Hayden Royal LLC purchased a new position in shares of Medtronic PLC (NYSE:MDT) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 2,761 shares of the medical technology company’s stock, valued at approximately $275,000.
Several other hedge funds also recently bought and sold shares of MDT. Spectrum Management Group Inc. raised its position in shares of Medtronic by 353.8% in the first quarter. Spectrum Management Group Inc. now owns 413 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 322 shares during the period. Mackey Komara & Dankovich LLC bought a new position in shares of Medtronic in the first quarter valued at approximately $38,000. Rocky Mountain Advisers LLC raised its position in shares of Medtronic by 100.0% in the second quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock valued at $39,000 after purchasing an additional 200 shares during the period. Motco raised its position in shares of Medtronic by 159.3% in the first quarter. Motco now owns 516 shares of the medical technology company’s stock valued at $47,000 after purchasing an additional 317 shares during the period. Finally, Stuart Chaussee & Associates Inc. bought a new position in shares of Medtronic in the first quarter valued at approximately $48,000. Institutional investors and hedge funds own 80.65% of the company’s stock.
In other Medtronic news, EVP Hoedt Rob Ten sold 9,000 shares of Medtronic stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $91.88, for a total transaction of $826,920.00. Following the sale, the executive vice president now owns 58,785 shares in the company, valued at $5,401,165.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Bradley E. Lerman sold 4,000 shares of Medtronic stock in a transaction on Monday, August 5th. The stock was sold at an average price of $100.31, for a total transaction of $401,240.00. Following the sale, the senior vice president now owns 52,906 shares in the company, valued at approximately $5,307,000.86. The disclosure for this sale can be found here. Insiders have sold 95,701 shares of company stock worth $9,318,744 in the last ninety days. 0.28% of the stock is currently owned by insiders.
Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.07. Medtronic had a net margin of 15.15% and a return on equity of 14.16%. The business had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.12 billion. During the same quarter in the previous year, the firm posted $1.42 earnings per share. Medtronic’s revenue was up .0% compared to the same quarter last year. As a group, equities analysts anticipate that Medtronic PLC will post 5.48 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 8th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, July 5th. This represents a $2.16 dividend on an annualized basis and a yield of 2.11%. This is a positive change from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s payout ratio is 41.38%.
A number of research firms have recently commented on MDT. Northland Securities reissued a “hold” rating and issued a $100.00 price target on shares of Medtronic in a research report on Thursday, June 20th. Cowen reissued an “outperform” rating and issued a $111.00 price target (up previously from $99.00) on shares of Medtronic in a research report on Wednesday. ValuEngine lowered shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Wells Fargo & Co raised shares of Medtronic from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $100.00 to $110.00 in a research report on Tuesday, June 4th. Finally, Zacks Investment Research raised shares of Medtronic from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. Seven investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $106.27.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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