Utah Retirement Systems Reduces Position in Medtronic PLC (MDT)

Utah Retirement Systems decreased its holdings in Medtronic PLC (NYSE:MDT) by 2.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 251,258 shares of the medical technology company’s stock after selling 5,900 shares during the quarter. Utah Retirement Systems’ holdings in Medtronic PLC were worth $22,299,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MDT. Parkside Financial Bank & Trust boosted its holdings in shares of Medtronic PLC by 22.4% in the second quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock worth $102,000 after buying an additional 210 shares during the last quarter. BDO Wealth Advisors LLC purchased a new position in shares of Medtronic PLC in the second quarter worth approximately $103,000. Israel Discount Bank of New York purchased a new position in shares of Medtronic PLC in the first quarter worth approximately $117,000. Birch Hill Investment Advisors LLC purchased a new position in shares of Medtronic PLC in the first quarter worth approximately $120,000. Finally, Farmers National Bank purchased a new position in shares of Medtronic PLC in the first quarter worth approximately $121,000. 80.60% of the stock is currently owned by institutional investors.

Shares of Medtronic PLC (NYSE:MDT) opened at 78.00 on Wednesday. Medtronic PLC has a 12 month low of $69.35 and a 12 month high of $89.72. The company has a market cap of $105.66 billion, a PE ratio of 26.25 and a beta of 1.01. The company has a 50-day moving average of $79.61 and a 200 day moving average of $83.24.

Medtronic PLC (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The company had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.44 billion. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.03 EPS. On average, analysts anticipate that Medtronic PLC will post $4.64 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, September 29th will be issued a $0.46 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.84 dividend on an annualized basis and a yield of 2.36%. Medtronic PLC’s payout ratio is currently 61.95%.

Medtronic PLC declared that its Board of Directors has authorized a share repurchase plan on Friday, June 23rd that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the medical technology company to reacquire up to 49% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

In other Medtronic PLC news, EVP Bryan C. Hanson sold 16,000 shares of the firm’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $78.03, for a total value of $1,248,480.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Omar Ishrak sold 140,407 shares of the firm’s 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 transaction, the chief executive officer now owns 668,503 shares in the company, valued at approximately $54,569,899.89. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

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A number of equities analysts recently issued reports on MDT shares. Deutsche Bank AG set a $96.00 price objective on shares of Medtronic PLC and gave the stock a “buy” rating in a 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. BMO Capital Markets reaffirmed an “outperform” rating and set a $92.00 price target (down previously from $94.00) on shares of Medtronic PLC in a report on Wednesday, August 23rd. Zacks Investment Research raised shares of Medtronic PLC from a “sell” rating to a “hold” rating in a report on Wednesday, September 6th. Finally, Royal Bank Of Canada lowered their price target on shares of Medtronic PLC from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Monday, October 9th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target 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 tech

Several other institutional investors and hedge funds have also bought and sold shares of MDT. Parkside Financial Bank & Trust boosted its holdings in shares of Medtronic PLC by 22.4% in the second quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock worth $102,000 after buying an additional 210 shares during the last quarter. BDO Wealth Advisors LLC purchased a new position in shares of Medtronic PLC in the second quarter worth approximately $103,000. Israel Discount Bank of New York purchased a new position in shares of Medtronic PLC in the first quarter worth approximately $117,000. Birch Hill Investment Advisors LLC purchased a new position in shares of Medtronic PLC in the first quarter worth approximately $120,000. Finally, Farmers National Bank purchased a new position in shares of Medtronic PLC in the first quarter worth approximately $121,000. 80.60% of the stock is currently owned by institutional investors.

Shares of Medtronic PLC (NYSE:MDT) opened at 78.00 on Wednesday. Medtronic PLC has a 12 month low of $69.35 and a 12 month high of $89.72. The company has a market cap of $105.66 billion, a PE ratio of 26.25 and a beta of 1.01. The company has a 50-day moving average of $79.61 and a 200 day moving average of $83.24.

Medtronic PLC (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The company had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.44 billion. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.03 EPS. On average, analysts anticipate that Medtronic PLC will post $4.64 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, September 29th will be issued a $0.46 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.84 dividend on an annualized basis and a yield of 2.36%. Medtronic PLC’s payout ratio is currently 61.95%.

Medtronic PLC declared that its Board of Directors has authorized a share repurchase plan on Friday, June 23rd that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the medical technology company to reacquire up to 49% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

In other Medtronic PLC news, EVP Bryan C. Hanson sold 16,000 shares of the firm’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $78.03, for a total value of $1,248,480.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Omar Ishrak sold 140,407 shares of the firm’s 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 transaction, the chief executive officer now owns 668,503 shares in the company, valued at approximately $54,569,899.89. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: This piece was posted by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this piece on another domain, it was stolen and reposted in violation of international trademark & copyright laws. The correct version of this piece can be viewed at https://ledgergazette.com/2017/10/18/utah-retirement-systems-reduces-position-in-medtronic-plc-mdt.html.

A number of equities analysts recently issued reports on MDT shares. Deutsche Bank AG set a $96.00 price objective on shares of Medtronic PLC and gave the stock a “buy” rating in a 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. BMO Capital Markets reaffirmed an “outperform” rating and set a $92.00 price target (down previously from $94.00) on shares of Medtronic PLC in a report on Wednesday, August 23rd. Zacks Investment Research raised shares of Medtronic PLC from a “sell” rating to a “hold” rating in a report on Wednesday, September 6th. Finally, Royal Bank Of Canada lowered their price target on shares of Medtronic PLC from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Monday, October 9th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target 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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Institutional Ownership by Quarter for Medtronic PLC (NYSE:MDT)

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