Traders Buy Shares of Medtronic (MDT) on Weakness

Traders bought shares of Medtronic plc. (NYSE:MDT) on weakness during trading hours on Friday. $122.70 million flowed into the stock on the tick-up and $59.96 million flowed out of the stock on the tick-down, for a money net flow of $62.74 million into the stock. Of all stocks tracked, Medtronic had the 28th highest net in-flow for the day. Medtronic traded down ($1.59) for the day and closed at $76.55

A number of analysts have recently issued reports on MDT shares. Evercore ISI started coverage on Medtronic in a research report on Wednesday, January 3rd. They set an “outperform” rating and a $92.50 price target for the company. Citigroup reiterated a “buy” rating and set a $93.00 price target (down previously from $100.00) on shares of Medtronic in a research report on Thursday, February 22nd. Oppenheimer reiterated a “buy” rating on shares of Medtronic in a research report on Thursday, December 21st. BMO Capital Markets lifted their price target on Medtronic to $94.00 and gave the company an “outperform” rating in a research report on Tuesday, December 12th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the stock. Medtronic currently has an average rating of “Buy” and an average price target of $91.50.

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The firm has a market capitalization of $103,753.81, a price-to-earnings ratio of 16.32, a price-to-earnings-growth ratio of 2.15 and a beta of 0.97. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.09 and a current ratio of 2.43.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.01. The company had revenue of $7.37 billion for the quarter, compared to analysts’ expectations of $7.20 billion. Medtronic had a return on equity of 12.65% and a net margin of 9.44%. Medtronic’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period last year, the firm posted $1.12 EPS. analysts forecast that Medtronic plc. will post 4.74 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 23rd will be paid a $0.46 dividend. The ex-dividend date of this dividend is Thursday, March 22nd. This represents a $1.84 dividend on an annualized basis and a yield of 2.40%. Medtronic’s dividend payout ratio (DPR) is currently 90.64%.

In other Medtronic news, VP Richard Kuntz sold 78,526 shares of Medtronic stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $86.21, for a total value of $6,769,726.46. Following the transaction, the vice president now directly owns 149,761 shares of the company’s stock, valued at approximately $12,910,895.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Hooman Hakami sold 26,158 shares of Medtronic stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $85.00, for a total value of $2,223,430.00. The disclosure for this sale can be found here. Insiders sold a total of 130,469 shares of company stock worth $11,016,054 over the last ninety days. Insiders own 0.31% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Arcus Capital Partners LLC increased its stake in Medtronic by 0.8% in the 2nd quarter. Arcus Capital Partners LLC now owns 3,249 shares of the medical technology company’s stock worth $288,000 after purchasing an additional 25 shares during the period. Gofen & Glossberg LLC IL increased its stake in Medtronic by 1.5% in the 2nd quarter. Gofen & Glossberg LLC IL now owns 6,957 shares of the medical technology company’s stock worth $617,000 after purchasing an additional 100 shares during the period. Kingfisher Capital LLC increased its stake in Medtronic by 1.3% in the 2nd quarter. Kingfisher Capital LLC now owns 11,078 shares of the medical technology company’s stock worth $983,000 after purchasing an additional 146 shares during the period. Orleans Capital Management Corp LA increased its stake in shares of Medtronic by 0.8% during the second quarter. Orleans Capital Management Corp LA now owns 33,157 shares of the medical technology company’s stock valued at $2,943,000 after buying an additional 250 shares during the period. Finally, Altavista Wealth Management Inc. increased its stake in shares of Medtronic by 16.6% during the second quarter. Altavista Wealth Management Inc. now owns 2,947 shares of the medical technology company’s stock valued at $262,000 after buying an additional 420 shares during the period. 81.19% of the stock is currently owned by institutional investors and hedge funds.

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Medtronic Company Profile

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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