Investors Buy Medtronic (MDT) on Weakness

Investors bought shares of Medtronic plc. (NYSE:MDT) on weakness during trading hours on Friday. $82.55 million flowed into the stock on the tick-up and $45.23 million flowed out of the stock on the tick-down, for a money net flow of $37.32 million into the stock. Of all companies tracked, Medtronic had the 16th highest net in-flow for the day. Medtronic traded down ($0.27) for the day and closed at $79.57

MDT has been the subject of several research analyst reports. Oppenheimer reaffirmed a “buy” rating on shares of Medtronic in a research note on Thursday, December 21st. Bank of America raised shares of Medtronic from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 2nd. Evercore ISI initiated coverage on shares of Medtronic in a research note on Wednesday, January 3rd. They set an “outperform” rating and a $92.50 target price for the company. Morgan Stanley increased their target price on shares of Medtronic from $91.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Monday, February 5th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 14th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $91.24.

How to Become a New Pot Stock Millionaire

The stock has a market capitalization of $108,212.98, a PE ratio of 17.30, a PEG ratio of 2.24 and a beta of 0.94. The company has a current ratio of 2.43, a quick ratio of 2.09 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.01. The business had revenue of $7.37 billion for the quarter, compared to analysts’ expectations of $7.20 billion. Medtronic had a net margin of 9.44% and a return on equity of 12.65%. The business’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.12 earnings per share. research analysts anticipate that Medtronic plc. will post 4.74 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, April 13th. Stockholders of record on Friday, March 23rd were given a dividend of $0.46 per share. The ex-dividend date was Thursday, March 22nd. This represents a $1.84 annualized dividend and a dividend yield of 2.31%. Medtronic’s dividend payout ratio is presently 40.00%.

In other news, SVP Carol A. Surface sold 24,479 shares of the stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $78.18, for a total transaction of $1,913,768.22. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James T. Lenehan sold 1,306 shares of the firm’s stock in a transaction that occurred on Tuesday, March 13th. The shares were sold at an average price of $83.56, for a total transaction of $109,129.36. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of MDT. Janus Henderson Group PLC acquired a new stake in Medtronic during the third quarter worth approximately $579,952,000. BlackRock Inc. raised its holdings in Medtronic by 6.4% during the fourth quarter. BlackRock Inc. now owns 94,595,580 shares of the medical technology company’s stock worth $7,638,592,000 after purchasing an additional 5,688,180 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in Medtronic by 3,863.2% during the third quarter. Asset Management One Co. Ltd. now owns 2,064,912 shares of the medical technology company’s stock worth $160,588,000 after purchasing an additional 2,012,810 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Medtronic by 20.7% during the third quarter. Ameriprise Financial Inc. now owns 11,388,438 shares of the medical technology company’s stock worth $885,673,000 after purchasing an additional 1,954,535 shares in the last quarter. Finally, HealthCor Management L.P. raised its holdings in Medtronic by 2,850.1% during the fourth quarter. HealthCor Management L.P. now owns 1,950,000 shares of the medical technology company’s stock worth $157,463,000 after purchasing an additional 1,883,900 shares in the last quarter. 81.23% of the stock is currently owned by hedge funds and other institutional investors.

ILLEGAL ACTIVITY NOTICE: This piece of content was published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this piece of content on another publication, it was illegally copied and reposted in violation of United States and international copyright laws. The correct version of this piece of content can be read at https://ledgergazette.com/2018/04/15/investors-buy-medtronic-mdt-on-weakness.html.

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.

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply