South Dakota Investment Council Boosts Stake in Medtronic PLC (MDT)
South Dakota Investment Council increased its position in Medtronic PLC (NYSE:MDT) by 14.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 619,545 shares of the medical technology company’s stock after buying an additional 80,110 shares during the period. Medtronic PLC makes up approximately 1.0% of South Dakota Investment Council’s investment portfolio, making the stock its 23rd largest position. South Dakota Investment Council’s holdings in Medtronic PLC were worth $49,911,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. Israel Discount Bank of New York acquired a new position in Medtronic PLC during the first quarter valued at approximately $117,000. Birch Hill Investment Advisors LLC acquired a new position in Medtronic PLC during the first quarter valued at approximately $120,000. Baystate Wealth Management LLC raised its position in Medtronic PLC by 40.9% in the first quarter. Baystate Wealth Management LLC now owns 1,959 shares of the medical technology company’s stock valued at $157,000 after buying an additional 569 shares during the period. North Star Investment Management Corp. raised its position in Medtronic PLC by 4.4% in the first quarter. North Star Investment Management Corp. now owns 1,973 shares of the medical technology company’s stock valued at $159,000 after buying an additional 83 shares during the period. Finally, Hudock Capital Group LLC raised its position in Medtronic PLC by 0.6% in the first quarter. Hudock Capital Group LLC now owns 2,184 shares of the medical technology company’s stock valued at $175,000 after buying an additional 12 shares during the period. Hedge funds and other institutional investors own 83.54% of the company’s stock.
Medtronic PLC (NYSE:MDT) traded up 0.27% on Friday, reaching $79.45. 1,465,827 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $84.71 and a 200-day moving average of $83.36. The stock has a market cap of $108.20 billion, a price-to-earnings ratio of 26.74 and a beta of 1.02. Medtronic PLC has a one year low of $69.35 and a one year high of $89.72.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. The business had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.44 billion. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The company’s revenue was up 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.03 EPS. Equities research analysts forecast that Medtronic PLC will post $4.77 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were paid a $0.46 dividend. This is a positive change from Medtronic PLC’s previous quarterly dividend of $0.43. This represents a $1.84 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend was Wednesday, July 5th. Medtronic PLC’s payout ratio is currently 61.95%.
Several equities analysts have commented on MDT shares. Goldman Sachs Group, Inc. (The) started coverage on shares of Medtronic PLC in a research report on Tuesday, May 16th. They set a “neutral” rating and a $87.00 price objective for the company. Zacks Investment Research lowered shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Tuesday, May 23rd. Oppenheimer Holdings, Inc. reiterated a “buy” rating and set a $93.00 price objective (up previously from $87.00) on shares of Medtronic PLC in a research report on Thursday, May 25th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price objective (up previously from $91.00) on shares of Medtronic PLC in a research report on Thursday, May 25th. Finally, CIBC reiterated a “buy” rating on shares of Medtronic PLC in a research report on Friday, May 26th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $88.93.
In related news, Director Richard H. Anderson purchased 5,600 shares of Medtronic PLC stock in a transaction that occurred on Wednesday, June 21st. The shares were purchased at an average cost of $88.90 per share, with a total value of $497,840.00. Following the transaction, the director now owns 71,910 shares of the company’s stock, valued at approximately $6,392,799. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Bryan C. Hanson sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The stock was 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. Insiders own 0.25% of the company’s stock.
Medtronic PLC Company Profile
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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