Huntington National Bank Increases Stake in Medtronic PLC (MDT)
Huntington National Bank boosted its position in Medtronic PLC (NYSE:MDT) by 10.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 227,847 shares of the medical technology company’s stock after buying an additional 22,309 shares during the period. Huntington National Bank’s holdings in Medtronic PLC were worth $19,769,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bristlecone Advisors LLC boosted its stake in shares of Medtronic PLC by 4.7% in the first quarter. Bristlecone Advisors LLC now owns 16,572 shares of the medical technology company’s stock valued at $1,243,000 after buying an additional 750 shares during the last quarter. BlackRock Japan Co. Ltd boosted its stake in shares of Medtronic PLC by 0.9% in the first quarter. BlackRock Japan Co. Ltd now owns 1,785,312 shares of the medical technology company’s stock valued at $133,898,000 after buying an additional 15,384 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Medtronic PLC by 0.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 36,200,845 shares of the medical technology company’s stock valued at $2,715,063,000 after buying an additional 211,844 shares during the last quarter. BlackRock Fund Advisors boosted its stake in shares of Medtronic PLC by 2.8% in the first quarter. BlackRock Fund Advisors now owns 19,788,356 shares of the medical technology company’s stock valued at $1,484,127,000 after buying an additional 535,352 shares during the last quarter. Finally, BlackRock Group LTD boosted its stake in shares of Medtronic PLC by 2.2% in the first quarter. BlackRock Group LTD now owns 12,578,229 shares of the medical technology company’s stock valued at $943,366,000 after buying an additional 276,613 shares during the last quarter. Institutional investors own 83.11% of the company’s stock.
Shares of Medtronic PLC (NYSE:MDT) traded down 3.38% on Tuesday, hitting $83.26. 9,159,659 shares of the stock were exchanged. Medtronic PLC has a one year low of $71.03 and a one year high of $89.27. The company has a market cap of $115.06 billion, a P/E ratio of 32.40 and a beta of 0.88. The firm’s 50-day moving average is $86.43 and its 200-day moving average is $83.83.
Medtronic PLC (NYSE:MDT) last posted its earnings results on Thursday, August 25th. The medical technology company reported $1.03 EPS for the quarter, topping the consensus estimate of $1.01 by $0.02. Medtronic PLC had a net margin of 12.70% and a return on equity of 12.06%. The firm earned $7.20 billion during the quarter, compared to analysts’ expectations of $7.17 billion. During the same quarter in the prior year, the firm earned $1.02 EPS. Medtronic PLC’s quarterly revenue was down 1.0% on a year-over-year basis. On average, equities analysts forecast that Medtronic PLC will post $4.66 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 21st. Shareholders of record on Thursday, September 29th will be given a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Tuesday, September 27th. Medtronic PLC’s dividend payout ratio (DPR) is 66.93%.
Several analysts have recently issued reports on MDT shares. Credit Suisse Group AG reiterated an “outperform” rating and issued a $92.00 price objective on shares of Medtronic PLC in a research note on Thursday, August 25th. Cowen and Company set a $94.00 price objective on Medtronic PLC and gave the company a “buy” rating in a research note on Tuesday, August 23rd. Citigroup Inc. started coverage on Medtronic PLC in a research note on Tuesday, August 23rd. They issued a “buy” rating and a $102.00 price objective on the stock. Jefferies Group reiterated a “buy” rating and issued a $93.00 price objective on shares of Medtronic PLC in a research note on Thursday, August 25th. Finally, Zacks Investment Research upgraded Medtronic PLC from a “hold” rating to a “buy” rating and set a $97.00 price objective on the stock in a research note on Tuesday, August 9th. Six equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $90.12.
In other Medtronic PLC news, CEO Omar Ishrak sold 61,925 shares of the company’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $84.93, for a total value of $5,259,290.25. Following the completion of the transaction, the chief executive officer now owns 565,916 shares in the company, valued at approximately $48,063,245.88. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Gary Lee Ellis sold 35,495 shares of the company’s stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $88.64, for a total transaction of $3,146,276.80. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.
Medtronic PLC 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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