AMP Capital Investors Ltd cut its stake in Medtronic PLC (NYSE:MDT) by 10.4% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 539,708 shares of the medical technology company’s stock after selling 62,329 shares during the period. AMP Capital Investors Ltd’s holdings in Medtronic were worth $46,204,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently modified their holdings of MDT. Ballew Advisors Inc bought a new position in shares of Medtronic in the second quarter valued at about $100,000. BDO Wealth Advisors LLC raised 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 valued at $115,000 after purchasing an additional 712 shares during the period. Global Trust Asset Management LLC raised 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 valued at $130,000 after purchasing an additional 805 shares during the period. Trustcore Financial Services LLC raised 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 valued at $151,000 after purchasing an additional 868 shares during the period. Finally, Hartford Financial Management Inc. bought a new position in shares of Medtronic in the second quarter valued at about $164,000. 79.82% of the stock is currently owned by institutional investors.
A number of equities analysts recently commented on MDT shares. Morgan Stanley raised their price target on shares of Medtronic from $95.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 22nd. Zacks Investment Research lowered shares of Medtronic from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Needham & Company LLC raised shares of Medtronic from a “buy” rating to a “strong-buy” rating and raised their price target for the stock from $103.00 to $119.00 in a research report on Monday, August 13th. Argus raised their price target on shares of Medtronic from $95.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, August 27th. Finally, Wells Fargo & Co raised their price target on shares of Medtronic from $95.00 to $101.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 22nd. Eight research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Medtronic has an average rating of “Buy” and an average price target of $100.61.
NYSE:MDT opened at $96.04 on Thursday. Medtronic PLC has a 52 week low of $76.41 and a 52 week high of $97.38. The stock has a market cap of $130.32 billion, a P/E ratio of 20.13, a price-to-earnings-growth ratio of 2.55 and a beta of 0.92. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.06 and a current ratio of 2.46.
Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 21st. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.06. The firm 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 business’s revenue for the quarter was down .1% on a year-over-year basis. During the same period in the prior year, the company posted $1.12 earnings per share. equities research analysts anticipate that Medtronic PLC will post 5.12 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 19th. Shareholders of record on Friday, September 28th will be paid 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, Director Richard H. Anderson acquired 2,600 shares of Medtronic stock in a transaction on Thursday, August 23rd. The shares were purchased at an average cost of $95.88 per share, for a total transaction of $249,288.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Hooman Hakami sold 26,159 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 63,046 shares in the company, valued at $6,070,699.34. The disclosure for this sale can be found here. Insiders have sold 239,289 shares of company stock worth $22,717,098 over the last quarter. Corporate 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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