Investors Buy Shares of Medtronic PLC (MDT) on Weakness

Traders bought shares of Medtronic PLC (NYSE:MDT) on weakness during trading hours on Monday. $107.49 million flowed into the stock on the tick-up and $81.76 million flowed out of the stock on the tick-down, for a money net flow of $25.73 million into the stock. Of all stocks tracked, Medtronic PLC had the 14th highest net in-flow for the day. Medtronic PLC traded down ($0.47) for the day and closed at $81.56

A number of equities research analysts recently weighed in on the company. UBS AG reissued a “buy” rating and set a $95.00 target price (up from $94.00) on shares of Medtronic PLC in a research report on Tuesday, May 30th. Oppenheimer Holdings, Inc. reissued a “buy” rating and set a $92.00 target price on shares of Medtronic PLC in a research report on Tuesday, August 22nd. Zacks Investment Research downgraded Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Tuesday. Jefferies Group LLC reissued a “buy” rating and set a $103.00 target price on shares of Medtronic PLC in a research report on Thursday, August 3rd. Finally, BMO Capital Markets lifted their target price on Medtronic PLC from $87.00 to $94.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 30th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the stock. Medtronic PLC currently has a consensus rating of “Hold” and a consensus price target of $88.78.

The stock has a market capitalization of $112.08 billion, a P/E ratio of 27.70 and a beta of 1.03. The stock’s 50-day moving average price is $82.56 and its 200-day moving average price is $83.65.

Medtronic PLC (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.04. The business had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter last year, the business posted $1.03 EPS. On average, equities analysts forecast that Medtronic PLC will post $4.77 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, September 29th will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.84 annualized dividend and a dividend yield of 2.24%. Medtronic PLC’s dividend payout ratio is 61.95%.

In related news, Director Richard H. Anderson acquired 5,600 shares of the company’s stock in a transaction that occurred on Wednesday, June 21st. The stock was acquired at an average price of $88.90 per share, with a total value of $497,840.00. Following the purchase, the director now directly owns 71,910 shares in the company, valued at $6,392,799. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Bryan C. Hanson sold 12,000 shares of the stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

A number of large investors have recently modified their holdings of MDT. BlackRock Inc. lifted its stake in Medtronic PLC by 2,513.4% in the 1st quarter. BlackRock Inc. now owns 87,035,376 shares of the medical technology company’s stock valued at $7,011,571,000 after purchasing an additional 83,705,052 shares during the last quarter. Lazard Asset Management LLC lifted its stake in Medtronic PLC by 1,061.4% in the 1st quarter. Lazard Asset Management LLC now owns 13,678,772 shares of the medical technology company’s stock valued at $1,101,960,000 after purchasing an additional 12,500,992 shares during the last quarter. Vanguard Group Inc. lifted its stake in Medtronic PLC by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 102,321,656 shares of the medical technology company’s stock valued at $8,243,034,000 after purchasing an additional 4,412,536 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Medtronic PLC by 135.5% in the 2nd quarter. Alliancebernstein L.P. now owns 6,070,160 shares of the medical technology company’s stock valued at $538,727,000 after purchasing an additional 3,493,058 shares during the last quarter. Finally, Sanders Capital LLC lifted its stake in Medtronic PLC by 43.7% in the 2nd quarter. Sanders Capital LLC now owns 6,670,948 shares of the medical technology company’s stock valued at $651,800,000 after purchasing an additional 2,027,147 shares during the last quarter. 80.75% of the stock is owned by institutional investors and hedge funds.

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About Medtronic PLC

Medtronic Public Limited Company (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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