Golub Group LLC lowered its position in Medtronic PLC (NYSE:MDT) by 18.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 281,659 shares of the medical technology company’s stock after selling 65,420 shares during the period. Medtronic accounts for about 2.4% of Golub Group LLC’s investment portfolio, making the stock its 21st largest holding. Golub Group LLC’s holdings in Medtronic were worth $30,594,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the company. Community Bank of Raymore increased its position in Medtronic by 24.2% during the 3rd quarter. Community Bank of Raymore now owns 2,695 shares of the medical technology company’s stock valued at $293,000 after buying an additional 525 shares in the last quarter. Lincoln Capital Corp bought a new position in Medtronic during the 3rd quarter valued at approximately $529,000. Principle Wealth Partners LLC purchased a new stake in Medtronic during the 3rd quarter valued at $213,000. Watch Point Trust Co boosted its stake in Medtronic by 4.0% during the 3rd quarter. Watch Point Trust Co now owns 32,638 shares of the medical technology company’s stock valued at $3,545,000 after purchasing an additional 1,257 shares during the last quarter. Finally, Doliver Advisors LP boosted its stake in Medtronic by 2.2% during the 3rd quarter. Doliver Advisors LP now owns 4,705 shares of the medical technology company’s stock valued at $509,000 after purchasing an additional 100 shares during the last quarter. 81.18% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have commented on MDT. Wells Fargo & Co increased their target price on Medtronic from $110.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Oppenheimer increased their target price on Medtronic from $110.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Royal Bank of Canada set a $110.00 target price on Medtronic and gave the company a “buy” rating in a research note on Friday, August 16th. ValuEngine downgraded Medtronic from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Cowen reiterated an “outperform” rating and set a $111.00 target price (up from $99.00) on shares of Medtronic in a research note on Wednesday, August 14th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $114.33.
Shares of MDT stock traded up $0.23 on Friday, reaching $107.03. The stock had a trading volume of 2,260,267 shares, compared to its average volume of 5,086,191. The stock has a market cap of $141.59 billion, a P/E ratio of 20.50, a price-to-earnings-growth ratio of 2.59 and a beta of 0.62. Medtronic PLC has a 1 year low of $81.66 and a 1 year high of $112.05. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.20 and a current ratio of 2.67. The company has a 50 day simple moving average of $107.65 and a 200 day simple moving average of $100.69.
Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.08. The firm had revenue of $7.49 billion for 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 company’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period last year, the business posted $1.17 EPS. On average, equities research analysts anticipate that Medtronic PLC will post 5.56 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Friday, September 27th were paid a $0.54 dividend. The ex-dividend date was Thursday, September 26th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.02%. Medtronic’s dividend payout ratio (DPR) is currently 41.38%.
In related news, SVP Richard Kuntz sold 21,425 shares of Medtronic stock in a transaction on Friday, September 27th. The stock was sold at an average price of $107.51, for a total transaction of $2,303,401.75. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert John White sold 52,165 shares of Medtronic stock in a transaction on Friday, November 1st. The shares were 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. Over the last 90 days, insiders sold 156,467 shares of company stock worth $16,900,132. Company 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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