1ST Source Bank Cuts Position in Medtronic PLC (MDT)
1ST Source Bank cut its position in shares of Medtronic PLC (NYSE:MDT) by 1.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,590 shares of the medical technology company’s stock after selling 419 shares during the period. 1ST Source Bank’s holdings in Medtronic PLC were worth $3,247,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in MDT. Vanguard Group Inc. increased its stake in Medtronic PLC by 4.5% in the first quarter. Vanguard Group Inc. now owns 102,321,656 shares of the medical technology company’s stock worth $8,243,034,000 after buying an additional 4,412,536 shares during the last quarter. BlackRock Inc. increased its stake in Medtronic PLC by 2,513.4% in the first quarter. BlackRock Inc. now owns 87,035,376 shares of the medical technology company’s stock worth $7,011,571,000 after buying an additional 83,705,052 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Medtronic PLC by 3.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 58,646,070 shares of the medical technology company’s stock worth $4,724,526,000 after buying an additional 1,729,715 shares during the last quarter. Lazard Asset Management LLC increased its stake in Medtronic PLC by 1,061.4% in the first quarter. Lazard Asset Management LLC now owns 13,678,772 shares of the medical technology company’s stock worth $1,101,960,000 after buying an additional 12,500,992 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Medtronic PLC by 7.3% in the first quarter. Geode Capital Management LLC now owns 13,308,812 shares of the medical technology company’s stock worth $1,070,622,000 after buying an additional 906,581 shares during the last quarter. Institutional investors own 80.49% of the company’s stock.
Medtronic PLC (MDT) opened at 79.72 on Wednesday. The company has a 50-day moving average of $84.48 and a 200 day moving average of $83.39. The company has a market cap of $108.57 billion, a PE ratio of 26.83 and a beta of 1.02. Medtronic PLC has a 12 month low of $69.35 and a 12 month high of $89.72.
Medtronic PLC (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The firm had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.44 billion. During the same quarter in the previous year, the firm earned $1.03 EPS. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. On average, equities analysts forecast that Medtronic PLC will post $4.76 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, September 29th will be given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend is Thursday, September 28th. Medtronic PLC’s payout ratio is currently 61.95%.
A number of analysts have weighed in on the company. UBS AG reiterated a “buy” rating and set a $95.00 price target (up from $94.00) on shares of Medtronic PLC in a report on Tuesday, May 30th. Oppenheimer Holdings, Inc. reiterated a “buy” rating and set a $92.00 price target on shares of Medtronic PLC in a report on Tuesday, August 22nd. Jefferies Group LLC reiterated a “buy” rating and set a $103.00 price target on shares of Medtronic PLC in a report on Thursday, August 3rd. BMO Capital Markets increased their price target on Medtronic PLC from $87.00 to $94.00 and gave the stock an “outperform” rating in a report on Tuesday, May 30th. Finally, CIBC reiterated a “buy” rating on shares of Medtronic PLC in a report on Friday, May 26th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $88.78.
In other news, EVP Bryan C. Hanson sold 12,000 shares of Medtronic PLC stock in a transaction that occurred 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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Richard H. Anderson acquired 5,600 shares of the business’s stock in a transaction dated Wednesday, June 21st. The stock was purchased at an average cost of $88.90 per share, for a total transaction of $497,840.00. Following the transaction, the director now owns 71,910 shares in the company, valued at $6,392,799. The disclosure for this purchase can be found here. 0.25% of the stock is owned by 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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