Kanawha Capital Management LLC lowered its stake in shares of Medtronic PLC (NYSE:MDT) by 2.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,564 shares of the medical technology company’s stock after selling 1,185 shares during the period. Kanawha Capital Management LLC’s holdings in Medtronic PLC were worth $4,474,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Huntington National Bank raised its position in shares of Medtronic PLC by 10.9% in the second quarter. Huntington National Bank now owns 227,847 shares of the medical technology company’s stock valued at $19,769,000 after buying an additional 22,309 shares in the last quarter. Clarkston Capital Partners LLC raised its position in shares of Medtronic PLC by 3.3% in the second quarter. Clarkston Capital Partners LLC now owns 120,828 shares of the medical technology company’s stock valued at $10,484,000 after buying an additional 3,840 shares in the last quarter. First Republic Investment Management Inc. raised its position in shares of Medtronic PLC by 6.5% in the first quarter. First Republic Investment Management Inc. now owns 538,638 shares of the medical technology company’s stock valued at $40,399,000 after buying an additional 32,837 shares in the last quarter. Montag & Caldwell LLC raised its position in shares of Medtronic PLC by 16.3% in the second quarter. Montag & Caldwell LLC now owns 2,318,700 shares of the medical technology company’s stock valued at $201,194,000 after buying an additional 324,802 shares in the last quarter. Finally, Atlanta Capital Management Co. L L C purchased a new position in shares of Medtronic PLC during the first quarter valued at approximately $45,404,000. 83.09% of the stock is owned by institutional investors and hedge funds.
Shares of Medtronic PLC (NYSE:MDT) traded down 0.13% during mid-day trading on Monday, hitting $82.60. The stock had a trading volume of 2,671,724 shares. The stock has a market cap of $114.15 billion, a P/E ratio of 32.14 and a beta of 0.88. Medtronic PLC has a one year low of $71.03 and a one year high of $89.27. The firm has a 50 day moving average of $86.02 and a 200-day moving average of $83.89.
Medtronic PLC (NYSE:MDT) last posted its earnings results on Thursday, August 25th. The medical technology company reported $1.03 EPS for the quarter, topping the consensus estimate of $1.01 by $0.02. The firm had revenue of $7.20 billion for the quarter, compared to analyst estimates of $7.17 billion. Medtronic PLC had a return on equity of 12.06% and a net margin of 12.70%. Medtronic PLC’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period last year, the company earned $1.02 earnings per share. Equities research analysts expect that Medtronic PLC will post $4.66 earnings per share for the current fiscal 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 issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Tuesday, September 27th. Medtronic PLC’s dividend payout ratio (DPR) is 66.93%.
Several research firms have recently issued reports on MDT. Evercore ISI reaffirmed a “buy” rating and issued a $86.50 price target on shares of Medtronic PLC in a research report on Monday, June 27th. BTIG Research reaffirmed a “hold” rating on shares of Medtronic PLC in a research report on Monday, June 27th. Vetr lowered Medtronic PLC from a “buy” rating to a “hold” rating and set a $87.96 price target for the company. in a research report on Wednesday, June 29th. Needham & Company LLC reaffirmed a “buy” rating on shares of Medtronic PLC in a research report on Monday, June 27th. Finally, Cowen and Company set a $94.00 price target on Medtronic PLC and gave the stock a “buy” rating in a research report on Tuesday, August 23rd. Five equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Medtronic PLC presently has a consensus rating of “Buy” and an average price target of $90.43.
In related news, CEO Omar Ishrak sold 61,925 shares of the firm’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $84.93, for a total transaction of $5,259,290.25. Following the sale, the chief executive officer now directly owns 565,916 shares of the company’s stock, valued at $48,063,245.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Richard Kuntz sold 17,141 shares of the firm’s stock in a transaction dated Tuesday, September 27th. The stock was sold at an average price of $86.70, for a total value of $1,486,124.70. Following the sale, the vice president now directly owns 149,425 shares in the company, valued at $12,955,147.50. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.
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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