Primecap Management Co. CA Decreases Position in Medtronic PLC (MDT)
Primecap Management Co. CA reduced its stake in shares of Medtronic PLC (NYSE:MDT) by 13.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,093,565 shares of the medical technology company’s stock after selling 1,674,357 shares during the period. Primecap Management Co. CA owned 0.81% of Medtronic PLC worth $893,698,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Israel Discount Bank of New York bought a new stake in Medtronic PLC during the first quarter valued at approximately $117,000. Birch Hill Investment Advisors LLC bought a new stake in Medtronic PLC during the first quarter valued at approximately $120,000. Baystate Wealth Management LLC boosted its stake 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 in the last quarter. North Star Investment Management Corp. boosted its stake 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 in the last quarter. Finally, Hudock Capital Group LLC boosted its stake 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 in the last quarter. Institutional investors and hedge funds own 80.49% of the company’s stock.
Shares of Medtronic PLC (MDT) traded down 0.16% during midday trading on Tuesday, hitting $79.46. The stock had a trading volume of 1,155,660 shares. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72. The stock has a market cap of $108.22 billion, a P/E ratio of 26.75 and a beta of 1.02. The stock has a 50-day moving average price of $84.48 and a 200-day moving average price of $83.39.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The business had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. Medtronic PLC’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.03 EPS. Equities analysts forecast that Medtronic PLC will post $4.76 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.31%. Medtronic PLC’s dividend payout ratio is currently 61.95%.
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MDT has been the subject of several recent research reports. CIBC reaffirmed a “buy” rating on shares of Medtronic PLC in a report on Friday, May 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price target (up previously from $91.00) on shares of Medtronic PLC in a report on Thursday, May 25th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and issued a $93.00 price target (up previously from $87.00) on shares of Medtronic PLC in a report on Thursday, May 25th. UBS AG reaffirmed a “buy” rating and issued a $95.00 price target (up previously from $94.00) on shares of Medtronic PLC in a report on Tuesday, May 30th. Finally, BidaskClub cut Medtronic PLC from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Medtronic PLC currently has an average rating of “Hold” and an average target price of $88.78.
In other Medtronic PLC news, Director Richard H. Anderson purchased 5,600 shares of the business’s stock in a transaction dated Wednesday, June 21st. The shares were acquired at an average price of $88.90 per share, for a total transaction of $497,840.00. Following the acquisition, the director now owns 71,910 shares of the company’s stock, valued at $6,392,799. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Bryan C. Hanson sold 12,000 shares of the firm’s stock in a transaction 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. 0.25% of the stock is currently owned by company insiders.
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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