Factory Mutual Insurance Co. increased its stake in shares of Medtronic PLC (NYSE:MDT) by 2.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 945,140 shares of the medical technology company’s stock after acquiring an additional 23,100 shares during the period. Factory Mutual Insurance Co. owned about 0.07% of Medtronic worth $92,974,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Ballew Advisors Inc acquired a new position in Medtronic during the second quarter worth approximately $100,000. BDO Wealth Advisors LLC increased its position in Medtronic by 99.6% during the first quarter. BDO Wealth Advisors LLC now owns 1,427 shares of the medical technology company’s stock worth $115,000 after buying an additional 712 shares during the last quarter. Fort L.P. acquired a new position in Medtronic during the second quarter worth approximately $121,000. Global Trust Asset Management LLC increased its position in Medtronic by 112.1% during the second quarter. Global Trust Asset Management LLC now owns 1,523 shares of the medical technology company’s stock worth $130,000 after buying an additional 805 shares during the last quarter. Finally, Trustcore Financial Services LLC increased its position in Medtronic by 97.3% during the second quarter. Trustcore Financial Services LLC now owns 1,760 shares of the medical technology company’s stock worth $151,000 after buying an additional 868 shares during the last quarter. 79.90% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on MDT. Oppenheimer reissued a “buy” rating on shares of Medtronic in a research report on Friday, September 21st. BMO Capital Markets boosted their price target on Medtronic from $94.00 to $104.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 22nd. Sanford C. Bernstein began coverage on Medtronic in a research report on Wednesday, June 27th. They set a “market perform” rating and a $88.00 price target on the stock. Royal Bank of Canada boosted their price target on Medtronic to $104.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 22nd. Finally, Argus boosted their price target on Medtronic from $108.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday. Eight analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $101.50.
In other news, EVP Geoffrey Martha sold 49,799 shares of the company’s stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $97.93, for a total value of $4,876,816.07. Following the transaction, the executive vice president now owns 87,872 shares of the company’s stock, valued at $8,605,304.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard H. Anderson bought 2,600 shares of the firm’s stock in a transaction dated Thursday, August 23rd. The stock was purchased at an average cost of $95.88 per share, for a total transaction of $249,288.00. The disclosure for this purchase can be found here. Insiders sold 268,678 shares of company stock worth $25,818,353 in the last ninety days. 0.28% of the stock is owned by company insiders.
Medtronic stock opened at $96.19 on Wednesday. Medtronic PLC has a 12 month low of $76.41 and a 12 month high of $100.15. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.06 and a current ratio of 2.46. The company has a market capitalization of $132.85 billion, a PE ratio of 20.17, a PEG ratio of 2.61 and a beta of 0.92.
Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 21st. The medical technology company reported $1.17 EPS for the quarter, beating the consensus estimate of $1.11 by $0.06. Medtronic had a return on equity of 12.98% and a net margin of 10.56%. The company had revenue of $7.38 billion for the quarter, compared to the consensus estimate of $7.24 billion. During the same quarter in the prior year, the business earned $1.12 earnings per share. The firm’s revenue for the quarter was down .1% on a year-over-year basis. On average, analysts anticipate that Medtronic PLC will post 5.12 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 19th. Stockholders of record on Friday, September 28th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend is Thursday, September 27th. Medtronic’s payout ratio is 41.93%.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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