Fiduciary Trust Co. raised its stake in Medtronic PLC (NYSE:MDT) by 133.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 67,032 shares of the medical technology company’s stock after buying an additional 38,335 shares during the period. Fiduciary Trust Co.’s holdings in Medtronic were worth $5,213,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Captrust Financial Advisors bought a new stake in shares of Medtronic during the 2nd quarter valued at about $384,000. Wesbanco Bank Inc. boosted its position in shares of Medtronic by 3.1% during the 2nd quarter. Wesbanco Bank Inc. now owns 10,170 shares of the medical technology company’s stock valued at $903,000 after purchasing an additional 308 shares in the last quarter. Dupont Capital Management Corp boosted its position in shares of Medtronic by 28.8% during the 2nd quarter. Dupont Capital Management Corp now owns 74,052 shares of the medical technology company’s stock valued at $6,572,000 after purchasing an additional 16,562 shares in the last quarter. Chilton Investment Co. LLC boosted its position in shares of Medtronic by 6.1% during the 2nd quarter. Chilton Investment Co. LLC now owns 26,842 shares of the medical technology company’s stock valued at $2,382,000 after purchasing an additional 1,538 shares in the last quarter. Finally, Moors & Cabot Inc. boosted its position in shares of Medtronic by 0.4% during the 2nd quarter. Moors & Cabot Inc. now owns 43,227 shares of the medical technology company’s stock valued at $3,842,000 after purchasing an additional 178 shares in the last quarter. Hedge funds and other institutional investors own 81.86% of the company’s stock.
Several brokerages recently commented on MDT. Oppenheimer restated a “buy” rating and set a $92.00 target price on shares of Medtronic in a research report on Tuesday, August 22nd. BMO Capital Markets restated an “outperform” rating and set a $89.00 target price (down previously from $92.00) on shares of Medtronic in a research report on Tuesday, October 10th. SunTrust Banks restated a “buy” rating and set a $96.00 target price on shares of Medtronic in a research report on Friday, November 3rd. Stifel Nicolaus upped their target price on Medtronic from $83.00 to $85.00 and gave the company a “hold” rating in a research report on Wednesday, November 22nd. Finally, Argus upgraded Medtronic from a “hold” rating to a “buy” rating and upped their target price for the company from $81.27 to $95.00 in a research report on Tuesday. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $88.57.
In related news, EVP Bryan C. Hanson sold 16,000 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $79.02, for a total transaction of $1,264,320.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.31% of the stock is currently owned by corporate insiders.
Medtronic PLC (NYSE MDT) opened at $83.50 on Friday. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.05 and a current ratio of 2.40. The firm has a market capitalization of $110,756.73, a P/E ratio of 17.64, a P/E/G ratio of 2.26 and a beta of 1.00.
Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.08. Medtronic had a return on equity of 12.63% and a net margin of 16.93%. The business had revenue of $7.05 billion for the quarter, compared to the consensus estimate of $7.05 billion. During the same period in the prior year, the business earned $1.12 EPS. The firm’s revenue for the quarter was down 4.0% on a year-over-year basis. analysts anticipate that Medtronic PLC will post 4.77 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Investors of record on Friday, December 29th will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Thursday, December 28th. Medtronic’s dividend payout ratio (DPR) is currently 50.41%.
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Medtronic 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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