Investors Sell Medtronic PLC (MDT) on Strength (MDT)
Investors sold shares of Medtronic PLC (NYSE:MDT) on strength during trading hours on Wednesday. $99.75 million flowed into the stock on the tick-up and $129.23 million flowed out of the stock on the tick-down, for a money net flow of $29.48 million out of the stock. Of all equities tracked, Medtronic PLC had the 0th highest net out-flow for the day. Medtronic PLC traded up $0.52 for the day and closed at $78.63
Several equities analysts have recently weighed in on the stock. William Blair reiterated an “outperform” rating on shares of Medtronic PLC in a research note on Thursday, July 6th. BidaskClub upgraded shares of Medtronic PLC from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. Wells Fargo & Company reiterated an “outperform” rating on shares of Medtronic PLC in a research note on Wednesday, July 12th. Oppenheimer Holdings, Inc. reiterated a “buy” rating on shares of Medtronic PLC in a research note on Tuesday, July 18th. Finally, Zacks Investment Research cut shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $88.98.
The company has a market capitalization of $107.70 billion, a price-to-earnings ratio of 26.76 and a beta of 1.01. The stock’s 50 day moving average price is $80.25 and its 200 day moving average price is $83.34.
Medtronic PLC (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.04. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The company had revenue of $7.39 billion during the quarter, compared to the consensus estimate of $7.44 billion. During the same period in the previous year, the company posted $1.03 earnings per share. Medtronic PLC’s revenue for the quarter was up 3.1% on a year-over-year basis. On average, equities research analysts anticipate that Medtronic PLC will post $4.77 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, September 29th will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Thursday, September 28th. Medtronic PLC’s payout ratio is presently 61.95%.
Medtronic PLC declared that its Board of Directors has initiated a share buyback plan on Friday, June 23rd that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the medical technology company to purchase up to 49% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
In other news, CEO Omar Ishrak sold 140,407 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the completion of the transaction, the chief executive officer now directly owns 668,503 shares of the company’s stock, valued at approximately $54,569,899.89. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Bryan C. Hanson sold 12,000 shares of the company’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 0.31% of the company’s stock.
Several hedge funds have recently made changes to their positions in MDT. Parkside Financial Bank & Trust raised its stake in shares of Medtronic PLC by 22.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock worth $102,000 after buying an additional 210 shares during the period. BDO Wealth Advisors LLC acquired a new position in shares of Medtronic PLC during the 2nd quarter worth approximately $103,000. Motco raised its stake in shares of Medtronic PLC by 8.7% during the 2nd quarter. Motco now owns 1,239 shares of the medical technology company’s stock worth $110,000 after buying an additional 99 shares during the period. Quadrant Capital Group LLC raised its stake in shares of Medtronic PLC by 21.5% during the 2nd quarter. Quadrant Capital Group LLC now owns 1,639 shares of the medical technology company’s stock worth $114,000 after buying an additional 290 shares during the period. Finally, Israel Discount Bank of New York acquired a new position in shares of Medtronic PLC during the 1st quarter worth approximately $117,000. 80.63% of the stock is owned by institutional investors and hedge funds.
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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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