Medtronic PLC (MDT) Holdings Held by Laffer Investments
Laffer Investments held its position in shares of Medtronic PLC (NYSE:MDT) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 46,065 shares of the medical technology company’s stock at the close of the 1st quarter. Medtronic PLC makes up approximately 1.0% of Laffer Investments’ investment portfolio, making the stock its 16th largest holding. Laffer Investments’ holdings in Medtronic PLC were worth $3,711,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. Waldron LP bought a new stake in Medtronic PLC in the 1st quarter worth about $512,000. Acadian Asset Management LLC bought a new stake in Medtronic PLC in the 1st quarter worth about $694,000. Dock Street Asset Management Inc. bought a new stake in Medtronic PLC in the 1st quarter worth about $226,000. Northpointe Capital LLC bought a new stake in Medtronic PLC in the 1st quarter worth about $2,496,000. Finally, Glen Harbor Capital Management LLC increased its holdings in Medtronic PLC by 38.1% in the 1st quarter. Glen Harbor Capital Management LLC now owns 29,342 shares of the medical technology company’s stock worth $2,364,000 after buying an additional 8,092 shares in the last quarter. Institutional investors own 80.52% of the company’s stock.
Medtronic PLC (NYSE MDT) traded up 2.60% on Friday, hitting $82.03. The stock had a trading volume of 7,881,013 shares. The stock has a market cap of $111.72 billion, a P/E ratio of 27.61 and a beta of 1.03. The company’s 50 day moving average is $82.66 and its 200-day moving average is $83.60. 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 earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. 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 prior year, the business earned $1.03 earnings per share. The company’s revenue was up 3.1% compared to the same quarter last year. Analysts forecast that Medtronic PLC will post $4.76 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, September 29th will be paid a $0.46 dividend. 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 2.24%. Medtronic PLC’s payout ratio is 61.95%.
In other Medtronic PLC news, EVP Bryan C. Hanson sold 12,000 shares of the stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $88.57, for a total transaction of $1,062,840.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard H. Anderson purchased 5,600 shares of the stock in a transaction on 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 transaction, the director now directly owns 71,910 shares of the company’s stock, valued at approximately $6,392,799. The disclosure for this purchase can be found here. 0.31% of the stock is owned by corporate insiders.
MDT has been the subject of several research analyst reports. Deutsche Bank AG set a $96.00 price objective on Medtronic PLC and gave the stock a “buy” rating in a report on Monday, July 31st. Morgan Stanley lifted their price objective on Medtronic PLC from $84.00 to $86.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 30th. BidaskClub downgraded Medtronic PLC from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. BMO Capital Markets reiterated an “outperform” rating and issued a $92.00 price objective (down from $94.00) on shares of Medtronic PLC in a report on Wednesday, August 23rd. Finally, Zacks Investment Research upgraded Medtronic PLC from a “sell” rating to a “hold” rating in a report on Wednesday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company’s stock. Medtronic PLC presently has an average rating of “Hold” and an average 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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