Needham Investment Management LLC cut its stake in Medtronic PLC (NYSE:MDT) by 6.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 54,406 shares of the medical technology company’s stock after selling 3,790 shares during the period. Medtronic accounts for approximately 1.3% of Needham Investment Management LLC’s investment portfolio, making the stock its 28th biggest holding. Needham Investment Management LLC’s holdings in Medtronic were worth $4,657,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Ballew Advisors Inc bought a new position in Medtronic during the second quarter worth about $100,000. BDO Wealth Advisors LLC increased its position in Medtronic by 99.6% during the first quarter. BDO Wealth Advisors LLC now owns 1,427 shares of the medical technology company’s stock worth $115,000 after acquiring an additional 712 shares during the period. Global Trust Asset Management LLC increased its position in Medtronic by 112.1% during the second quarter. Global Trust Asset Management LLC now owns 1,523 shares of the medical technology company’s stock worth $130,000 after acquiring an additional 805 shares during the period. Trustcore Financial Services LLC increased its position in Medtronic by 97.3% during the second quarter. Trustcore Financial Services LLC now owns 1,760 shares of the medical technology company’s stock worth $151,000 after acquiring an additional 868 shares during the period. Finally, Hartford Financial Management Inc. bought a new position in Medtronic during the second quarter worth about $164,000. 79.80% of the stock is currently owned by institutional investors.
In other news, EVP Hooman Hakami sold 26,159 shares of the firm’s stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $96.29, for a total value of $2,518,850.11. Following the sale, the executive vice president now directly owns 63,046 shares in the company, valued at approximately $6,070,699.34. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Richard H. Anderson purchased 2,600 shares of Medtronic stock in a transaction dated Thursday, August 23rd. The stock was bought at an average price of $95.88 per share, for a total transaction of $249,288.00. The disclosure for this purchase 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.
Shares of Medtronic stock opened at $96.04 on Thursday. The stock has a market cap of $130.20 billion, a price-to-earnings ratio of 20.13, a PEG 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 PLC has a 12-month low of $76.41 and a 12-month high of $97.38.
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. analysts predict that Medtronic PLC will post 5.12 EPS for the current fiscal 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%.
A number of equities analysts recently commented on the stock. Sanford C. Bernstein assumed coverage on shares of Medtronic in a research report on Wednesday, June 27th. They set a “market perform” rating and a $88.00 price target on the stock. BMO Capital Markets raised their price target on shares of Medtronic from $94.00 to $104.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 22nd. Royal Bank of Canada raised their price target on shares of Medtronic to $104.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 22nd. Oppenheimer reaffirmed a “buy” rating and set a $96.00 price target on shares of Medtronic in a research report on Thursday, May 24th. Finally, SunTrust Banks raised their price target on shares of Medtronic to $96.00 and gave the stock a “buy” rating in a research report on Monday, May 21st. Eight equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $100.61.
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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