Mission Wealth Management LP acquired a new stake in Medtronic PLC (NYSE:MDT) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,650 shares of the medical technology company’s stock, valued at approximately $398,000.
Several other large investors have also recently bought and sold shares of MDT. Global X Management Co. LLC raised its position in shares of Medtronic by 15.5% during the first quarter. Global X Management Co. LLC now owns 25,461 shares of the medical technology company’s stock worth $2,042,000 after acquiring an additional 3,414 shares during the last quarter. Cohen Capital Management Inc. bought a new position in shares of Medtronic during the first quarter worth about $5,522,000. Diamond Hill Capital Management Inc. raised its position in shares of Medtronic by 4.0% during the first quarter. Diamond Hill Capital Management Inc. now owns 4,227,340 shares of the medical technology company’s stock worth $339,117,000 after acquiring an additional 161,270 shares during the last quarter. HL Financial Services LLC raised its position in shares of Medtronic by 5.2% during the first quarter. HL Financial Services LLC now owns 20,443 shares of the medical technology company’s stock worth $1,640,000 after acquiring an additional 1,015 shares during the last quarter. Finally, FDx Advisors Inc. raised its position in shares of Medtronic by 10.7% during the first quarter. FDx Advisors Inc. now owns 44,868 shares of the medical technology company’s stock worth $3,599,000 after acquiring an additional 4,319 shares during the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently issued reports on MDT. Needham & Company LLC upgraded Medtronic from a “buy” rating to a “strong-buy” rating and raised their price objective for the stock from $103.00 to $119.00 in a research report on Monday, August 13th. Zacks Investment Research downgraded Medtronic from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. 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 objective for the company. William Blair began coverage on Medtronic in a research report on Wednesday, June 6th. They set a “market perform” rating for the company. Finally, Oppenheimer set a $96.00 price objective on Medtronic and gave the stock a “buy” rating in a research report on Wednesday, June 6th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $93.24.
Shares of MDT stock opened at $90.60 on Friday. The company has a market capitalization of $122.46 billion, a price-to-earnings ratio of 18.99, a price-to-earnings-growth ratio of 2.46 and a beta of 0.94. The company has a quick ratio of 1.92, a current ratio of 2.28 and a debt-to-equity ratio of 0.47. Medtronic PLC has a fifty-two week low of $76.41 and a fifty-two week high of $91.50.
Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 24th. The medical technology company reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.03. The business had revenue of $8.14 billion during the quarter, compared to the consensus estimate of $8 billion. Medtronic had a return on equity of 12.84% and a net margin of 10.36%. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.33 earnings per share. research analysts anticipate that Medtronic PLC will post 5.11 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 25th. Shareholders of record on Friday, July 6th were issued a $0.50 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Thursday, July 5th. Medtronic’s payout ratio is presently 41.93%.
In other Medtronic news, SVP Bradley E. Lerman sold 8,910 shares of Medtronic stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $86.82, for a total value of $773,566.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Richard Kuntz sold 11,500 shares of Medtronic stock in a transaction that occurred on Friday, June 8th. The stock was sold at an average price of $87.13, for a total value of $1,001,995.00. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.
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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