Piedmont Investment Advisors Inc. grew its stake in Medtronic PLC (NYSE:MDT) by 1.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 108,927 shares of the medical technology company’s stock after purchasing an additional 1,969 shares during the period. Piedmont Investment Advisors Inc.’s holdings in Medtronic were worth $9,921,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Cordasco Financial Network acquired a new stake in Medtronic in the first quarter valued at $27,000. Pin Oak Investment Advisors Inc. grew its position in shares of Medtronic by 158.0% in the 4th quarter. Pin Oak Investment Advisors Inc. now owns 369 shares of the medical technology company’s stock worth $34,000 after acquiring an additional 226 shares in the last quarter. Spectrum Management Group Inc. grew its position in shares of Medtronic by 353.8% in the 1st quarter. Spectrum Management Group Inc. now owns 413 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 322 shares in the last quarter. Mackey Komara & Dankovich LLC acquired a new position in shares of Medtronic in the 1st quarter worth approximately $38,000. Finally, Capital Financial Planning LLC bought a new stake in shares of Medtronic in the 4th quarter worth approximately $42,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.
Shares of Medtronic stock traded down $1.68 during trading on Wednesday, reaching $97.22. The company’s stock had a trading volume of 4,058,474 shares, compared to its average volume of 5,760,594. Medtronic PLC has a one year low of $81.66 and a one year high of $100.15. The company has a market cap of $131.14 billion, a price-to-earnings ratio of 18.62, a price-to-earnings-growth ratio of 2.55 and a beta of 0.68. The stock has a fifty day moving average price of $93.58. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.15 and a current ratio of 2.59.
Medtronic (NYSE:MDT) last released its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.07. The company had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.12 billion. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. The company’s revenue was up .0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.42 EPS. On average, equities research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Monday, July 8th will be issued a $0.54 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, July 5th. Medtronic’s payout ratio is presently 38.31%.
Several brokerages have weighed in on MDT. Zacks Investment Research raised Medtronic from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Northland Securities reiterated a “hold” rating and set a $100.00 price target on shares of Medtronic in a research report on Thursday, June 20th. Royal Bank of Canada lowered their price target on Medtronic to $100.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 28th. UBS Group lifted their target price on Medtronic to $112.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Finally, Wells Fargo & Co upgraded Medtronic from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $100.00 to $110.00 in a report on Tuesday, June 4th. Eight research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $104.68.
In other Medtronic news, EVP Hoedt Rob Ten sold 9,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $91.88, for a total transaction of $826,920.00. Following the transaction, the executive vice president now owns 58,785 shares of the company’s stock, valued at approximately $5,401,165.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Richard H. Anderson acquired 10,900 shares of Medtronic stock in a transaction on Friday, May 24th. The shares were purchased at an average cost of $92.40 per share, for a total transaction of $1,007,160.00. Following the acquisition, the director now owns 89,912 shares in the company, valued at approximately $8,307,868.80. The disclosure for this purchase can be found here. Insiders sold a total of 81,664 shares of company stock worth $7,896,623 over the last three months. 0.28% of the stock is owned by company insiders.
Medtronic Company Profile
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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