Medtronic PLC (MDT) Shares Bought by Sumitomo Life Insurance Co.
Sumitomo Life Insurance Co. increased its stake in shares of Medtronic PLC (NYSE:MDT) by 4.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,379 shares of the medical technology company’s stock after acquiring an additional 2,114 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Medtronic were worth $4,484,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Rockefeller Capital Management L.P. bought a new position in shares of Medtronic in the first quarter valued at $109,787,000. Westwood Holdings Group Inc. bought a new position in shares of Medtronic in the first quarter valued at $105,098,000. BlackRock Inc. lifted its stake in shares of Medtronic by 1.4% in the first quarter. BlackRock Inc. now owns 95,900,878 shares of the medical technology company’s stock valued at $7,693,168,000 after buying an additional 1,305,298 shares in the last quarter. Summit Trail Advisors LLC lifted its stake in shares of Medtronic by 6,310.1% in the first quarter. Summit Trail Advisors LLC now owns 818,827 shares of the medical technology company’s stock valued at $819,000 after buying an additional 806,053 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in shares of Medtronic by 5.9% in the first quarter. Wells Fargo & Company MN now owns 13,941,900 shares of the medical technology company’s stock valued at $1,118,419,000 after buying an additional 782,123 shares in the last quarter. 80.24% of the stock is currently owned by institutional investors and hedge funds.
In related news, SVP Richard Kuntz sold 11,500 shares of the firm’s stock in a transaction dated Friday, June 8th. The shares were sold at an average price of $87.13, for a total transaction of $1,001,995.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Bradley E. Lerman sold 8,910 shares of the firm’s stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $86.82, for a total transaction of $773,566.20. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.
Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 24th. The medical technology company reported $1.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.39 by $0.03. The company had revenue of $8.14 billion during the quarter, compared to the consensus estimate of $8 billion. Medtronic had a net margin of 10.36% and a return on equity of 12.84%. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.33 earnings per share. equities research analysts anticipate that Medtronic PLC will post 5.11 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 25th. Stockholders of record on Friday, July 6th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, July 5th. This represents a $2.00 annualized dividend and a dividend yield of 2.27%. This is an increase from Medtronic’s previous quarterly dividend of $0.46. Medtronic’s dividend payout ratio is currently 41.93%.
A number of research analysts have weighed in on MDT shares. Morgan Stanley dropped their price objective on shares of Medtronic from $95.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 29th. Piper Jaffray Companies started coverage on shares of Medtronic in a research note on Friday, April 27th. They issued an “overweight” rating and a $90.00 price objective on the stock. SunTrust Banks raised their price objective on shares of Medtronic to $96.00 and gave the company a “buy” rating in a research note on Monday, May 21st. TheStreet raised shares of Medtronic from a “c+” rating to a “b-” rating in a research note on Monday, May 21st. Finally, Oppenheimer reaffirmed a “buy” rating and issued a $96.00 price objective on shares of Medtronic in a research note on Thursday, May 24th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $92.58.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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