Canton Hathaway LLC bought a new position in Medtronic PLC (NYSE:MDT) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 5,730 shares of the medical technology company’s stock, valued at approximately $564,000. Medtronic accounts for about 0.4% of Canton Hathaway LLC’s portfolio, making the stock its 28th biggest position.
A number of other institutional investors and hedge funds have also recently made changes to their positions in MDT. Chicago Partners Investment Group LLC increased its holdings in shares of Medtronic by 24.4% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 2,699 shares of the medical technology company’s stock worth $231,000 after purchasing an additional 530 shares during the period. Strategic Financial Services Inc increased its holdings in shares of Medtronic by 1.0% during the 2nd quarter. Strategic Financial Services Inc now owns 57,707 shares of the medical technology company’s stock worth $4,940,000 after purchasing an additional 554 shares during the period. D.B. Root & Company LLC increased its holdings in shares of Medtronic by 4.4% during the 2nd quarter. D.B. Root & Company LLC now owns 13,515 shares of the medical technology company’s stock worth $1,157,000 after purchasing an additional 564 shares during the period. Berkshire Asset Management LLC PA increased its holdings in shares of Medtronic by 0.7% during the 3rd quarter. Berkshire Asset Management LLC PA now owns 83,618 shares of the medical technology company’s stock worth $8,226,000 after purchasing an additional 597 shares during the period. Finally, Bronfman E.L. Rothschild L.P. increased its holdings in shares of Medtronic by 7.2% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 9,251 shares of the medical technology company’s stock worth $792,000 after purchasing an additional 622 shares during the period. Hedge funds and other institutional investors own 79.90% of the company’s stock.
Several research firms have recently issued reports on MDT. Oppenheimer restated a “buy” rating on shares of Medtronic in a report on Friday, September 21st. BMO Capital Markets boosted their price objective on shares of Medtronic from $94.00 to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, August 22nd. Sanford C. Bernstein began coverage on shares of Medtronic in a report on Wednesday, June 27th. They set a “market perform” rating and a $88.00 price objective on the stock. Royal Bank of Canada boosted their price objective on shares of Medtronic to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, August 22nd. Finally, Argus boosted their price objective on shares of Medtronic from $108.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, October 8th. Eight research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Medtronic has a consensus rating of “Buy” and an average target price of $101.50.
In other news, Director Richard H. Anderson purchased 2,600 shares of Medtronic stock in a transaction on Thursday, August 23rd. The shares were purchased at an average cost of $95.88 per share, for a total transaction of $249,288.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Hooman Hakami sold 26,159 shares of the business’s stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $96.29, for a total transaction of $2,518,850.11. Following the completion of the transaction, the executive vice president now 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 quarter, insiders have sold 268,678 shares of company stock worth $25,818,353. 0.28% of the stock is owned by company insiders.
Shares of Medtronic stock opened at $94.69 on Friday. The company has a current ratio of 2.46, a quick ratio of 2.06 and a debt-to-equity ratio of 0.47. Medtronic PLC has a twelve month low of $76.41 and a twelve month high of $100.15. The stock has a market cap of $132.85 billion, a PE ratio of 19.85, a price-to-earnings-growth ratio of 2.61 and a beta of 0.92.
Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 21st. The medical technology company reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.06. Medtronic had a net margin of 10.56% and a return on equity of 12.98%. The business had revenue of $7.38 billion for the quarter, compared to analyst estimates of $7.24 billion. During the same period in the previous year, the business earned $1.12 EPS. The firm’s revenue was down .1% on a year-over-year basis. Research analysts forecast that Medtronic PLC will post 5.12 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 19th. Stockholders of record on Friday, September 28th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $2.00 annualized dividend and a dividend yield of 2.11%. Medtronic’s dividend payout ratio (DPR) is currently 41.93%.
Medtronic Company Profile
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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