Washington Trust Bank Decreases Stake in Medtronic PLC (MDT)
Washington Trust Bank lowered its stake in Medtronic PLC (NYSE:MDT) by 1.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 84,960 shares of the medical technology company’s stock after selling 1,548 shares during the period. Medtronic PLC comprises approximately 1.8% of Washington Trust Bank’s investment portfolio, making the stock its 4th largest position. Washington Trust Bank’s holdings in Medtronic PLC were worth $7,341,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Emerald Acquisition Ltd. acquired a new stake in Medtronic PLC during the second quarter valued at about $363,065,000. Janus Capital Management LLC increased its stake in shares of Medtronic PLC by 356.8% in the second quarter. Janus Capital Management LLC now owns 4,004,962 shares of the medical technology company’s stock worth $347,508,000 after buying an additional 3,128,250 shares during the period. Standard Life Investments LTD increased its stake in shares of Medtronic PLC by 4,597.8% in the second quarter. Standard Life Investments LTD now owns 2,419,371 shares of the medical technology company’s stock worth $209,954,000 after buying an additional 2,367,871 shares during the period. Bank of Montreal Can purchased a new stake in shares of Medtronic PLC during the second quarter worth $168,956,000. Finally, Vanguard Group Inc. increased its stake in shares of Medtronic PLC by 1.6% in the second quarter. Vanguard Group Inc. now owns 95,677,703 shares of the medical technology company’s stock worth $8,301,954,000 after buying an additional 1,489,823 shares during the period. Institutional investors own 82.21% of the company’s stock.
Medtronic PLC (NYSE:MDT) traded down 1.06% on Friday, reaching $80.93. The company had a trading volume of 4,674,186 shares. The stock has a market capitalization of $111.84 billion, a price-to-earnings ratio of 31.49 and a beta of 1.01. Medtronic PLC has a 12 month low of $71.03 and a 12 month high of $89.27. The firm has a 50 day moving average price of $83.91 and a 200-day moving average price of $84.69.
Medtronic PLC (NYSE:MDT) last announced its quarterly earnings data on Thursday, August 25th. The medical technology company reported $1.03 EPS for the quarter, beating the Zacks’ 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 return on equity of 12.06% and a net margin of 12.70%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period last year, the company earned $1.02 EPS. Analysts forecast that Medtronic PLC will post $4.66 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 21st. Shareholders of record on Thursday, September 29th were given a $0.43 dividend. The ex-dividend date was Tuesday, September 27th. This represents a $1.72 dividend on an annualized basis and a yield of 2.13%. Medtronic PLC’s payout ratio is 66.93%.
A number of brokerages have recently weighed in on MDT. Vetr downgraded Medtronic PLC from a “strong-buy” rating to a “buy” rating and set a $91.28 price target for the company. in a report on Monday. Deutsche Bank AG reiterated a “buy” rating on shares of Medtronic PLC in a report on Monday, October 31st. Cowen and Company set a $94.00 price target on Medtronic PLC and gave the company a “buy” rating in a report on Tuesday, August 23rd. Needham & Company LLC boosted their price target on Medtronic PLC from $93.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, August 25th. Finally, Jefferies Group reiterated a “buy” rating and issued a $93.00 price target on shares of Medtronic PLC in a report on Thursday, August 25th. Six analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Medtronic PLC has a consensus rating of “Buy” and an average price target of $90.04.
In other news, EVP Bryan C. Hanson sold 15,000 shares of the firm’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $87.00, for a total value of $1,305,000.00. Following the transaction, the executive vice president now directly owns 168,192 shares in the company, valued at approximately $14,632,704. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Omar Ishrak sold 61,925 shares of the firm’s stock in a transaction on Thursday, September 15th. The stock was 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 $48,063,245.88. The disclosure for this sale can be found here. 0.25% of the stock is 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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