Tiedemann Advisors LLC acquired a new position in shares of Medtronic PLC (NYSE:MDT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,392 shares of the medical technology company’s stock, valued at approximately $204,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ballew Advisors Inc bought a new stake in shares of Medtronic in the 2nd quarter worth $100,000. Fort L.P. bought a new stake in shares of Medtronic in the 2nd quarter worth $121,000. BDO Wealth Advisors LLC grew its stake in shares of Medtronic by 99.6% in the 1st quarter. BDO Wealth Advisors LLC now owns 1,427 shares of the medical technology company’s stock worth $115,000 after acquiring an additional 712 shares in the last quarter. Global Trust Asset Management LLC grew its stake in shares of Medtronic by 112.1% in the 2nd quarter. Global Trust Asset Management LLC now owns 1,523 shares of the medical technology company’s stock worth $130,000 after acquiring an additional 805 shares in the last quarter. Finally, Trustcore Financial Services LLC grew its stake in shares of Medtronic by 97.3% in the 2nd quarter. Trustcore Financial Services LLC now owns 1,760 shares of the medical technology company’s stock worth $151,000 after acquiring an additional 868 shares in the last quarter. Hedge funds and other institutional investors own 79.90% of the company’s stock.
In other Medtronic news, SVP Richard Kuntz sold 47,176 shares of the company’s stock in a transaction dated 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 $14,629,274.52. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Michael J. Coyle sold 145,544 shares of the stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $95.50, for a total transaction of $13,899,452.00. Following the completion of the sale, the executive vice president now directly owns 190,680 shares in the company, valued at $18,209,940. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 268,678 shares of company stock worth $25,818,353. Insiders own 0.28% of the company’s stock.
Several analysts have recently issued reports on MDT shares. Needham & Company LLC upgraded shares of Medtronic from a “buy” rating to a “strong-buy” rating and upped their target price for the stock from $103.00 to $119.00 in a research note on Monday, August 13th. Wells Fargo & Co increased their price target on shares of Medtronic from $95.00 to $101.00 and gave the company a “market perform” rating in a research report on Wednesday, August 22nd. Argus increased their price target on shares of Medtronic from $95.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, August 27th. Leerink Swann increased their price target on shares of Medtronic from $95.00 to $100.00 and gave the company a “market perform” rating in a research report on Wednesday, August 22nd. Finally, Zacks Investment Research lowered shares of Medtronic from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Eight investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Medtronic presently has a consensus rating of “Buy” and an average target price of $101.50.
NYSE MDT traded up $1.58 during trading on Friday, hitting $94.69. 4,713,231 shares of the company’s stock traded hands, compared to its average volume of 4,990,245. The company has a market cap of $132.85 billion, a PE ratio of 19.85, a price-to-earnings-growth ratio of 2.61 and a beta of 0.92. Medtronic PLC has a 12-month low of $76.41 and a 12-month high of $100.15. The company has a quick ratio of 2.06, a current ratio of 2.46 and a debt-to-equity ratio of 0.47.
Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 21st. The medical technology company reported $1.17 EPS for the quarter, beating the Thomson Reuters’ consensus estimate 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 company’s revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.12 earnings per share. As a group, equities research analysts anticipate that Medtronic PLC will post 5.12 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 19th. Shareholders of record on Friday, September 28th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Thursday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 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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