, September 13th. The shares were sold at an average price of $74.03, for a total value of $508,141.92. Following the completion of the sale, the chief financial officer now owns 73,391 shares of the company’s stock, valued at approximately $5,433,135.73. This trade represents a 8.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Jonathan L. Schwarz sold 14,223 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $73.80, for a total transaction of $1,049,657.40. Following the transaction, the senior vice president now owns 68,161 shares in the company, valued at approximately $5,030,281.80. The trade was a 17.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 197,895 shares of company stock worth $14,261,051 in the last three months. Company insiders own 1.01% of the company’s stock.

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.