Benson Investment Management Company Inc. Has $2.49 Million Position in Medtronic PLC (MDT)
Benson Investment Management Company Inc. reduced its position in shares of Medtronic PLC (NYSE:MDT) by 0.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,090 shares of the medical technology company’s stock after selling 120 shares during the period. Medtronic PLC accounts for 2.2% of Benson Investment Management Company Inc.’s portfolio, making the stock its 11th largest position. Benson Investment Management Company Inc.’s holdings in Medtronic PLC were worth $2,493,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Israel Discount Bank of New York purchased a new stake in shares of Medtronic PLC during the first quarter worth approximately $117,000. Birch Hill Investment Advisors LLC purchased a new stake in shares of Medtronic PLC during the first quarter worth approximately $120,000. Farmers National Bank purchased a new stake in shares of Medtronic PLC during the first quarter worth approximately $121,000. Norway Savings Bank boosted its stake in shares of Medtronic PLC by 2.7% in the second quarter. Norway Savings Bank now owns 1,427 shares of the medical technology company’s stock worth $127,000 after buying an additional 38 shares in the last quarter. Finally, Proficio Capital Partners LLC boosted its stake in shares of Medtronic PLC by 33.3% in the first quarter. Proficio Capital Partners LLC now owns 1,811 shares of the medical technology company’s stock worth $153,000 after buying an additional 452 shares in the last quarter. 83.54% of the stock is owned by institutional investors and hedge funds.
Shares of Medtronic PLC (NYSE MDT) traded down 0.28% during midday trading on Thursday, hitting $84.36. 1,552,322 shares of the company traded hands. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72. The stock has a market capitalization of $114.65 billion, a PE ratio of 29.19 and a beta of 1.02. The stock has a 50 day moving average of $85.79 and a 200-day moving average of $83.15.
Medtronic PLC (NYSE:MDT) last announced its earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.02. The business had revenue of $7.92 billion for the quarter, compared to the consensus estimate of $7.86 billion. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. Medtronic PLC’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period last year, the firm posted $1.27 earnings per share. Equities analysts forecast that Medtronic PLC will post $4.81 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 26th. Investors of record on Friday, July 7th were paid a $0.46 dividend. This is an increase from Medtronic PLC’s previous quarterly dividend of $0.43. This represents a $1.84 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date was Wednesday, July 5th. Medtronic PLC’s dividend payout ratio (DPR) is currently 63.67%.
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A number of analysts have commented on MDT shares. Evercore ISI increased their price target on shares of Medtronic PLC from $88.00 to $88.50 and gave the company an “outperform” rating in a research note on Wednesday, April 19th. Northland Securities reiterated a “hold” rating and issued a $80.00 price target on shares of Medtronic PLC in a research note on Thursday, April 20th. Goldman Sachs Group, Inc. (The) started coverage on shares of Medtronic PLC in a research note on Tuesday, May 16th. They issued a “neutral” rating and a $87.00 price target for the company. Zacks Investment Research cut shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, May 23rd. Finally, Oppenheimer Holdings, Inc. reiterated a “buy” rating and issued a $93.00 price target (up previously from $87.00) on shares of Medtronic PLC in a research note on Thursday, May 25th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $89.84.
In related news, Director Richard H. Anderson bought 5,600 shares of the stock in a transaction that occurred on Wednesday, June 21st. The shares were acquired at an average cost of $88.90 per share, with a total value of $497,840.00. Following the completion of the purchase, the director now directly owns 71,910 shares of the company’s stock, valued at approximately $6,392,799. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Bryan C. Hanson sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.
About Medtronic PLC
Medtronic Public Limited Company (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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