Los Angeles Capital Management & Equity Research Inc. boosted its holdings in shares of Medtronic PLC (NYSE:MDT) by 185.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 275,677 shares of the medical technology company’s stock after buying an additional 179,040 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Medtronic were worth $27,118,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Ballew Advisors Inc bought a new position in Medtronic during the 2nd quarter worth about $100,000. Polaris Greystone Financial Group LLC grew its holdings in Medtronic by 255.1% during the 3rd quarter. Polaris Greystone Financial Group LLC now owns 1,321 shares of the medical technology company’s stock worth $130,000 after acquiring an additional 949 shares in the last quarter. Fort L.P. bought a new position in Medtronic during the 2nd quarter worth about $121,000. Global Trust Asset Management LLC grew its holdings in Medtronic by 112.1% during the 2nd 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 in the last quarter. Finally, Trustcore Financial Services LLC grew its holdings in Medtronic by 97.3% during the 2nd 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 in the last quarter. Institutional investors own 80.00% of the company’s stock.
Several brokerages have issued reports on MDT. Oppenheimer reiterated a “buy” rating on shares of Medtronic in a report on Friday, September 21st. BMO Capital Markets increased their target price on shares of Medtronic from $94.00 to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, August 22nd. Royal Bank of Canada increased their target price on shares of Medtronic to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, August 22nd. Argus increased their target price on shares of Medtronic from $108.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, October 8th. Finally, Zacks Investment Research upgraded shares of Medtronic from a “hold” rating to a “buy” rating and set a $105.00 target price on the stock in a report on Tuesday, October 23rd. Seven analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $102.58.
MDT stock opened at $94.74 on Friday. The stock has a market cap of $124.94 billion, a price-to-earnings ratio of 19.86, a PEG ratio of 2.46 and a beta of 0.94. Medtronic PLC has a one year low of $76.41 and a one year high of $100.15. The company has a quick ratio of 2.06, a current ratio of 2.46 and a debt-to-equity ratio of 0.47.
Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 21st. The medical technology company reported $1.17 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.06. The business had revenue of $7.38 billion during the quarter, compared to analyst estimates of $7.24 billion. Medtronic had a net margin of 10.56% and a return on equity of 12.98%. The company’s quarterly revenue was down .1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.12 earnings per share. Analysts predict that Medtronic PLC will post 5.12 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 19th. Shareholders of record on Friday, September 28th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend was Thursday, September 27th. Medtronic’s payout ratio is 41.93%.
In related news, SVP Richard Kuntz sold 47,176 shares of the stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $95.88, for a total value of $4,523,234.88. Following the completion of the transaction, the senior vice president now directly owns 152,579 shares of the company’s stock, valued at approximately $14,629,274.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard H. Anderson acquired 2,600 shares of the firm’s stock in a transaction that occurred on Thursday, August 23rd. The stock was bought at an average cost of $95.88 per share, with a total value of $249,288.00. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 268,678 shares of company stock valued at $25,818,353. Insiders own 0.28% of the company’s stock.
Medtronic Company Profile
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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