Ballentine Partners LLC boosted its stake in shares of Medtronic PLC (NYSE:MDT) by 53.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,174 shares of the medical technology company’s stock after buying an additional 2,153 shares during the period. Ballentine Partners LLC’s holdings in Medtronic PLC were worth $524,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Parkside Financial Bank & Trust boosted its stake in Medtronic PLC by 22.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock valued at $102,000 after purchasing an additional 210 shares during the last quarter. Israel Discount Bank of New York purchased a new stake in Medtronic PLC during the 1st quarter valued at $117,000. Birch Hill Investment Advisors LLC purchased a new stake in Medtronic PLC during the 1st quarter valued at $120,000. Farmers National Bank purchased a new stake in Medtronic PLC during the 1st quarter valued at $121,000. Finally, Norway Savings Bank boosted its stake in Medtronic PLC by 2.7% during the 2nd quarter. Norway Savings Bank now owns 1,427 shares of the medical technology company’s stock valued at $127,000 after purchasing an additional 38 shares during the last quarter. 80.60% of the stock is owned by institutional investors.
Medtronic PLC (NYSE MDT) opened at 78.00 on Wednesday. The firm’s 50 day moving average price is $79.61 and its 200 day moving average price is $83.24. Medtronic PLC has a 12 month low of $69.35 and a 12 month high of $89.72. The stock has a market cap of $105.66 billion, a price-to-earnings ratio of 26.25 and a beta of 1.01.
Medtronic PLC (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business’s revenue was up 3.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.03 earnings per share. On average, equities research analysts predict that Medtronic PLC will post $4.64 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, September 29th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Thursday, September 28th. Medtronic PLC’s dividend payout ratio is currently 61.95%.
Medtronic PLC declared that its board has authorized a share repurchase plan on Friday, June 23rd that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the medical technology company to reacquire up to 49% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In other Medtronic PLC news, CEO Omar Ishrak sold 140,407 shares of the company’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $81.63, for a total value of $11,461,423.41. Following the sale, the chief executive officer now owns 668,503 shares of the company’s stock, valued at $54,569,899.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bryan C. Hanson sold 16,000 shares of the company’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $78.03, for a total transaction of $1,248,480.00. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.
A number of equities analysts have recently issued reports on the company. Zacks Investment Research downgraded Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Stifel Nicolaus dropped their price target on Medtronic PLC from $91.00 to $83.00 and set a “hold” rating on the stock in a research note on Monday, October 9th. Wells Fargo & Company downgraded Medtronic PLC from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $93.00 to $83.00 in a research note on Monday, October 9th. BMO Capital Markets restated an “outperform” rating and issued a $92.00 price target (down from $94.00) on shares of Medtronic PLC in a research note on Wednesday, August 23rd. Finally, Leerink Swann reiterated a “market perform” rating and set a $85.00 target price (down from $88.00) on shares of Medtronic PLC in a research report on Monday, October 9th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the stock. Medtronic PLC has a consensus rating of “Hold” and an average target price of $87.88.
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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