Investors Buy Medtronic Inc. (MDT) on Weakness
Traders purchased shares of Medtronic Inc. (NYSE:MDT) on weakness during trading hours on Thursday. $73.38 million flowed into the stock on the tick-up and $49.25 million flowed out of the stock on the tick-down, for a money net flow of $24.13 million into the stock. Of all companies tracked, Medtronic had the 15th highest net in-flow for the day. Medtronic traded down ($0.05) for the day and closed at $87.08
MDT has been the subject of a number of research reports. SunTrust Banks Inc. initiated coverage on Medtronic in a research report on Monday, April 25th. They set a “buy” rating and a $93.00 price target for the company. Vetr downgraded Medtronic from a “strong-buy” rating to a “buy” rating and set a $89.50 price target for the company. in a research report on Monday, May 9th. Zacks Investment Research raised Medtronic from a “sell” rating to a “hold” rating in a research report on Thursday, June 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 Wednesday, June 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $93.00 target price (up previously from $90.00) on shares of Medtronic in a research report on Tuesday, May 31st. Six analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Medtronic presently has an average rating of “Buy” and a consensus price target of $88.50.
The firm has a market capitalization of $121.45 billion and a price-to-earnings ratio of 35.11. The stock has a 50-day moving average price of $87.67 and a 200 day moving average price of $80.90.
Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, May 31st. The medical technology company reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.01. The business had revenue of $7.57 billion for the quarter, compared to the consensus estimate of $7.49 billion. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.16 EPS. On average, equities research analysts anticipate that Medtronic Inc. will post $4.66 earnings per share for the current fiscal year.
The firm also recently declared 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%. The ex-dividend date of this dividend was Wednesday, July 6th. This is an increase from Medtronic’s previous quarterly dividend of $0.38.
In other news, Director Shirley A. Jackson sold 2,104 shares of Medtronic stock in a transaction that occurred on 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 transaction, the director now owns 34,503 shares in the company, valued at $3,058,345.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Richard Kuntz sold 49,905 shares of Medtronic stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $82.60, for a total transaction of $4,122,153.00. Following the completion of the transaction, the vice president now owns 127,647 shares of the company’s stock, valued at approximately $10,543,642.20. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have recently bought and sold shares of MDT. Pitcairn Co. boosted its position in Medtronic by 93.3% in the fourth quarter. Pitcairn Co. now owns 24,455 shares of the medical technology company’s stock worth $1,881,000 after buying an additional 11,804 shares during the period. Suntrust Banks Inc. boosted its position in Medtronic by 25.4% in the fourth quarter. Suntrust Banks Inc. now owns 166,820 shares of the medical technology company’s stock worth $12,830,000 after buying an additional 33,838 shares during the period. Cambridge Trust Co. boosted its position in Medtronic by 0.9% in the fourth quarter. Cambridge Trust Co. now owns 347,167 shares of the medical technology company’s stock worth $26,704,000 after buying an additional 3,221 shares during the period. Advantus Capital Management Inc boosted its position in Medtronic by 2.1% in the fourth quarter. Advantus Capital Management Inc now owns 135,663 shares of the medical technology company’s stock worth $10,435,000 after buying an additional 2,730 shares during the period. Finally, Courier Capital Corp boosted its position in Medtronic by 5.4% in the fourth quarter. Courier Capital Corp now owns 26,192 shares of the medical technology company’s stock worth $2,015,000 after buying an additional 1,343 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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