Johnston Asset Management LLC reduced its stake in Medtronic PLC (NYSE:MDT) by 5.3% during the second quarter, Holdings Channel reports. The fund owned 356,822 shares of the medical technology company’s stock after selling 19,880 shares during the period. Medtronic PLC comprises 1.6% of Johnston Asset Management LLC’s portfolio, making the stock its 18th largest position. Johnston Asset Management LLC’s holdings in Medtronic PLC were worth $30,961,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the company. Kelman Lazarov Inc. raised its position in shares of Medtronic PLC by 17.4% in the second quarter. Kelman Lazarov Inc. now owns 1,517 shares of the medical technology company’s stock worth $132,000 after buying an additional 225 shares during the period. Arcadia Investment Management Corp MI raised its position in shares of Medtronic PLC 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 period. Kistler Tiffany Companies LLC raised its position in shares of Medtronic PLC 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 period. MU Investments Co. Ltd. bought a new position in shares of Medtronic PLC during the second quarter worth approximately $162,000. Finally, Telemus Capital LLC bought a new position in shares of Medtronic PLC during the second quarter worth approximately $214,000. 83.11% of the stock is owned by institutional investors and hedge funds.
Medtronic PLC (NYSE:MDT) traded up 0.01% on Friday, reaching $85.96. 3,182,362 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $86.45 and a 200-day moving average price of $83.62. The company has a market capitalization of $118.79 billion, a P/E ratio of 33.45 and a beta of 0.88. Medtronic PLC has a 1-year low of $71.03 and a 1-year high of $89.27.
Medtronic PLC (NYSE:MDT) last posted its earnings results on Thursday, August 25th. The medical technology company reported $1.03 EPS for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.02. The firm had revenue of $7.20 billion for the quarter, compared to the consensus estimate 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 was down 1.0% on a year-over-year basis. During the same period last year, the firm posted $1.02 EPS. Equities research analysts expect that Medtronic PLC will post $4.66 earnings per share for the current year.
The business also recently announced 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. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend is Tuesday, September 27th. Medtronic PLC’s dividend payout ratio (DPR) is 66.93%.
A number of equities analysts have recently commented on MDT shares. Goldman Sachs Group Inc. reaffirmed 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 target price on the stock in a research report on Tuesday, August 9th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $92.00 target price on shares of Medtronic PLC in a research report on Thursday, August 25th. Finally, Citigroup Inc. started coverage on shares of Medtronic PLC in a research report on Tuesday, August 23rd. They set a “buy” rating and a $102.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $90.12.
In related news, VP Richard Kuntz sold 17,141 shares of the stock in a transaction on Tuesday, September 27th. The shares were sold at an average price of $86.70, for a total value of $1,486,124.70. Following the transaction, the vice president now directly owns 149,425 shares of the company’s stock, valued at approximately $12,955,147.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Gary Lee Ellis sold 35,495 shares of the stock in a transaction on Wednesday, July 13th. The shares were sold at an average price of $88.64, for a total transaction of $3,146,276.80. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate 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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