First Midwest Bank Trust Division reduced its position in shares of Medtronic Inc. (NYSE:MDT) by 18.1% during the second quarter, Holdings Channel reports. The fund owned 27,795 shares of the medical technology company’s stock after selling 6,134 shares during the period. First Midwest Bank Trust Division’s holdings in Medtronic were worth $2,412,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. Kistler Tiffany Companies LLC boosted its position in 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. Trust Co. of Toledo NA OH boosted its position in Medtronic by 0.4% in the second quarter. Trust Co. of Toledo NA OH now owns 11,046 shares of the medical technology company’s stock worth $958,000 after buying an additional 40 shares during the last quarter. Shufro Rose & Co. LLC boosted its position in Medtronic by 0.4% in the first quarter. Shufro Rose & Co. LLC now owns 13,325 shares of the medical technology company’s stock worth $999,000 after buying an additional 47 shares during the last quarter. Webster Bank N. A. boosted its position in Medtronic by 0.6% in the second quarter. Webster Bank N. A. now owns 8,800 shares of the medical technology company’s stock worth $763,000 after buying an additional 51 shares during the last quarter. Finally, Ropes Wealth Advisors LLC boosted its position in Medtronic by 1.7% in the first quarter. Ropes Wealth Advisors LLC now owns 3,132 shares of the medical technology company’s stock worth $235,000 after buying an additional 53 shares during the last quarter. 83.11% of the stock is owned by institutional investors.
Shares of Medtronic Inc. (NYSE:MDT) traded up 1.17% during midday trading on Friday, hitting $86.40. 5,001,010 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $86.63 and its 200-day moving average is $83.26. Medtronic Inc. has a 1-year low of $68.85 and a 1-year high of $89.27. The stock has a market cap of $119.40 billion, a PE ratio of 33.62 and a beta of 0.88.
Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, August 25th. The medical technology company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.02. The business earned $7.20 billion during the quarter, compared to the consensus estimate of $7.17 billion. Medtronic had a net margin of 12.70% and a return on equity of 12.06%. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 earnings per share. Analysts predict that Medtronic Inc. will post $4.66 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Thursday, September 29th will be issued a dividend of $0.43 per share. The ex-dividend date is Tuesday, September 27th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.99%. Medtronic’s dividend payout ratio (DPR) is presently 66.93%.
A number of research firms have weighed in on MDT. Bank of America Corp. reaffirmed a “buy” rating on shares of Medtronic in a report on Saturday, June 4th. Vetr cut shares of Medtronic from a “buy” rating to a “hold” rating and set a $87.96 target price for the company. in a research note on Wednesday, June 29th. BTIG Research reissued a “hold” rating on shares of Medtronic in a research note on Monday, June 27th. Needham & Company LLC reissued a “buy” rating on shares of Medtronic in a research note on Monday, June 27th. Finally, SunTrust Banks Inc. boosted their target price on shares of Medtronic from $93.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, June 13th. Six research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $90.12.
In other news, EVP Bryan C. Hanson sold 15,000 shares of Medtronic stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $87.00, for a total transaction of $1,305,000.00. Following the completion of the sale, the executive vice president now directly owns 108,717 shares in the company, valued at $9,458,379. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Richard Kuntz sold 17,141 shares of Medtronic stock in a transaction dated Tuesday, September 27th. The stock was sold at an average price of $86.70, for a total transaction of $1,486,124.70. Following the sale, the vice president now owns 149,425 shares of the company’s stock, valued at $12,955,147.50. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.
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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