Traders Buy Medtronic Inc. (MDT) on Weakness
Traders purchased shares of Medtronic Inc. (NYSE:MDT) on weakness during trading on Monday. $50.33 million flowed into the stock on the tick-up and $26.44 million flowed out of the stock on the tick-down, for a money net flow of $23.89 million into the stock. Of all stocks tracked, Medtronic had the 23rd highest net in-flow for the day. Medtronic traded down ($0.13) for the day and closed at $86.96
Several equities analysts have issued reports on the stock. Vetr downgraded shares of Medtronic from a “strong-buy” rating to a “buy” rating and set a $89.50 price objective for the company. in a research note on Monday, May 9th. Goldman Sachs Group Inc. restated a “buy” rating on shares of Medtronic in a research note on Wednesday, July 6th. Argus restated a “hold” rating on shares of Medtronic in a research note on Monday, June 20th. Zacks Investment Research upgraded shares of Medtronic from a “sell” rating to a “hold” rating in a research note on Thursday, June 2nd. Finally, Guggenheim assumed coverage on shares of Medtronic in a research note on Wednesday, June 8th. They issued a “neutral” rating for the company. Seven investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $87.88.
The stock has a market cap of $121.29 billion and a PE ratio of 35.06. The stock has a 50 day moving average price of $86.95 and a 200 day moving average price of $80.28.
Medtronic (NYSE:MDT) last posted its 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. During the same period in the previous year, the firm earned $1.16 earnings per share. The firm had revenue of $7.57 billion for the quarter, compared to analyst estimates of $7.49 billion. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. Equities research analysts forecast that Medtronic Inc. will post $4.66 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 27th. Shareholders of record on Friday, July 8th were paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 1.98%. This is an increase from Medtronic’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Wednesday, July 6th.
In other Medtronic news, EVP Bryan C. Hanson sold 15,000 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $87.00, for a total transaction of $1,305,000.00. Following the completion of the transaction, the executive vice president now directly owns 108,717 shares of the company’s stock, valued at approximately $9,458,379. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Shirley A. Jackson sold 2,104 shares of the business’s stock in a transaction dated Wednesday, July 13th. The shares were sold at an average price of $88.64, for a total transaction of $186,498.56. Following the transaction, the director now directly owns 34,503 shares of the company’s stock, valued at $3,058,345.92. The disclosure for this sale can be found here.
Other hedge funds recently added to or reduced their stakes in the company. Venturi Wealth Management LLC bought a new stake in Medtronic during the fourth quarter worth approximately $1,344,000. American International Group Inc. increased its stake in Medtronic by 4.7% in the fourth quarter. American International Group Inc. now owns 508,973 shares of the medical technology company’s stock worth $39,150,000 after buying an additional 22,856 shares during the period. BlackRock Investment Management LLC increased its stake in Medtronic by 1.0% in the fourth quarter. BlackRock Investment Management LLC now owns 3,539,549 shares of the medical technology company’s stock worth $272,262,000 after buying an additional 34,542 shares during the period. BlackRock Advisors LLC increased its stake in Medtronic by 7.0% in the fourth quarter. BlackRock Advisors LLC now owns 5,482,227 shares of the medical technology company’s stock worth $421,693,000 after buying an additional 357,174 shares during the period. Finally, KBC Group NV increased its stake in Medtronic by 11.7% in the fourth quarter. KBC Group NV now owns 384,986 shares of the medical technology company’s stock worth $29,613,000 after buying an additional 40,380 shares during the period.
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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