Strs Ohio trimmed its holdings in shares of Medtronic PLC (NYSE:MDT) by 5.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,813,742 shares of the medical technology company’s stock after selling 103,575 shares during the quarter. Medtronic PLC makes up about 0.7% of Strs Ohio’s investment portfolio, making the stock its 25th largest holding. Strs Ohio owned approximately 0.13% of Medtronic PLC worth $160,969,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in MDT. Israel Discount Bank of New York bought a new position in shares of Medtronic PLC in the first quarter worth approximately $117,000. Birch Hill Investment Advisors LLC bought a new position in shares of Medtronic PLC in the first quarter worth approximately $120,000. Farmers National Bank bought a new position in shares of Medtronic PLC in the first quarter worth approximately $121,000. Norway Savings Bank boosted its position in shares of Medtronic PLC by 2.7% in the second quarter. Norway Savings Bank now owns 1,427 shares of the medical technology company’s stock worth $127,000 after purchasing an additional 38 shares during the period. Finally, Proficio Capital Partners LLC boosted its position in shares of Medtronic PLC by 33.3% in the first quarter. Proficio Capital Partners LLC now owns 1,811 shares of the medical technology company’s stock worth $153,000 after purchasing an additional 452 shares during the period. Institutional investors own 80.75% of the company’s stock.
Shares of Medtronic PLC (MDT) traded up 0.39% on Friday, reaching $82.12. 9,563,374 shares of the company’s stock traded hands. The firm has a market capitalization of $111.24 billion, a P/E ratio of 27.64 and a beta of 1.03. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72. The firm’s 50 day moving average is $82.18 and its 200 day moving average is $83.65.
Medtronic PLC (NYSE:MDT) last released its earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. The company had revenue of $7.39 billion during the quarter, compared to the consensus estimate of $7.44 billion. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. Medtronic PLC’s revenue was up 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.03 EPS. Analysts expect that Medtronic PLC will post $4.77 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, September 29th will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date is Thursday, September 28th. Medtronic PLC’s dividend payout ratio is presently 61.95%.
In other news, EVP Bryan C. Hanson sold 12,000 shares of the business’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $88.57, for a total transaction of $1,062,840.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard H. Anderson acquired 5,600 shares of the stock in a transaction dated Wednesday, June 21st. The shares were bought at an average cost of $88.90 per share, with a total value of $497,840.00. Following the completion of the transaction, the director now owns 71,910 shares of the company’s stock, valued at approximately $6,392,799. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.
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A number of equities analysts have weighed in on MDT shares. Deutsche Bank AG set a $96.00 price target on shares of Medtronic PLC and gave the stock a “buy” rating in a research report on Monday, July 31st. BidaskClub downgraded shares of Medtronic PLC from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. Morgan Stanley boosted their target price on shares of Medtronic PLC from $84.00 to $86.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 30th. BMO Capital Markets reissued an “outperform” rating and issued a $92.00 target price (down previously from $94.00) on shares of Medtronic PLC in a report on Wednesday, August 23rd. Finally, Zacks Investment Research raised shares of Medtronic PLC from a “sell” rating to a “hold” rating in a report on Wednesday, September 6th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have issued a buy rating to the company’s stock. Medtronic PLC presently has an average rating of “Hold” and an average price target of $88.78.
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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