Traders Buy Medtronic Inc. (MDT) on Weakness
Investors bought shares of Medtronic Inc. (NYSE:MDT) on weakness during trading hours on Friday. $160.73 million flowed into the stock on the tick-up and $133.74 million flowed out of the stock on the tick-down, for a money net flow of $26.99 million into the stock. Of all stocks tracked, Medtronic had the 14th highest net in-flow for the day. Medtronic traded down ($0.84) for the day and closed at $87.10
Several research firms have commented on MDT. Bank of America Corp. reaffirmed a “buy” rating on shares of Medtronic in a research note on Sunday, May 22nd. Vetr upgraded Medtronic from a “buy” rating to a “strong-buy” rating and set a $89.50 target price for the company in a research report on Monday, May 2nd. BTIG Research downgraded Medtronic from a “buy” rating to a “neutral” rating and set a $82.00 target price for the company. in a research report on Tuesday, May 31st. Zacks Investment Research downgraded Medtronic from a “hold” rating to a “sell” rating in a research report on Tuesday, May 3rd. Finally, Needham & Company LLC reiterated a “buy” rating on shares of Medtronic in a research report on Monday, June 27th. Seven equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $87.88.
The company has a market capitalization of $121.48 billion and a P/E ratio of 35.12. The stock’s 50-day moving average price is $86.07 and its 200 day moving average price is $79.25.
Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, May 31st. The medical technology company reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.01. The company earned $7.57 billion during the quarter, compared to analyst estimates of $7.49 billion. Medtronic’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.16 EPS. On average, analysts predict that Medtronic Inc. will post $4.66 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 27th. Shareholders of record on Friday, July 8th will be given a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 1.97%. This is an increase from Medtronic’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Wednesday, July 6th.
In other Medtronic news, EVP Geoffrey Martha sold 3,766 shares of the stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $88.26, for a total value of $332,387.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Shirley A. Jackson sold 2,104 shares of the stock in a transaction dated Wednesday, July 13th. The shares were sold at an average price of $88.64, for a total value of $186,498.56. Following the completion of the sale, the director now directly owns 34,503 shares in the company, valued at approximately $3,058,345.92. The disclosure for this sale can be found here.
A number of large investors recently bought and sold shares of MDT. State of Wisconsin Investment Board raised its stake in Medtronic by 6.0% in the fourth quarter. State of Wisconsin Investment Board now owns 1,784,544 shares of the medical technology company’s stock worth $137,267,000 after buying an additional 100,290 shares in the last quarter. Northstar Investment Advisors LLC raised its stake in shares of Medtronic by 0.6% in the fourth quarter. Northstar Investment Advisors LLC now owns 82,360 shares of the medical technology company’s stock valued at $6,335,000 after buying an additional 520 shares during the period. Harfst & Associates Inc. raised its stake in shares of Medtronic by 1.0% in the fourth quarter. Harfst & Associates Inc. now owns 30,177 shares of the medical technology company’s stock valued at $2,321,000 after buying an additional 284 shares during the period. OppenheimerFunds Inc. raised its stake in shares of Medtronic by 2.9% in the fourth quarter. OppenheimerFunds Inc. now owns 2,299,012 shares of the medical technology company’s stock valued at $176,848,000 after buying an additional 64,493 shares during the period. Finally, Davy Asset Management Ltd acquired a new stake in shares of Medtronic during the fourth quarter valued at $6,981,000.
Medtronic plc (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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