Essex Financial Services Inc. reduced its position in Medtronic PLC (NYSE:MDT) by 1.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,243 shares of the medical technology company’s stock after selling 211 shares during the quarter. Essex Financial Services Inc.’s holdings in Medtronic were worth $1,547,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in MDT. Krane Funds Advisors LLC acquired a new position in shares of Medtronic during the second quarter worth approximately $25,000. Private Ocean LLC boosted its position in shares of Medtronic by 188.5% during the third quarter. Private Ocean LLC now owns 225 shares of the medical technology company’s stock worth $25,000 after buying an additional 147 shares during the period. River & Mercantile Asset Management LLP acquired a new position in shares of Medtronic during the second quarter worth approximately $26,000. Lenox Wealth Advisors LLC boosted its position in shares of Medtronic by 393.3% during the third quarter. Lenox Wealth Advisors LLC now owns 296 shares of the medical technology company’s stock worth $32,000 after buying an additional 236 shares during the period. Finally, Redhawk Wealth Advisors Inc. acquired a new position in shares of Medtronic during the second quarter worth approximately $34,000. 81.18% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on MDT. BMO Capital Markets boosted their price objective on Medtronic from $107.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 21st. Wells Fargo & Co boosted their price objective on Medtronic from $110.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 21st. Barclays boosted their price objective on Medtronic from $110.00 to $117.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Deutsche Bank boosted their price objective on Medtronic from $100.00 to $111.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Finally, Northland Securities reiterated a “hold” rating and set a $100.00 price objective on shares of Medtronic in a research report on Wednesday, August 21st. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $114.33.
MDT traded up $0.23 during trading on Friday, reaching $107.03. The stock had a trading volume of 2,312,080 shares, compared to its average volume of 5,086,191. The firm has a market capitalization of $141.59 billion, a price-to-earnings ratio of 20.50, a price-to-earnings-growth ratio of 2.59 and a beta of 0.62. The company has a quick ratio of 2.20, a current ratio of 2.67 and a debt-to-equity ratio of 0.49. Medtronic PLC has a 1-year low of $81.66 and a 1-year high of $112.05. The stock has a 50 day moving average of $107.65 and a two-hundred day moving average of $100.69.
Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.08. The firm had revenue of $7.49 billion during the quarter, compared to the consensus estimate of $7.40 billion. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.17 earnings per share. On average, research analysts forecast that Medtronic PLC will post 5.56 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Friday, September 27th were given a $0.54 dividend. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $2.16 dividend on an annualized basis and a yield of 2.02%. Medtronic’s dividend payout ratio (DPR) is 41.38%.
In other Medtronic news, SVP Richard Kuntz sold 21,425 shares of the company’s 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 sale, the senior vice president now directly owns 78,916 shares in the company, valued at $8,484,259.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert John White sold 52,165 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $109.33, for a total value of $5,703,199.45. The disclosure for this sale can be found here. Insiders sold 156,467 shares of company stock valued at $16,900,132 over the last 90 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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