Medtronic PLC (MDT) Holdings Cut by TSP Capital Management Group LLC
TSP Capital Management Group LLC reduced its position in shares of Medtronic PLC (NYSE:MDT) by 1.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,000 shares of the medical technology company’s stock after selling 230 shares during the quarter. TSP Capital Management Group LLC’s holdings in Medtronic PLC were worth $1,331,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Parkside Financial Bank & Trust raised its stake in 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 valued at $102,000 after purchasing an additional 210 shares during the period. BDO Wealth Advisors LLC acquired a new stake in Medtronic PLC during the 2nd quarter valued at $103,000. Farmers National Bank acquired a new stake in Medtronic PLC during the 1st quarter valued at $121,000. Norway Savings Bank raised its stake in Medtronic PLC by 2.7% during the 2nd quarter. Norway Savings Bank now owns 1,427 shares of the medical technology company’s stock valued at $127,000 after purchasing an additional 38 shares during the period. Finally, Israel Discount Bank of New York acquired a new stake in Medtronic PLC during the 1st quarter valued at $117,000. 80.60% of the stock is currently owned by institutional investors.
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In related news, EVP Bryan C. Hanson sold 16,000 shares of Medtronic PLC stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $78.03, for a total transaction of $1,248,480.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Omar Ishrak sold 140,407 shares of Medtronic PLC stock in a transaction dated 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 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. Insiders own 0.31% of the company’s stock.
Shares of Medtronic PLC (NYSE:MDT) opened at 78.48 on Friday. The company has a market capitalization of $106.31 billion, a PE ratio of 26.42 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 firm’s 50-day moving average is $79.44 and its 200-day moving average is $83.13.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.04. The company had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. Medtronic PLC’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.03 EPS. On average, equities research analysts anticipate that Medtronic PLC will post $4.63 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Stockholders 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 dividend yield of 2.34%. Medtronic PLC’s dividend payout ratio is presently 61.95%.
Medtronic PLC announced that its Board of Directors has approved a stock 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 generally a sign that the company’s board believes its stock is undervalued.
Several brokerages have issued reports on MDT. Jefferies Group LLC reissued a “buy” rating and set a $96.00 target price on shares of Medtronic PLC in a research note on Thursday, September 28th. William Blair reaffirmed an “outperform” rating on shares of Medtronic PLC in a research note on Thursday, July 6th. SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $96.00 price target on shares of Medtronic PLC in a research note on Monday, October 2nd. Zacks Investment Research downgraded shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Friday, August 25th. Finally, BidaskClub downgraded shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Medtronic PLC has a consensus rating of “Hold” and an average price target of $87.88.
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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