Olstein Capital Management L.P. Sells 29,850 Shares of Medtronic PLC (MDT)
Olstein Capital Management L.P. cut its position in shares of Medtronic PLC (NYSE:MDT) by 24.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 91,150 shares of the medical technology company’s stock after selling 29,850 shares during the quarter. Olstein Capital Management L.P.’s holdings in Medtronic PLC were worth $8,090,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of MDT. Waldron LP purchased a new stake in shares of Medtronic PLC during the first quarter worth about $512,000. First Trust Advisors LP boosted its position in shares of Medtronic PLC by 19.3% in the first quarter. First Trust Advisors LP now owns 469,238 shares of the medical technology company’s stock worth $37,802,000 after acquiring an additional 75,766 shares during the last quarter. Genesee Valley Trust Co. boosted its position in shares of Medtronic PLC by 8.2% in the first quarter. Genesee Valley Trust Co. now owns 16,691 shares of the medical technology company’s stock worth $1,344,000 after acquiring an additional 1,271 shares during the last quarter. Copeland Capital Management LLC boosted its position in shares of Medtronic PLC by 9.5% in the first quarter. Copeland Capital Management LLC now owns 97,586 shares of the medical technology company’s stock worth $7,988,000 after acquiring an additional 8,472 shares during the last quarter. Finally, Bbva Compass Bancshares Inc. boosted its position in shares of Medtronic PLC by 4.8% in the first quarter. Bbva Compass Bancshares Inc. now owns 81,202 shares of the medical technology company’s stock worth $6,541,000 after acquiring an additional 3,722 shares during the last quarter. Institutional investors and hedge funds own 80.63% of the company’s stock.
In other Medtronic PLC news, 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 transaction of $1,062,840.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $11,461,423.41. Following the sale, the chief executive officer now directly owns 668,503 shares of the company’s stock, valued at approximately $54,569,899.89. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.
Medtronic PLC (NYSE MDT) opened at 79.81 on Friday. The firm has a market capitalization of $108.11 billion, a PE ratio of 26.86 and a beta of 1.01. Medtronic PLC has a 52-week low of $69.35 and a 52-week high of $89.72. The stock’s 50 day moving average is $80.14 and its 200-day moving average is $83.32.
Medtronic PLC (NYSE:MDT) last announced its earnings results 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. The firm had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.44 billion. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The company’s revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.03 earnings per share. Equities analysts expect that Medtronic PLC will post $4.77 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, September 29th will be given a dividend of $0.46 per share. The ex-dividend date is Thursday, September 28th. This represents a $1.84 dividend on an annualized basis and a yield of 2.31%. Medtronic PLC’s payout ratio is currently 61.95%.
Medtronic PLC announced that its Board of Directors has initiated a share repurchase program on Friday, June 23rd that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the medical technology company to reacquire up to 49% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Several equities research analysts recently issued reports on MDT shares. BidaskClub raised shares of Medtronic PLC from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Zacks Investment Research cut shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Tuesday, September 12th. Jefferies Group LLC reissued a “buy” rating and issued a $103.00 target price on shares of Medtronic PLC in a research report on Thursday, August 3rd. UBS AG reissued an “overweight” rating on shares of Medtronic PLC in a research report on Thursday, August 24th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $90.00 target price on shares of Medtronic PLC in a research report on Monday, August 21st. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $88.98.
About Medtronic PLC
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.
Receive News & Stock Ratings for Medtronic PLC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic PLC and related stocks with our FREE daily email newsletter.