Medtronic Inc. (MDT) Position Cut by Markston International LLC
Markston International LLC lowered its position in shares of Medtronic Inc. (NYSE:MDT) by 1.7% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 257,121 shares of the medical technology company’s stock after selling 4,464 shares during the period. Medtronic accounts for approximately 2.1% of Markston International LLC’s portfolio, making the stock its 8th largest position. Markston International LLC’s holdings in Medtronic were worth $22,311,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the stock. Clarkston Capital Partners LLC boosted its stake in Medtronic by 3.3% in the second quarter. Clarkston Capital Partners LLC now owns 120,828 shares of the medical technology company’s stock worth $10,484,000 after buying an additional 3,840 shares in the last quarter. First Republic Investment Management Inc. boosted its stake in Medtronic by 6.5% in the first quarter. First Republic Investment Management Inc. now owns 538,638 shares of the medical technology company’s stock worth $40,399,000 after buying an additional 32,837 shares in the last quarter. Atlanta Capital Management Co. L L C acquired a new stake in Medtronic during the first quarter worth $45,404,000. Kelman Lazarov Inc. boosted its stake in Medtronic by 17.4% in the second quarter. Kelman Lazarov Inc. now owns 1,517 shares of the medical technology company’s stock worth $132,000 after buying an additional 225 shares in the last quarter. Finally, Deane Retirement Strategies Inc. acquired a new stake in Medtronic during the second quarter worth $2,505,000. 83.11% of the stock is owned by hedge funds and other institutional investors.
Shares of Medtronic Inc. (NYSE:MDT) traded down 0.01% during trading on Monday, reaching $86.39. The company’s stock had a trading volume of 3,205,333 shares. Medtronic Inc. has a 12 month low of $68.85 and a 12 month high of $89.27. The firm has a market cap of $119.39 billion, a PE ratio of 33.61 and a beta of 0.88. The stock’s 50 day moving average price is $86.60 and its 200-day moving average price is $83.43.
Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, August 25th. The medical technology company reported $1.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.02. Medtronic had a return on equity of 12.06% and a net margin of 12.70%. The firm earned $7.20 billion during the quarter, compared to the consensus estimate of $7.17 billion. During the same period last year, the business posted $1.02 EPS. The business’s revenue was down 1.0% compared to the same quarter last year. Equities analysts predict that Medtronic Inc. will post $4.66 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Thursday, September 29th will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Tuesday, September 27th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.99%. Medtronic’s dividend payout ratio (DPR) is presently 66.93%.
Several research firms have recently commented on MDT. Credit Suisse Group AG reissued an “outperform” rating and issued a $92.00 target price on shares of Medtronic in a research note on Thursday, August 25th. Needham & Company LLC reissued a “buy” rating and issued a $93.00 target price (up from $90.00) on shares of Medtronic in a research note on Tuesday, June 7th. Citigroup Inc. began coverage on Medtronic in a research note on Tuesday, August 23rd. They issued a “buy” rating and a $102.00 target price for the company. Cowen and Company set a $94.00 target price on Medtronic and gave the company a “buy” rating in a research note on Tuesday, August 23rd. Finally, Jefferies Group reissued a “buy” rating and issued a $93.00 target price on shares of Medtronic in a research note on Thursday, August 25th. Six analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Medtronic has a consensus rating of “Buy” and an average price target of $90.12.
In other news, Director Shirley A. Jackson sold 2,104 shares of the stock in a transaction dated Wednesday, July 13th. The shares were sold at an average price of $88.64, for a total transaction of $186,498.56. Following the transaction, the director now owns 34,503 shares of the company’s stock, valued at approximately $3,058,345.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Richard Kuntz sold 25,199 shares of the stock in a transaction dated Monday, September 26th. The stock was sold at an average price of $86.67, for a total transaction of $2,183,997.33. Following the transaction, the vice president now directly owns 149,425 shares in the company, valued at approximately $12,950,664.75. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.
Medtronic Company Profile
Medtronic plc (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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