grace capital Invests $257,000 in Medtronic PLC (MDT)
grace capital purchased a new position in Medtronic PLC (NYSE:MDT) during the second quarter, HoldingsChannel.com reports. The firm purchased 3,000 shares of the medical technology company’s stock, valued at approximately $257,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Ballew Advisors Inc bought a new position in Medtronic in the 2nd quarter worth $100,000. BDO Wealth Advisors LLC raised its holdings in Medtronic by 99.6% in the 1st quarter. BDO Wealth Advisors LLC now owns 1,427 shares of the medical technology company’s stock worth $115,000 after purchasing an additional 712 shares during the period. Fort L.P. bought a new position in Medtronic in the 2nd quarter worth $121,000. Global Trust Asset Management LLC raised its holdings in Medtronic by 112.1% in the 2nd quarter. Global Trust Asset Management LLC now owns 1,523 shares of the medical technology company’s stock worth $130,000 after purchasing an additional 805 shares during the period. Finally, Trustcore Financial Services LLC raised its holdings in Medtronic by 97.3% in the 2nd quarter. Trustcore Financial Services LLC now owns 1,760 shares of the medical technology company’s stock worth $151,000 after purchasing an additional 868 shares during the period. Hedge funds and other institutional investors own 79.89% of the company’s stock.
In other Medtronic news, SVP Richard Kuntz sold 47,176 shares of the firm’s stock in a transaction dated Tuesday, August 28th. The stock was sold at an average price of $95.88, for a total transaction of $4,523,234.88. Following the sale, the senior vice president now directly owns 152,579 shares of the company’s stock, valued at $14,629,274.52. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Hooman Hakami sold 26,159 shares of the firm’s stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $96.29, for a total value of $2,518,850.11. Following the sale, the executive vice president now directly owns 63,046 shares in the company, valued at $6,070,699.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 218,879 shares of company stock worth $20,941,537. Insiders own 0.28% of the company’s stock.
Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 21st. The medical technology company reported $1.17 EPS for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.06. The business had revenue of $7.38 billion for the quarter, compared to analysts’ expectations of $7.24 billion. Medtronic had a return on equity of 12.98% and a net margin of 10.56%. The business’s quarterly revenue was down .1% on a year-over-year basis. During the same period last year, the firm earned $1.12 earnings per share. analysts predict that Medtronic PLC will post 5.12 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 19th. Shareholders of record on Friday, September 28th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, September 27th. This represents a $2.00 dividend on an annualized basis and a yield of 2.06%. Medtronic’s dividend payout ratio is presently 41.93%.
A number of equities analysts recently commented on the company. ValuEngine raised Medtronic from a “hold” rating to a “buy” rating in a report on Friday, September 7th. Sanford C. Bernstein assumed coverage on Medtronic in a report on Wednesday, June 27th. They issued a “market perform” rating and a $88.00 target price on the stock. Oppenheimer reaffirmed a “buy” rating and issued a $104.00 target price on shares of Medtronic in a report on Tuesday, August 21st. TheStreet raised Medtronic from a “c+” rating to a “b-” rating in a report on Monday, May 21st. Finally, SunTrust Banks raised their target price on Medtronic to $96.00 and gave the stock a “buy” rating in a report on Monday, May 21st. Eight analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $100.61.
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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