Investors Buy Medtronic (MDT) on Weakness
Traders purchased shares of Medtronic PLC (NYSE:MDT) on weakness during trading on Friday. $126.91 million flowed into the stock on the tick-up and $70.54 million flowed out of the stock on the tick-down, for a money net flow of $56.37 million into the stock. Of all companies tracked, Medtronic had the 16th highest net in-flow for the day. Medtronic traded down ($0.86) for the day and closed at $81.27
Several equities research analysts have recently commented on the company. Jefferies Group restated a “buy” rating and issued a $96.00 price objective on shares of Medtronic in a research note on Thursday, September 28th. SunTrust Banks restated a “buy” rating and issued a $96.00 price objective on shares of Medtronic in a research note on Monday, October 2nd. Zacks Investment Research lowered Medtronic from a “hold” rating to a “sell” rating in a research note on Friday, August 25th. Cowen set a $95.00 price objective on Medtronic and gave the stock a “buy” rating in a research note on Tuesday, August 22nd. Finally, Stifel Nicolaus reduced their price objective on Medtronic from $91.00 to $83.00 and set a “hold” rating for the company in a research note on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the company. Medtronic presently has an average rating of “Hold” and a consensus target price of $88.02.
The company has a debt-to-equity ratio of 0.50, a current ratio of 2.40 and a quick ratio of 2.05. The stock has a market capitalization of $111,170.00, a P/E ratio of 17.77, a PEG ratio of 2.28 and a beta of 1.00.
In other Medtronic news, EVP Bryan C. Hanson sold 16,000 shares of the stock in a transaction on Monday, October 16th. The stock was sold at an average price of $78.03, for a total value of $1,248,480.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Omar Ishrak sold 140,407 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now 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 sold a total of 172,407 shares of company stock valued at $13,974,223 in the last quarter. 0.31% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Medtronic by 2.4% during the 2nd quarter. Vanguard Group Inc. now owns 104,776,036 shares of the medical technology company’s stock valued at $9,298,872,000 after purchasing an additional 2,454,380 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Medtronic by 2.8% during the 2nd quarter. BlackRock Inc. now owns 89,512,229 shares of the medical technology company’s stock valued at $7,944,210,000 after purchasing an additional 2,476,853 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Medtronic by 3.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 58,646,070 shares of the medical technology company’s stock valued at $4,724,526,000 after purchasing an additional 1,729,715 shares during the last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of Medtronic by 1.1% during the 3rd quarter. Artisan Partners Limited Partnership now owns 23,853,034 shares of the medical technology company’s stock valued at $1,855,050,000 after purchasing an additional 269,814 shares during the last quarter. Finally, Lazard Asset Management LLC boosted its holdings in shares of Medtronic by 43.8% during the 2nd quarter. Lazard Asset Management LLC now owns 19,669,866 shares of the medical technology company’s stock valued at $1,745,699,000 after purchasing an additional 5,991,094 shares during the last quarter. Institutional investors and hedge funds own 81.78% of the company’s stock.
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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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