Institute for Wealth Management LLC. Lowers Stock Holdings in Medtronic PLC (NYSE:MDT)
Institute for Wealth Management LLC. lowered its stake in shares of Medtronic PLC (NYSE:MDT) by 12.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,261 shares of the medical technology company’s stock after selling 466 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Medtronic were worth $318,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rocky Mountain Advisers LLC boosted its holdings in Medtronic by 100.0% in the 2nd quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock valued at $39,000 after purchasing an additional 200 shares in the last quarter. Mackey Komara & Dankovich LLC purchased a new stake in Medtronic in the 1st quarter valued at approximately $38,000. Motco boosted its holdings in Medtronic by 159.3% in the 1st quarter. Motco now owns 516 shares of the medical technology company’s stock valued at $47,000 after purchasing an additional 317 shares in the last quarter. Stuart Chaussee & Associates Inc. purchased a new stake in Medtronic in the 1st quarter valued at approximately $48,000. Finally, First Bank & Trust boosted its holdings in Medtronic by 313.3% in the 2nd quarter. First Bank & Trust now owns 806 shares of the medical technology company’s stock valued at $78,000 after purchasing an additional 611 shares in the last quarter. 80.62% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Medtronic stock traded up $0.93 during trading on Wednesday, hitting $107.84. 1,565,270 shares of the company were exchanged, compared to its average volume of 4,161,898. The company has a quick ratio of 2.15, a current ratio of 2.59 and a debt-to-equity ratio of 0.49. Medtronic PLC has a fifty-two week low of $81.66 and a fifty-two week high of $109.70. The stock has a market capitalization of $137.82 billion, a price-to-earnings ratio of 20.66, a P/E/G ratio of 2.63 and a beta of 0.67. The firm has a 50 day moving average price of $101.11 and a 200 day moving average price of $93.77.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 8th were given a dividend of $0.54 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 annualized dividend and a dividend yield of 2.00%. The ex-dividend date of this dividend was Friday, July 5th. Medtronic’s payout ratio is currently 41.38%.
A number of brokerages have weighed in on MDT. BMO Capital Markets lifted their price objective on Medtronic from $107.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday. Stifel Nicolaus reiterated a “hold” rating and set a $112.00 price target (up from $95.00) on shares of Medtronic in a research report on Wednesday. Northland Securities reiterated a “hold” rating and set a $100.00 price target on shares of Medtronic in a research report on Wednesday. Wells Fargo & Co reiterated an “outperform” rating and set a $120.00 price target (up from $110.00) on shares of Medtronic in a research report on Wednesday. Finally, ValuEngine downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Seven research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Medtronic has a consensus rating of “Buy” and a consensus target price of $111.82.
In other Medtronic news, Director Richard H. Anderson purchased 10,900 shares of the business’s stock in a transaction on Friday, May 24th. The stock was bought at an average cost of $92.40 per share, for a total transaction of $1,007,160.00. Following the acquisition, the director now owns 89,912 shares of the company’s stock, valued at approximately $8,307,868.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Bradley E. Lerman sold 6,599 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $102.02, for a total value of $673,229.98. Following the completion of the transaction, the senior vice president now owns 105,960 shares of the company’s stock, valued at $10,810,039.20. The disclosure for this sale can be found here. Insiders have sold a total of 95,701 shares of company stock valued at $9,318,744 over the last 90 days. Insiders own 0.28% of the company’s stock.
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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