NTV Asset Management LLC Trims Stake in Medtronic PLC (MDT)
NTV Asset Management LLC cut its position in Medtronic PLC (NYSE:MDT) by 11.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,882 shares of the medical technology company’s stock after selling 1,724 shares during the period. NTV Asset Management LLC’s holdings in Medtronic PLC were worth $1,143,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Parkside Financial Bank & Trust grew its stake in shares of Medtronic PLC by 22.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock valued at $102,000 after buying an additional 210 shares during the period. BDO Wealth Advisors LLC acquired a new stake in shares of Medtronic PLC in the 2nd quarter valued at about $103,000. Farmers National Bank acquired a new stake in shares of Medtronic PLC in the 1st quarter valued at about $121,000. Norway Savings Bank grew its stake in shares of Medtronic PLC by 2.7% in the 2nd quarter. Norway Savings Bank now owns 1,427 shares of the medical technology company’s stock valued at $127,000 after buying an additional 38 shares during the period. Finally, Israel Discount Bank of New York acquired a new stake in shares of Medtronic PLC in the 1st quarter valued at about $117,000. Institutional investors own 80.60% of the company’s stock.
Several analysts have recently commented on MDT shares. Jefferies Group LLC restated a “buy” rating and issued a $103.00 target price on shares of Medtronic PLC in a research note on Thursday, August 3rd. Deutsche Bank AG set a $96.00 target price on Medtronic PLC and gave the company a “buy” rating in a research note on Monday, July 31st. BidaskClub downgraded Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Oppenheimer Holdings, Inc. restated a “buy” rating on shares of Medtronic PLC in a research note on Tuesday, July 18th. Finally, Cowen and Company set a $95.00 target price on Medtronic PLC and gave the company a “buy” rating in a research note on Tuesday, August 22nd. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $87.88.
In related news, CEO Omar Ishrak sold 140,407 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were 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 owns 668,503 shares in the company, valued at $54,569,899.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bryan C. Hanson sold 16,000 shares of the firm’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $78.03, for a total transaction of $1,248,480.00. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.
Shares of Medtronic PLC (MDT) opened at 78.59 on Thursday. The company has a market cap of $106.46 billion, a PE ratio of 26.45 and a beta of 1.01. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72. The company has a 50 day moving average of $79.48 and a 200-day moving average of $83.16.
Medtronic PLC (NYSE:MDT) last issued its earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.04. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The company had revenue of $7.39 billion for the quarter, compared to analysts’ expectations of $7.44 billion. During the same quarter last year, the company posted $1.03 earnings per share. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. Equities research analysts anticipate that Medtronic PLC will post $4.64 earnings per share for the current year.
Medtronic PLC announced that its Board of Directors has initiated a stock buyback program on Friday, June 23rd that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the medical technology company to buy up to 49% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, September 29th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 2.34%. The ex-dividend date is Thursday, September 28th. Medtronic PLC’s dividend payout ratio is currently 61.95%.
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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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