Investors Sell Medtronic PLC (MDT) on Strength After Analyst Downgrade

Investors sold shares of Medtronic PLC (NYSE:MDT) on strength during trading on Tuesday after BMO Capital Markets lowered their price target on the stock from $92.00 to $87.00. $84.60 million flowed into the stock on the tick-up and $130.23 million flowed out of the stock on the tick-down, for a money net flow of $45.63 million out of the stock. Of all stocks tracked, Medtronic PLC had the 20th highest net out-flow for the day. Medtronic PLC traded up $0.36 for the day and closed at $77.29

MDT has been the subject of several other research reports. Jefferies Group LLC reissued a “buy” rating and set a $96.00 price objective on shares of Medtronic PLC in a research report on Thursday, September 28th. William Blair reissued an “outperform” rating on shares of Medtronic PLC in a research report on Thursday, July 6th. SunTrust Banks, Inc. reissued a “buy” rating and set a $96.00 price objective on shares of Medtronic PLC in a research report on Monday, October 2nd. Zacks Investment Research downgraded shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. Finally, BidaskClub downgraded shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $87.79.

In other Medtronic PLC news, CEO Omar Ishrak sold 140,407 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now owns 668,503 shares in the company, valued at $54,569,899.89. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Bryan C. Hanson sold 12,000 shares of the stock in a transaction on Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its stake in shares of Medtronic PLC by 2,513.4% during the 1st quarter. BlackRock Inc. now owns 87,035,376 shares of the medical technology company’s stock worth $7,011,571,000 after buying an additional 83,705,052 shares during the last quarter. Lazard Asset Management LLC lifted its stake in shares of Medtronic PLC by 1,061.4% during the 1st quarter. Lazard Asset Management LLC now owns 13,678,772 shares of the medical technology company’s stock worth $1,101,960,000 after buying an additional 12,500,992 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Medtronic PLC by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 102,321,656 shares of the medical technology company’s stock worth $8,243,034,000 after buying an additional 4,412,536 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Medtronic PLC by 135.5% during the 2nd quarter. Alliancebernstein L.P. now owns 6,070,160 shares of the medical technology company’s stock worth $538,727,000 after buying an additional 3,493,058 shares during the last quarter. Finally, Sanders Capital LLC lifted its stake in shares of Medtronic PLC by 43.7% during the 2nd quarter. Sanders Capital LLC now owns 6,670,948 shares of the medical technology company’s stock worth $651,800,000 after buying an additional 2,027,147 shares during the last quarter. Hedge funds and other institutional investors own 80.63% of the company’s stock.

The company has a market capitalization of $104.70 billion, a P/E ratio of 26.01 and a beta of 1.01. The stock has a 50 day moving average price of $79.96 and a 200-day moving average price of $83.33.

Medtronic PLC (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.04. The company had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.03 EPS. On average, equities analysts forecast that Medtronic PLC will post $4.69 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, September 29th will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend is Thursday, September 28th. Medtronic PLC’s dividend payout ratio (DPR) is currently 61.95%.

Medtronic PLC declared that its Board of Directors has authorized a share buyback program on Friday, June 23rd that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the medical technology company to purchase up to 49% of its shares through open market purchases. Shares repurchase programs are often a sign that the

MDT has been the subject of several other research reports. Jefferies Group LLC reissued a “buy” rating and set a $96.00 price objective on shares of Medtronic PLC in a research report on Thursday, September 28th. William Blair reissued an “outperform” rating on shares of Medtronic PLC in a research report on Thursday, July 6th. SunTrust Banks, Inc. reissued a “buy” rating and set a $96.00 price objective on shares of Medtronic PLC in a research report on Monday, October 2nd. Zacks Investment Research downgraded shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. Finally, BidaskClub downgraded shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $87.79.

In other Medtronic PLC news, CEO Omar Ishrak sold 140,407 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now owns 668,503 shares in the company, valued at $54,569,899.89. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Bryan C. Hanson sold 12,000 shares of the stock in a transaction on Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its stake in shares of Medtronic PLC by 2,513.4% during the 1st quarter. BlackRock Inc. now owns 87,035,376 shares of the medical technology company’s stock worth $7,011,571,000 after buying an additional 83,705,052 shares during the last quarter. Lazard Asset Management LLC lifted its stake in shares of Medtronic PLC by 1,061.4% during the 1st quarter. Lazard Asset Management LLC now owns 13,678,772 shares of the medical technology company’s stock worth $1,101,960,000 after buying an additional 12,500,992 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Medtronic PLC by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 102,321,656 shares of the medical technology company’s stock worth $8,243,034,000 after buying an additional 4,412,536 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Medtronic PLC by 135.5% during the 2nd quarter. Alliancebernstein L.P. now owns 6,070,160 shares of the medical technology company’s stock worth $538,727,000 after buying an additional 3,493,058 shares during the last quarter. Finally, Sanders Capital LLC lifted its stake in shares of Medtronic PLC by 43.7% during the 2nd quarter. Sanders Capital LLC now owns 6,670,948 shares of the medical technology company’s stock worth $651,800,000 after buying an additional 2,027,147 shares during the last quarter. Hedge funds and other institutional investors own 80.63% of the company’s stock.

The company has a market capitalization of $104.70 billion, a P/E ratio of 26.01 and a beta of 1.01. The stock has a 50 day moving average price of $79.96 and a 200-day moving average price of $83.33.

Medtronic PLC (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.04. The company had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.03 EPS. On average, equities analysts forecast that Medtronic PLC will post $4.69 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, September 29th will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend is Thursday, September 28th. Medtronic PLC’s dividend payout ratio (DPR) is currently 61.95%.

Medtronic PLC declared that its Board of Directors has authorized a share buyback program on Friday, June 23rd that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the medical technology company to purchase up to 49% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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Medtronic PLC 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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