Park Avenue Securities LLC bought a new stake in Medtronic PLC (NYSE:MDT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,766 shares of the medical technology company’s stock, valued at approximately $241,000.
Several other large investors also recently added to or reduced their stakes in MDT. Wellington Management Group LLP increased its stake in Medtronic PLC by 3.0% in the first quarter. Wellington Management Group LLP now owns 73,895,527 shares of the medical technology company’s stock valued at $5,542,166,000 after buying an additional 2,176,380 shares during the last quarter. Bank of Montreal Can bought a new stake in Medtronic PLC during the second quarter valued at $168,956,000. PGGM Investments increased its stake in Medtronic PLC by 1,219.3% in the second quarter. PGGM Investments now owns 1,444,960 shares of the medical technology company’s stock valued at $125,379,000 after buying an additional 1,335,436 shares during the last quarter. Prudential Financial Inc. increased its stake in Medtronic PLC by 57.4% in the first quarter. Prudential Financial Inc. now owns 3,147,286 shares of the medical technology company’s stock valued at $236,047,000 after buying an additional 1,147,640 shares during the last quarter. Finally, Atlanta Capital Management Co. L L C bought a new stake in Medtronic PLC during the first quarter valued at $45,404,000. 83.11% of the stock is owned by institutional investors.
Medtronic PLC (NYSE:MDT) traded up 0.22% during mid-day trading on Wednesday, reaching $86.30. 2,656,435 shares of the company’s stock traded hands. The stock has a market cap of $119.26 billion, a P/E ratio of 33.58 and a beta of 0.88. The firm has a 50-day moving average price of $86.52 and a 200-day moving average price of $83.52. Medtronic PLC has a 1-year low of $70.12 and a 1-year high of $89.27.
Medtronic PLC (NYSE:MDT) last issued its earnings results on Thursday, August 25th. The medical technology company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.02. The company had revenue of $7.20 billion for the quarter, compared to analyst estimates of $7.17 billion. Medtronic PLC 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% on a year-over-year basis. During the same quarter last year, the firm earned $1.02 EPS. Equities research analysts anticipate that Medtronic PLC will post $4.66 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Thursday, September 29th will be paid a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend is Tuesday, September 27th. Medtronic PLC’s dividend payout ratio (DPR) is presently 66.93%.
MDT has been the subject of several research analyst reports. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Medtronic PLC in a research report on Wednesday, July 6th. Argus reaffirmed a “hold” rating on shares of Medtronic PLC in a research report on Monday, June 20th. Zacks Investment Research raised shares of Medtronic PLC from a “hold” rating to a “buy” rating and set a $97.00 price objective for the company in a research report on Tuesday, August 9th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $92.00 price objective on shares of Medtronic PLC in a research report on Thursday, August 25th. Finally, Guggenheim started coverage on shares of Medtronic PLC in a research report on Wednesday, June 8th. They set a “neutral” rating for the company. Six equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $90.12.
In other news, EVP Bryan C. Hanson sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $87.00, for a total value of $1,305,000.00. Following the transaction, the executive vice president now owns 108,717 shares of the company’s stock, valued at approximately $9,458,379. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Omar Ishrak sold 61,925 shares of the firm’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $84.93, for a total transaction of $5,259,290.25. Following the completion of the transaction, the chief executive officer now directly owns 565,916 shares in the company, valued at approximately $48,063,245.88. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.
Medtronic PLC Company Profile
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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