Gofen & Glossberg LLC IL lowered its stake in shares of Medtronic PLC (NYSE:MDT) by 18.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,633 shares of the medical technology company’s stock after selling 1,452 shares during the quarter. Gofen & Glossberg LLC IL’s holdings in Medtronic were worth $652,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. Affiance Financial LLC boosted its holdings in shares of Medtronic by 18.6% in the 2nd quarter. Affiance Financial LLC now owns 8,080 shares of the medical technology company’s stock valued at $692,000 after purchasing an additional 1,268 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Medtronic by 11.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 823,622 shares of the medical technology company’s stock valued at $70,510,000 after purchasing an additional 82,423 shares in the last quarter. AdvisorNet Financial Inc boosted its holdings in shares of Medtronic by 11.2% in the 2nd quarter. AdvisorNet Financial Inc now owns 39,991 shares of the medical technology company’s stock valued at $3,424,000 after purchasing an additional 4,038 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of Medtronic by 85.1% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 35,946 shares of the medical technology company’s stock valued at $3,077,000 after purchasing an additional 16,530 shares in the last quarter. Finally, Pure Financial Advisors Inc. acquired a new stake in shares of Medtronic in the 2nd quarter valued at $308,000. 79.90% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Michael J. Coyle sold 145,544 shares of the stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $95.50, for a total value of $13,899,452.00. Following the completion of the transaction, the executive vice president now directly owns 190,680 shares in the company, valued at approximately $18,209,940. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Geoffrey Martha sold 49,799 shares of the stock in a transaction on Monday, September 24th. The shares were sold at an average price of $97.93, for a total value of $4,876,816.07. Following the completion of the transaction, the executive vice president now owns 87,872 shares of the company’s stock, valued at $8,605,304.96. The disclosure for this sale can be found here. Insiders sold a total of 268,678 shares of company stock valued at $25,818,353 over the last quarter. 0.28% of the stock is owned by corporate insiders.
A number of equities research analysts have weighed in on MDT shares. Needham & Company LLC raised Medtronic from a “buy” rating to a “strong-buy” rating and raised their target price for the company from $103.00 to $119.00 in a report on Monday, August 13th. Wells Fargo & Co raised their target price on Medtronic from $95.00 to $101.00 and gave the company a “market perform” rating in a report on Wednesday, August 22nd. Argus raised their target price on Medtronic from $95.00 to $108.00 and gave the company a “buy” rating in a report on Monday, August 27th. Leerink Swann raised their target price on Medtronic from $95.00 to $100.00 and gave the company a “market perform” rating in a report on Wednesday, August 22nd. Finally, Zacks Investment Research downgraded Medtronic from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Eight investment 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 presently has a consensus rating of “Buy” and a consensus target price of $101.50.
Shares of MDT opened at $94.69 on Friday. Medtronic PLC has a 52 week low of $76.41 and a 52 week high of $100.15. The firm has a market capitalization of $132.85 billion, a PE ratio of 19.85, a PEG ratio of 2.61 and a beta of 0.92. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.46 and a quick ratio of 2.06.
Medtronic (NYSE:MDT) last announced 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. Medtronic had a return on equity of 12.98% and a net margin of 10.56%. The company had revenue of $7.38 billion during the quarter, compared to analysts’ expectations of $7.24 billion. During the same period in the prior year, the company earned $1.12 EPS. Medtronic’s revenue was down .1% compared to the same quarter last year. As a group, analysts expect that Medtronic PLC will post 5.12 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 19th. Stockholders of record on Friday, September 28th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Thursday, September 27th. Medtronic’s payout ratio is 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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