Verity & Verity LLC boosted its position in Medtronic PLC (NYSE:MDT) by 5.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,248 shares of the medical technology company’s stock after purchasing an additional 1,524 shares during the period. Verity & Verity LLC’s holdings in Medtronic were worth $3,336,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Krane Funds Advisors LLC acquired a new stake in shares of Medtronic in the second quarter valued at about $25,000. River & Mercantile Asset Management LLP acquired a new stake in shares of Medtronic in the second quarter valued at about $26,000. Lenox Wealth Advisors LLC increased its stake in shares of Medtronic by 393.3% in the third quarter. Lenox Wealth Advisors LLC now owns 296 shares of the medical technology company’s stock valued at $32,000 after buying an additional 236 shares during the period. Redhawk Wealth Advisors Inc. acquired a new stake in shares of Medtronic in the second quarter valued at about $34,000. Finally, Rocky Mountain Advisers LLC increased its stake in shares of Medtronic by 100.0% in the second quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock valued at $39,000 after buying an additional 200 shares during the period. 81.03% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently weighed in on MDT shares. Wells Fargo & Co increased their price target on Medtronic from $110.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Needham & Company LLC reissued a “buy” rating and issued a $133.00 price target on shares of Medtronic in a research note on Wednesday, August 28th. BTIG Research increased their price target on Medtronic to $120.00 and gave the company a “buy” rating in a research note on Wednesday, August 21st. BMO Capital Markets increased their price target on Medtronic from $107.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada set a $110.00 price target on Medtronic and gave the company a “buy” rating in a research note on Friday, August 16th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Medtronic presently has a consensus rating of “Buy” and a consensus target price of $113.84.
NYSE MDT traded up $0.16 during trading hours on Friday, hitting $107.58. 2,960,686 shares of the company’s stock were exchanged, compared to its average volume of 5,258,445. The stock has a 50-day simple moving average of $108.18 and a 200 day simple moving average of $97.98. Medtronic PLC has a 1-year low of $81.66 and a 1-year high of $112.05. The firm has a market cap of $140.89 billion, a price-to-earnings ratio of 20.61, a PEG ratio of 2.58 and a beta of 0.64. The company has a current ratio of 2.67, a quick ratio of 2.20 and a debt-to-equity ratio of 0.49.
Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.18 by $0.08. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The business had revenue of $7.49 billion during the quarter, compared to analysts’ expectations of $7.40 billion. During the same quarter last year, the firm posted $1.17 earnings per share. The firm’s revenue was up 1.5% on a year-over-year basis. On average, sell-side analysts anticipate that Medtronic PLC will post 5.56 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Friday, September 27th will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $2.16 annualized dividend and a yield of 2.01%. Medtronic’s dividend payout ratio is currently 41.38%.
In other Medtronic news, SVP Bradley E. Lerman sold 4,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $100.31, for a total value of $401,240.00. Following the transaction, the senior vice president now owns 52,906 shares in the company, valued at $5,307,000.86. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Richard Kuntz sold 21,425 shares of the stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $107.51, for a total value of $2,303,401.75. Following the completion of the transaction, the senior vice president now owns 78,916 shares in the company, valued at approximately $8,484,259.16. The disclosure for this sale can be found here. Insiders have sold 118,339 shares of company stock valued at $12,619,053 in the last ninety days. 0.28% of the stock is currently owned by insiders.
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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