US Bancorp DE increased its holdings in shares of Medtronic PLC (NYSE:MDT) by 0.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 960,742 shares of the medical technology company’s stock after purchasing an additional 8,355 shares during the quarter. US Bancorp DE’s holdings in Medtronic were worth $94,508,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Ballew Advisors Inc acquired a new position in Medtronic during the second quarter worth $100,000. Fort L.P. acquired a new position in Medtronic during the second quarter worth $121,000. Global Trust Asset Management LLC boosted its holdings in Medtronic by 112.1% during the second 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 last quarter. Polaris Greystone Financial Group LLC boosted its holdings in Medtronic by 255.1% during the third quarter. Polaris Greystone Financial Group LLC now owns 1,321 shares of the medical technology company’s stock worth $130,000 after purchasing an additional 949 shares during the last quarter. Finally, Trustcore Financial Services LLC boosted its holdings in Medtronic by 97.3% during the second 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 last quarter. Institutional investors and hedge funds own 80.14% of the company’s stock.
Several research analysts recently commented on the stock. Oppenheimer restated a “buy” rating on shares of Medtronic in a report on Friday, September 21st. BMO Capital Markets upped their price target on shares of Medtronic from $94.00 to $104.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 22nd. Royal Bank of Canada upped their price target on shares of Medtronic to $104.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 22nd. Argus upped their price target on shares of Medtronic from $108.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 8th. Finally, Zacks Investment Research raised shares of Medtronic from a “hold” rating to a “buy” rating and set a $105.00 price target on the stock in a research report on Tuesday, October 23rd. Seven equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $102.58.
In related news, Director Richard H. Anderson acquired 2,600 shares of the company’s stock in a transaction dated Thursday, August 23rd. The shares were bought at an average cost of $95.88 per share, with a total value of $249,288.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Hooman Hakami sold 26,159 shares of the 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 directly owns 63,046 shares in the company, valued at $6,070,699.34. The disclosure for this sale can be found here. Insiders sold 268,678 shares of company stock worth $25,818,353 over the last three months. Insiders own 0.28% of the company’s stock.
NYSE MDT opened at $91.42 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.06 and a current ratio of 2.46. Medtronic PLC has a 1 year low of $76.41 and a 1 year high of $100.15. The firm has a market cap of $123.46 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 2.43 and a beta of 0.94.
Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 21st. The medical technology company reported $1.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.06. The company had revenue of $7.38 billion for the quarter, compared to analyst estimates of $7.24 billion. Medtronic had a net margin of 10.56% and a return on equity of 12.98%. The company’s revenue was down .1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.12 earnings per share. Equities research analysts anticipate that Medtronic PLC will post 5.12 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Stockholders of record on Friday, September 28th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.19%. The ex-dividend date was Thursday, September 27th. Medtronic’s payout ratio is presently 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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