Medtronic PLC (MDT) Stake Reduced by Zacks Investment Management
Zacks Investment Management decreased its stake in Medtronic PLC (NYSE:MDT) by 0.3% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 157,506 shares of the medical technology company’s stock after selling 535 shares during the period. Zacks Investment Management’s holdings in Medtronic PLC were worth $13,667,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Kovitz Investment Group Partners LLC purchased a new stake in shares of Medtronic PLC during the first quarter worth $215,000. First Republic Investment Management Inc. boosted its stake in shares of Medtronic PLC 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 during the last quarter. Iguana Healthcare Management LLC purchased a new stake in shares of Medtronic PLC during the first quarter worth $7,268,000. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Medtronic PLC by 3.4% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 57,973 shares of the medical technology company’s stock worth $4,350,000 after buying an additional 1,919 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its stake in shares of Medtronic PLC by 294.6% in the first quarter. Squarepoint Ops LLC now owns 87,619 shares of the medical technology company’s stock worth $6,571,000 after buying an additional 65,416 shares during the last quarter. 83.25% of the stock is owned by institutional investors.
Shares of Medtronic PLC (NYSE:MDT) traded down 0.79% during mid-day trading on Friday, reaching $82.07. The company had a trading volume of 5,199,245 shares. The company’s 50-day moving average is $83.91 and its 200 day moving average is $84.69. Medtronic PLC has a 52-week low of $71.03 and a 52-week high of $89.27. The stock has a market capitalization of $113.42 billion, a P/E ratio of 31.93 and a beta of 1.01.
Medtronic PLC (NYSE:MDT) last posted its quarterly earnings results on Thursday, August 25th. The medical technology company reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.02. The firm had revenue of $7.20 billion for the quarter, compared to analyst estimates of $7.17 billion. Medtronic PLC had a net margin of 12.70% and a return on equity of 12.06%. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.02 earnings per share. Analysts anticipate that Medtronic PLC will post $4.66 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 21st. Investors of record on Thursday, September 29th were paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date was Tuesday, September 27th. Medtronic PLC’s dividend payout ratio is 66.93%.
A number of research analysts recently issued reports on MDT shares. Zacks Investment Research upgraded Medtronic PLC from a “hold” rating to a “buy” rating and set a $97.00 target price for the company in a report on Tuesday, August 9th. Deutsche Bank AG reiterated a “buy” rating on shares of Medtronic PLC in a report on Monday, October 31st. Vetr upgraded Medtronic PLC from a “buy” rating to a “strong-buy” rating and set a $90.83 target price for the company in a report on Tuesday, November 1st. Citigroup Inc. started coverage on Medtronic PLC in a report on Tuesday, August 23rd. They issued a “buy” rating and a $102.00 target price for the company. Finally, Credit Suisse Group AG reiterated an “outperform” rating and issued a $92.00 target price on shares of Medtronic PLC in a report on Thursday, August 25th. Six analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $90.02.
In related news, VP Richard Kuntz sold 25,199 shares of the firm’s stock in a transaction that occurred on Monday, September 26th. The shares were sold at an average price of $86.67, for a total value of $2,183,997.33. Following the completion of the transaction, the vice president now owns 149,425 shares of the company’s stock, valued at approximately $12,950,664.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bryan C. Hanson sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $87.00, for a total transaction of $1,305,000.00. Following the completion of the transaction, the executive vice president now directly owns 168,192 shares of the company’s stock, valued at approximately $14,632,704. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.
About Medtronic PLC
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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