Traders Buy Shares of Medtronic Inc. (MDT) on Weakness
Investors bought shares of Medtronic Inc. (NYSE:MDT) on weakness during trading on Friday. $100.97 million flowed into the stock on the tick-up and $64.93 million flowed out of the stock on the tick-down, for a money net flow of $36.04 million into the stock. Of all equities tracked, Medtronic had the 15th highest net in-flow for the day. Medtronic traded down ($0.04) for the day and closed at $87.04
A number of research analysts have weighed in on MDT shares. Jefferies Group reiterated a “buy” rating on shares of Medtronic in a research report on Wednesday, June 1st. Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of Medtronic in a research report on Thursday, May 26th. Bank of America Corp. reiterated a “buy” rating on shares of Medtronic in a research report on Sunday, May 22nd. Credit Suisse Group AG reiterated a “buy” rating on shares of Medtronic in a research report on Thursday, May 19th. Finally, Vetr cut shares of Medtronic from a “strong-buy” rating to a “buy” rating and set a $89.50 price objective on the stock. in a research report on Monday, May 9th. Six research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Medtronic currently has a consensus rating of “Buy” and a consensus price target of $88.50.
The firm has a market cap of $121.40 billion and a P/E ratio of 35.10. The firm has a 50-day moving average of $87.68 and a 200 day moving average of $80.98.
Medtronic (NYSE:MDT) last released its earnings results on Tuesday, May 31st. The medical technology company reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.01. The firm earned $7.57 billion during the quarter, compared to analyst estimates of $7.49 billion. The business’s revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.16 earnings per share. Analysts expect that Medtronic Inc. will post $4.66 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 27th. Stockholders of record on Friday, July 8th were given a dividend of $0.43 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.38. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend was Wednesday, July 6th.
In other news, EVP Bryan C. Hanson sold 15,000 shares of the business’s stock in a transaction dated Tuesday, July 26th. The stock was 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 $9,458,379. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Shirley A. Jackson sold 2,104 shares of the business’s stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $88.64, for a total value 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.
Several institutional investors recently made changes to their positions in MDT. Schwab Charles Investment Management Inc. increased its position in shares of Medtronic by 2.1% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 3,797,024 shares of the medical technology company’s stock worth $292,068,000 after buying an additional 77,866 shares in the last quarter. Sirios Capital Management L P bought a new position in shares of Medtronic during the fourth quarter worth approximately $13,799,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Medtronic by 4.6% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 143,213 shares of the medical technology company’s stock worth $11,016,000 after buying an additional 6,250 shares in the last quarter. Farr Miller & Washington LLC DC increased its position in shares of Medtronic by 0.4% in the fourth quarter. Farr Miller & Washington LLC DC now owns 314,555 shares of the medical technology company’s stock worth $24,196,000 after buying an additional 1,216 shares in the last quarter. Finally, Frontier Investment Mgmt Co. bought a new position in shares of Medtronic during the fourth quarter worth approximately $12,578,000.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.