Benjamin F. Edwards & Company Inc. Grows Position in Medtronic PLC (MDT)
Benjamin F. Edwards & Company Inc. lifted its stake in Medtronic PLC (NYSE:MDT) by 11.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,612 shares of the medical technology company’s stock after buying an additional 1,269 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in Medtronic PLC were worth $1,119,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Farmers National Bank bought a new position in Medtronic PLC during the first quarter worth about $121,000. Norway Savings Bank lifted its stake in Medtronic PLC by 2.7% during the second quarter. Norway Savings Bank now owns 1,427 shares of the medical technology company’s stock worth $127,000 after purchasing an additional 38 shares during the period. Israel Discount Bank of New York bought a new position in Medtronic PLC during the first quarter worth about $117,000. Birch Hill Investment Advisors LLC bought a new position in Medtronic PLC during the first quarter worth about $120,000. Finally, Proficio Capital Partners LLC lifted its stake in Medtronic PLC by 33.3% during the first quarter. Proficio Capital Partners LLC now owns 1,811 shares of the medical technology company’s stock worth $153,000 after purchasing an additional 452 shares during the period. Institutional investors and hedge funds own 80.52% of the company’s stock.
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In related news, Director Richard H. Anderson acquired 5,600 shares of the company’s stock in a transaction that occurred on 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 purchase, the director now directly owns 71,910 shares in the company, valued at $6,392,799. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Bryan C. Hanson sold 12,000 shares of the 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. 0.31% of the stock is owned by corporate insiders.
Shares of Medtronic PLC (MDT) opened at 80.05 on Tuesday. Medtronic PLC has a one year low of $69.35 and a one year high of $89.72. The company has a 50 day moving average of $83.42 and a 200-day moving average of $83.52. The firm has a market cap of $109.02 billion, a price-to-earnings ratio of 26.94 and a beta of 1.03.
Medtronic PLC (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.04. The business had revenue of $7.39 billion during 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%. The firm’s revenue was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.03 EPS. On average, analysts expect that Medtronic PLC will post $4.76 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, September 29th will be paid a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 2.30%. The ex-dividend date is Thursday, September 28th. Medtronic PLC’s payout ratio is 61.95%.
A number of research analysts have commented on MDT shares. Deutsche Bank AG set a $96.00 price target on shares of Medtronic PLC and gave the stock a “buy” rating in a research note on Monday, July 31st. Morgan Stanley raised their price target on shares of Medtronic PLC from $84.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 30th. BidaskClub cut shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. BMO Capital Markets restated an “outperform” rating and set a $92.00 price target (down previously from $94.00) on shares of Medtronic PLC in a research note on Wednesday, August 23rd. Finally, Needham & Company LLC restated a “buy” rating and set a $95.00 price target (up previously from $91.00) on shares of Medtronic PLC in a research note on Thursday, May 25th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company. Medtronic PLC has a consensus rating of “Hold” and a consensus target price of $88.78.
Medtronic PLC 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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