Madison Investment Holdings Inc. increased its stake in Medtronic PLC (NYSE:MDT) by 170.7% during the 2nd quarter, Holdings Channel reports. The firm owned 484,236 shares of the medical technology company’s stock after purchasing an additional 305,326 shares during the quarter. Madison Investment Holdings Inc.’s holdings in Medtronic were worth $41,455,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Ballew Advisors Inc bought a new position in shares of Medtronic in the second quarter worth approximately $100,000. BDO Wealth Advisors LLC increased its position in shares of Medtronic by 99.6% in the first quarter. BDO Wealth Advisors LLC now owns 1,427 shares of the medical technology company’s stock worth $115,000 after purchasing an additional 712 shares during the last quarter. Global Trust Asset Management LLC increased its position in shares of Medtronic by 112.1% in the second quarter. Global Trust Asset Management LLC now owns 1,523 shares of the medical technology company’s stock worth $130,000 after purchasing an additional 805 shares during the last quarter. Trustcore Financial Services LLC increased its position in shares of Medtronic by 97.3% in the second quarter. Trustcore Financial Services LLC now owns 1,760 shares of the medical technology company’s stock worth $151,000 after purchasing an additional 868 shares during the last quarter. Finally, Profit Investment Management LLC bought a new position in shares of Medtronic in the second quarter worth approximately $203,000. Institutional investors own 80.13% of the company’s stock.
MDT has been the subject of several research reports. TheStreet raised Medtronic from a “c+” rating to a “b-” rating in a research note on Monday, May 21st. Oppenheimer reaffirmed a “buy” rating and issued a $96.00 target price on shares of Medtronic in a research note on Thursday, May 24th. SunTrust Banks upped their target price on Medtronic to $96.00 and gave the stock a “buy” rating in a research note on Monday, May 21st. Needham & Company LLC upped their target price on Medtronic from $97.00 to $103.00 and gave the stock a “buy” rating in a research note on Wednesday, June 6th. Finally, Morgan Stanley upped their target price on Medtronic from $90.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, May 25th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Medtronic currently has a consensus rating of “Buy” and an average price target of $93.24.
In other news, SVP Bradley E. Lerman sold 8,910 shares of the stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $86.82, for a total transaction of $773,566.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Richard Kuntz sold 11,500 shares of the stock in a transaction that occurred on Friday, June 8th. The shares were 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. Corporate insiders own 0.31% of the company’s stock.
NYSE:MDT opened at $90.60 on Monday. The company has a market cap of $122.46 billion, a PE ratio of 18.99, a P/E/G ratio of 2.46 and a beta of 0.94. Medtronic PLC has a fifty-two week low of $76.41 and a fifty-two week high of $91.50. 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 (NYSE:MDT) last released its quarterly earnings data on Thursday, May 24th. The medical technology company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $8.14 billion during the quarter, compared to analyst estimates of $8 billion. Medtronic had a return on equity of 12.84% and a net margin of 10.36%. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.33 earnings per share. sell-side analysts anticipate that Medtronic PLC will post 5.11 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 25th. Stockholders of record on Friday, July 6th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend was Thursday, July 5th. This is a positive change from Medtronic’s previous quarterly dividend of $0.46. Medtronic’s dividend 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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