Investors Buy Shares of Medtronic (MDT) on Weakness

Share on StockTwits

Traders purchased shares of Medtronic PLC (NYSE:MDT) on weakness during trading hours on Tuesday. $109.80 million flowed into the stock on the tick-up and $67.84 million flowed out of the stock on the tick-down, for a money net flow of $41.96 million into the stock. Of all stocks tracked, Medtronic had the 30th highest net in-flow for the day. Medtronic traded down ($0.85) for the day and closed at $95.56

A number of equities analysts have recently weighed in on the company. Sanford C. Bernstein assumed coverage on Medtronic in a research note on Wednesday, June 27th. They issued a “market perform” rating and a $88.00 target price on the stock. Oppenheimer restated a “buy” rating and issued a $104.00 target price on shares of Medtronic in a research note on Tuesday, August 21st. Zacks Investment Research upgraded Medtronic from a “sell” rating to a “hold” rating in a research note on Thursday, August 23rd. TheStreet upgraded Medtronic from a “c+” rating to a “b-” rating in a research note on Monday, May 21st. Finally, Bank of America boosted their target price on Medtronic from $98.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, August 22nd. Eight analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Medtronic currently has an average rating of “Buy” and a consensus target price of $100.61.

The company has a debt-to-equity ratio of 0.47, a current ratio of 2.46 and a quick ratio of 2.06. The company has a market cap of $130.20 billion, a P/E ratio of 20.10, a P/E/G ratio of 2.55 and a beta of 0.92.

Medtronic (NYSE:MDT) last issued its 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. Medtronic had a net margin of 10.56% and a return on equity of 12.98%. The business had revenue of $7.38 billion for the quarter, compared to analysts’ expectations of $7.24 billion. During the same quarter in the previous year, the firm posted $1.12 EPS. The business’s revenue for the quarter was down .1% compared to the same quarter last year. analysts expect that Medtronic PLC will post 5.12 earnings per share for the current fiscal year.

The firm also recently announced 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. The ex-dividend date is Thursday, September 27th. This represents a $2.00 dividend on an annualized basis and a yield of 2.08%. Medtronic’s payout ratio is 41.93%.

In other news, SVP Richard Kuntz sold 11,500 shares of the company’s stock in a transaction 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Hooman Hakami sold 26,159 shares of the company’s stock in a transaction on Friday, August 31st. The stock was sold at an average price of $96.29, for a total transaction of $2,518,850.11. Following the completion of the transaction, the executive vice president now directly owns 63,046 shares in the company, valued at approximately $6,070,699.34. The disclosure for this sale can be found here. Insiders have sold a total of 239,289 shares of company stock worth $22,717,098 in the last three months. Insiders own 0.31% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in MDT. Ballew Advisors Inc bought a new position in Medtronic in the second quarter valued at $100,000. BDO Wealth Advisors LLC increased its stake in Medtronic by 99.6% in the first quarter. BDO Wealth Advisors LLC now owns 1,427 shares of the medical technology company’s stock valued at $115,000 after acquiring an additional 712 shares during the last quarter. Fort L.P. bought a new position in Medtronic in the second quarter valued at $121,000. Global Trust Asset Management LLC increased its stake in 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 valued at $130,000 after acquiring an additional 805 shares during the last quarter. Finally, Trustcore Financial Services LLC increased its stake in Medtronic by 97.3% in the second quarter. Trustcore Financial Services LLC now owns 1,760 shares of the medical technology company’s stock valued at $151,000 after acquiring an additional 868 shares during the last quarter. 79.80% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Company Profile (NYSE:MDT)

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.

See Also: New Google Finance Tool and Screening Stocks

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply