Coastline Trust Co increased its position in Medtronic PLC (NYSE:MDT) by 33.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,770 shares of the medical technology company’s stock after acquiring an additional 4,180 shares during the quarter. Coastline Trust Co’s holdings in Medtronic were worth $1,650,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Ballew Advisors Inc bought a new position in Medtronic in the 2nd quarter worth approximately $100,000. BDO Wealth Advisors LLC boosted its stake 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 approximately $121,000. Global Trust Asset Management LLC boosted its stake 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 boosted its stake 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. 79.90% of the stock is owned by institutional investors.
NYSE MDT opened at $97.29 on Thursday. The company has a quick ratio of 2.06, a current ratio of 2.46 and a debt-to-equity ratio of 0.47. The company has a market cap of $132.85 billion, a PE ratio of 20.25, a PEG ratio of 2.61 and a beta of 0.92. Medtronic PLC has a one year low of $76.41 and a one year high of $100.15.
Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 21st. The medical technology company reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.06. The firm had revenue of $7.38 billion during the quarter, compared to the consensus estimate of $7.24 billion. Medtronic had a return on equity of 12.98% and a net margin of 10.56%. The company’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.12 EPS. On average, sell-side analysts expect that Medtronic PLC will post 5.12 EPS for the current year.
The company 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 dividend on an annualized basis and a dividend yield of 2.06%. Medtronic’s dividend payout ratio is currently 41.93%.
MDT has been the subject of several recent analyst reports. Sanford C. Bernstein initiated coverage on Medtronic in a research note on Wednesday, June 27th. They issued a “market perform” rating and a $88.00 price target for the company. Zacks Investment Research downgraded Medtronic from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Needham & Company LLC upgraded Medtronic from a “buy” rating to a “strong-buy” rating and upped their price target for the stock from $103.00 to $119.00 in a research note on Monday, August 13th. Oppenheimer restated a “buy” rating and issued a $104.00 price target on shares of Medtronic in a research note on Tuesday, August 21st. Finally, Stifel Nicolaus upped their price target on Medtronic from $87.00 to $96.00 and gave the stock a “hold” rating in a research note on Wednesday, August 22nd. Eight analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Medtronic presently has an average rating of “Buy” and an average price target of $102.08.
In other news, EVP Hooman Hakami sold 26,159 shares of the stock in a transaction that occurred on Friday, August 31st. The stock was 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 directly owns 63,046 shares in the company, valued at approximately $6,070,699.34. The transaction 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 that occurred 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 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 have sold a total of 268,678 shares of company stock valued at $25,818,353 over the last quarter. Corporate insiders own 0.28% of the company’s stock.
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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