Advisors Management Group Inc. ADV Takes $214,000 Position in Medtronic PLC (MDT)
Advisors Management Group Inc. ADV purchased a new position in Medtronic PLC (NYSE:MDT) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,406 shares of the medical technology company’s stock, valued at approximately $214,000.
A number of other institutional investors and hedge funds also recently modified their holdings of MDT. BlackRock Inc. increased its position 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 in the last quarter. Lazard Asset Management LLC increased its position 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 in the last quarter. Vanguard Group Inc. increased its position 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 in the last quarter. Sanders Capital LLC increased its position in Medtronic PLC by 43.7% in the second quarter. Sanders Capital LLC now owns 6,670,948 shares of the medical technology company’s stock worth $651,800,000 after buying an additional 2,027,147 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position 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 in the last quarter. Institutional investors and hedge funds own 80.63% of the company’s stock.
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Medtronic PLC (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, topping the Thomson Reuters’ 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 analyst estimates of $7.44 billion. During the same period in the previous year, the business earned $1.03 EPS. Medtronic PLC’s quarterly revenue was up 3.1% on a year-over-year basis.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.84 annualized dividend and a yield of 2.36%. Medtronic PLC’s dividend payout ratio (DPR) is currently 61.95%.
Medtronic PLC declared that its Board of Directors has authorized a stock buyback program on Friday, June 23rd that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the medical technology company to purchase up to 49% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
MDT has been the subject of a number of analyst reports. BidaskClub upgraded Medtronic PLC from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. William Blair restated an “outperform” rating on shares of Medtronic PLC in a research report on Thursday, July 6th. Wells Fargo & Company restated an “outperform” rating on shares of Medtronic PLC in a research report on Wednesday, July 12th. Oppenheimer Holdings, Inc. restated a “buy” rating on shares of Medtronic PLC in a research report on Tuesday, July 18th. Finally, Deutsche Bank AG set a $96.00 price target on Medtronic PLC and gave the stock a “buy” rating in a research report on Monday, July 31st. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company. Medtronic PLC presently has a consensus rating of “Hold” and a consensus price target of $87.88.
In other news, EVP Bryan C. Hanson sold 12,000 shares of the business’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 SEC, which can be accessed through this link. Also, CEO Omar Ishrak sold 140,407 shares of the business’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 transaction, the chief executive officer now owns 668,503 shares in the company, valued at $54,569,899.89. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.
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.
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