Medtronic PLC (MDT) Position Lowered by Cohen Lawrence B
Cohen Lawrence B reduced its position in shares of Medtronic PLC (NYSE:MDT) by 20.7% during the second quarter, Holdings Channel reports. The firm owned 42,052 shares of the medical technology company’s stock after selling 10,962 shares during the period. Medtronic PLC accounts for about 2.4% of Cohen Lawrence B’s holdings, making the stock its 18th largest position. Cohen Lawrence B’s holdings in Medtronic PLC were worth $3,732,000 as of its most recent filing with the SEC.
Other hedge funds have also bought and sold shares of the company. Farmers National Bank acquired a new stake in Medtronic PLC during the first quarter worth approximately $121,000. Norway Savings Bank boosted its stake in 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 during the period. Israel Discount Bank of New York acquired a new stake in Medtronic PLC during the first quarter worth approximately $117,000. Birch Hill Investment Advisors LLC acquired a new stake in Medtronic PLC during the first quarter worth approximately $120,000. Finally, Proficio Capital Partners LLC boosted its stake in 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 during the period. Institutional investors and hedge funds own 83.54% of the company’s stock.
Shares of Medtronic PLC (NYSE MDT) traded down 0.02% during trading on Friday, hitting $83.65. The stock had a trading volume of 2,164,897 shares. The company has a market cap of $113.68 billion, a PE ratio of 28.94 and a beta of 1.02. The stock’s 50 day moving average is $85.63 and its 200-day moving average is $83.16. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.02. The company had revenue of $7.92 billion during the quarter, compared to the consensus estimate of $7.86 billion. Medtronic PLC had a return on equity of 12.72% and a net margin of 13.56%. Medtronic PLC’s revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.27 earnings per share. Analysts forecast that Medtronic PLC will post $4.80 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were given a $0.46 dividend. The ex-dividend date was Wednesday, July 5th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.20%. This is an increase from Medtronic PLC’s previous quarterly dividend of $0.43. Medtronic PLC’s payout ratio is currently 63.67%.
A number of analysts have recently commented on the company. UBS AG restated a “buy” rating and issued a $95.00 price objective (up from $94.00) on shares of Medtronic PLC in a research report on Tuesday, May 30th. BidaskClub upgraded Medtronic PLC from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Zacks Investment Research cut Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Deutsche Bank AG set a $96.00 price objective on Medtronic PLC and gave the company a “buy” rating in a research report on Monday, July 31st. Finally, Oppenheimer Holdings, Inc. restated a “buy” rating and issued a $93.00 price objective (up from $87.00) on shares of Medtronic PLC in a research report 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’s stock. Medtronic PLC currently has an average rating of “Hold” and a consensus price target of $89.84.
In other Medtronic PLC news, Director Richard H. Anderson acquired 5,600 shares of the stock in a transaction dated Wednesday, June 21st. The stock was acquired at an average price of $88.90 per share, with a total value of $497,840.00. Following the completion of the transaction, the director now directly owns 71,910 shares in the company, valued at $6,392,799. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Bryan C. Hanson sold 12,000 shares of Medtronic PLC stock in a transaction on Monday, July 17th. The shares were sold at an average price of $88.57, for a total value of $1,062,840.00. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.
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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