First Merchants Corp raised its stake in shares of Medtronic Inc. (NYSE:MDT) by 2.6% during the second quarter, Holdings Channel reports. The institutional investor owned 26,535 shares of the medical technology company’s stock after buying an additional 685 shares during the period. First Merchants Corp’s holdings in Medtronic were worth $2,302,000 as of its most recent filing with the SEC.
Several other large investors have also bought and sold shares of the stock. Kelman Lazarov Inc. raised its stake in Medtronic by 17.4% in the second quarter. Kelman Lazarov Inc. now owns 1,517 shares of the medical technology company’s stock valued at $132,000 after buying an additional 225 shares in the last quarter. Arcadia Investment Management Corp MI increased its position in shares of Medtronic by 70.0% in the second quarter. Arcadia Investment Management Corp MI now owns 1,700 shares of the medical technology company’s stock worth $148,000 after buying an additional 700 shares during the last quarter. Kistler Tiffany Companies LLC increased its position in shares of Medtronic by 2.1% in the second quarter. Kistler Tiffany Companies LLC now owns 1,776 shares of the medical technology company’s stock worth $154,000 after buying an additional 36 shares during the last quarter. Telemus Capital LLC purchased a new position in shares of Medtronic during the second quarter worth about $214,000. Finally, Kovitz Investment Group Partners LLC purchased a new position in shares of Medtronic during the first quarter worth about $215,000. Institutional investors and hedge funds own 83.11% of the company’s stock.
Medtronic Inc. (NYSE:MDT) traded down 0.13% during midday trading on Friday, hitting $87.71. 3,509,067 shares of the stock were exchanged. Medtronic Inc. has a one year low of $63.98 and a one year high of $89.27. The stock has a market cap of $121.21 billion, a P/E ratio of 34.13 and a beta of 0.88. The firm has a 50-day moving average price of $86.77 and a 200-day moving average price of $82.90.
Medtronic (NYSE:MDT) last announced its earnings results on Thursday, August 25th. The medical technology company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.02. The business had revenue of $7.20 billion for the quarter, compared to analyst estimates of $7.17 billion. Medtronic had a net margin of 12.70% and a return on equity of 12.06%. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period last year, the firm posted $1.02 earnings per share. On average, equities research analysts anticipate that Medtronic Inc. will post $4.66 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Thursday, September 29th will be given a $0.43 dividend. The ex-dividend date is Tuesday, September 27th. This represents a $1.72 dividend on an annualized basis and a yield of 1.96%. Medtronic’s dividend payout ratio (DPR) is 66.93%.
A number of research analysts have recently issued reports on the stock. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Medtronic in a research report on Tuesday, May 31st. Deutsche Bank AG reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Medtronic in a research report on Wednesday, June 15th. Argus reaffirmed a “hold” rating on shares of Medtronic in a research report on Monday, June 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $93.00 price objective (up previously from $90.00) on shares of Medtronic in a research report on Tuesday, June 7th. Finally, Jefferies Group reaffirmed a “buy” rating on shares of Medtronic in a research report on Wednesday, June 1st. Six investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Medtronic has a consensus rating of “Buy” and a consensus price target of $90.12.
In related news, SVP Carol A. Surface sold 9,787 shares of Medtronic stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $87.08, for a total value of $852,251.96. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Bryan C. Hanson sold 15,272 shares of Medtronic stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $87.11, for a total transaction of $1,330,343.92. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.
Medtronic plc (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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