Advisory Services Network LLC increased its holdings in shares of Medtronic PLC (NYSE:MDT) by 1.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,436 shares of the medical technology company’s stock after acquiring an additional 634 shares during the quarter. Advisory Services Network LLC’s holdings in Medtronic were worth $3,289,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. boosted its holdings in Medtronic by 4.1% in the 1st quarter. Principal Financial Group Inc. now owns 4,241,820 shares of the medical technology company’s stock valued at $340,279,000 after purchasing an additional 165,345 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in Medtronic by 5.9% in the 1st quarter. Allianz Asset Management GmbH now owns 2,604,216 shares of the medical technology company’s stock valued at $208,910,000 after purchasing an additional 144,299 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Medtronic by 4.5% in the 2nd quarter. Fisher Asset Management LLC now owns 226,743 shares of the medical technology company’s stock valued at $19,412,000 after purchasing an additional 9,787 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in Medtronic by 2.9% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 119,353 shares of the medical technology company’s stock valued at $10,218,000 after purchasing an additional 3,400 shares during the last quarter. Finally, Pure Financial Advisors Inc. acquired a new position in Medtronic in the 2nd quarter valued at about $308,000. Hedge funds and other institutional investors own 80.00% of the company’s stock.
In related news, SVP Richard Kuntz sold 47,176 shares of the company’s stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $95.88, for a total transaction of $4,523,234.88. Following the sale, the senior vice president now directly owns 152,579 shares of the company’s stock, valued at approximately $14,629,274.52. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard H. Anderson bought 2,600 shares of the business’s stock in a transaction that occurred on Thursday, August 23rd. The shares were acquired 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 a total of 268,678 shares of company stock worth $25,818,353 over the last three months. Insiders own 0.28% of the company’s stock.
Several equities analysts have weighed in on MDT shares. Needham & Company LLC upgraded shares of Medtronic from a “buy” rating to a “strong-buy” rating and boosted their target price for the company from $103.00 to $119.00 in a report on Monday, August 13th. Wells Fargo & Co boosted their target price on shares of Medtronic from $95.00 to $101.00 and gave the company a “market perform” rating in a report on Wednesday, August 22nd. Argus boosted their target price on shares of Medtronic from $95.00 to $108.00 and gave the company a “buy” rating in a report on Monday, August 27th. Leerink Swann boosted their target price on shares of Medtronic from $95.00 to $100.00 and gave the company a “market perform” rating in a report on Wednesday, August 22nd. Finally, Zacks Investment Research lowered shares of Medtronic from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Seven analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $102.58.
Medtronic stock opened at $91.61 on Tuesday. The company has a market capitalization of $123.46 billion, a PE ratio of 19.21, a P/E/G ratio of 2.43 and a beta of 0.94. Medtronic PLC has a 1 year low of $76.41 and a 1 year high of $100.15. The company has a current ratio of 2.46, a quick ratio of 2.06 and a debt-to-equity ratio of 0.47.
Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 21st. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.06. The business had revenue of $7.38 billion for the quarter, compared to the consensus estimate of $7.24 billion. Medtronic had a net margin of 10.56% and a return on equity of 12.98%. The business’s revenue was down .1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.12 EPS. On average, research analysts forecast that Medtronic PLC will post 5.12 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 19th. Stockholders of record on Friday, September 28th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date was Thursday, September 27th. Medtronic’s dividend payout ratio (DPR) 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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