Squar Milner Financial Services LLC raised its position in shares of Medtronic PLC (NYSE:MDT) by 54.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 6,377 shares of the medical technology company’s stock after purchasing an additional 2,235 shares during the quarter. Squar Milner Financial Services LLC’s holdings in Medtronic were worth $692,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in MDT. Nuveen Asset Management LLC increased its position in Medtronic by 12,846.1% during the 2nd quarter. Nuveen Asset Management LLC now owns 8,157,866 shares of the medical technology company’s stock valued at $794,495,000 after purchasing an additional 8,094,852 shares during the period. Longview Partners Guernsey LTD increased its position in Medtronic by 46.0% during the 2nd quarter. Longview Partners Guernsey LTD now owns 8,843,721 shares of the medical technology company’s stock valued at $861,290,000 after purchasing an additional 2,787,443 shares during the period. Renaissance Technologies LLC acquired a new stake in Medtronic during the 2nd quarter valued at approximately $214,895,000. Barrow Hanley Mewhinney & Strauss LLC increased its position in Medtronic by 9.4% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,499,865 shares of the medical technology company’s stock valued at $1,412,142,000 after purchasing an additional 1,251,830 shares during the period. Finally, Boston Partners increased its position in Medtronic by 14.9% during the 2nd quarter. Boston Partners now owns 9,655,784 shares of the medical technology company’s stock valued at $940,555,000 after purchasing an additional 1,250,545 shares during the period. 81.14% of the stock is owned by institutional investors and hedge funds.
In related news, SVP Richard Kuntz sold 21,425 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $107.51, for a total value of $2,303,401.75. Following the transaction, the senior vice president now directly owns 78,916 shares in the company, valued at approximately $8,484,259.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Hooman Hakami sold 82,877 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $107.31, for a total value of $8,893,530.87. Following the completion of the transaction, the executive vice president now owns 30,761 shares in the company, valued at $3,300,962.91. The disclosure for this sale can be found here. Insiders have sold a total of 114,901 shares of company stock worth $12,271,403 over the last 90 days. Company insiders own 0.28% of the company’s stock.
Shares of Medtronic stock traded up $0.62 on Wednesday, reaching $105.11. 257,791 shares of the company’s stock were exchanged, compared to its average volume of 3,723,347. The company has a market capitalization of $143.05 billion, a P/E ratio of 20.18, a price-to-earnings-growth ratio of 2.62 and a beta of 0.64. Medtronic PLC has a 52 week low of $81.66 and a 52 week high of $112.05. The firm’s 50-day moving average is $108.29 and its two-hundred day moving average is $99.02. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.20 and a current ratio of 2.67.
Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.08. The firm had revenue of $7.49 billion for the quarter, compared to analysts’ expectations of $7.40 billion. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.17 EPS. On average, analysts expect that Medtronic PLC will post 5.56 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Friday, September 27th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date was Thursday, September 26th. Medtronic’s payout ratio is 41.38%.
MDT has been the subject of a number of recent analyst reports. Raymond James increased their target price on shares of Medtronic from $105.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, August 21st. Cowen reissued an “outperform” rating and set a $111.00 target price (up previously from $99.00) on shares of Medtronic in a research report on Wednesday, August 14th. Royal Bank of Canada set a $110.00 target price on shares of Medtronic and gave the company a “buy” rating in a research report on Friday, August 16th. Deutsche Bank increased their target price on shares of Medtronic from $100.00 to $111.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Finally, Morgan Stanley increased their target price on shares of Medtronic from $105.00 to $111.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Medtronic currently has a consensus rating of “Buy” and a consensus target price of $113.84.
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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