Gradient Investments LLC increased its holdings in shares of Medtronic PLC (NYSE:MDT) by 4.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 106,332 shares of the medical technology company’s stock after buying an additional 4,309 shares during the period. Gradient Investments LLC’s holdings in Medtronic were worth $9,103,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. increased its stake in Medtronic by 1.4% during the 1st quarter. BlackRock Inc. now owns 95,900,878 shares of the medical technology company’s stock worth $7,693,168,000 after buying an additional 1,305,298 shares during the period. Artisan Partners Limited Partnership increased its position in shares of Medtronic by 1.8% in the 1st quarter. Artisan Partners Limited Partnership now owns 22,504,041 shares of the medical technology company’s stock valued at $1,805,274,000 after purchasing an additional 392,687 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Medtronic by 11.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 15,717,199 shares of the medical technology company’s stock valued at $1,345,549,000 after purchasing an additional 1,589,932 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Medtronic by 5.9% in the 1st quarter. Wells Fargo & Company MN now owns 13,941,900 shares of the medical technology company’s stock valued at $1,118,419,000 after purchasing an additional 782,123 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Medtronic by 2.3% in the 1st quarter. The Manufacturers Life Insurance Company now owns 7,182,755 shares of the medical technology company’s stock valued at $576,200,000 after purchasing an additional 159,941 shares during the last quarter. 80.13% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have commented on MDT. Sanford C. Bernstein began coverage on shares of Medtronic in a research report on Wednesday, June 27th. They issued a “market perform” rating and a $88.00 price objective on the stock. TheStreet raised shares of Medtronic from a “c+” rating to a “b-” rating in a research report on Monday, May 21st. Oppenheimer set a $96.00 price objective on shares of Medtronic and gave the company a “buy” rating in a research report on Wednesday, June 6th. Piper Jaffray Companies began coverage on shares of Medtronic in a research report on Friday, April 27th. They issued an “overweight” rating and a $90.00 price objective on the stock. Finally, SunTrust Banks increased their price objective on shares of Medtronic to $96.00 and gave the company a “buy” rating in a research report on Monday, May 21st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $93.24.
NYSE MDT opened at $90.60 on Monday. The company has a current ratio of 2.28, a quick ratio of 1.92 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $122.46 billion, a P/E ratio of 18.99, a P/E/G ratio of 2.46 and a beta of 0.94. Medtronic PLC has a 12 month low of $76.41 and a 12 month high of $91.50.
Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 24th. The medical technology company reported $1.42 EPS for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.03. The firm had revenue of $8.14 billion for the quarter, compared to the consensus estimate of $8 billion. Medtronic had a net margin of 10.36% and a return on equity of 12.84%. The company’s revenue was up 2.9% on a year-over-year basis. During the same period last year, the firm posted $1.33 EPS. research analysts forecast that Medtronic PLC will post 5.11 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 25th. Investors of record on Friday, July 6th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.21%. This is an increase from Medtronic’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Thursday, July 5th. Medtronic’s dividend payout ratio (DPR) is 41.93%.
In related news, SVP Bradley E. Lerman sold 8,910 shares of the stock in a transaction on Monday, June 11th. The shares were sold at an average price of $86.82, for a total transaction of $773,566.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Richard Kuntz sold 11,500 shares of the stock in a transaction on Friday, June 8th. The stock was sold at an average price of $87.13, for a total transaction of $1,001,995.00. The disclosure for this sale can be found here. Company 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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