Private Advisor Group LLC Raises Position in Medtronic Inc. (MDT)
Private Advisor Group LLC increased its position in shares of Medtronic Inc. (NYSE:MDT) by 60.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,682 shares of the medical technology company’s stock after buying an additional 13,044 shares during the period. Private Advisor Group LLC’s holdings in Medtronic were worth $3,032,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the stock. Proficio Capital Partners LLC increased its stake in Medtronic by 44.5% in the second quarter. Proficio Capital Partners LLC now owns 1,497 shares of the medical technology company’s stock worth $131,000 after buying an additional 461 shares during the period. Kelman Lazarov Inc. increased its stake in Medtronic by 17.4% in the second quarter. Kelman Lazarov Inc. now owns 1,517 shares of the medical technology company’s stock worth $132,000 after buying an additional 225 shares during the period. Arcadia Investment Management Corp MI increased its stake in Medtronic by 70.0% in the second quarter. Arcadia Investment Management Corp MI now owns 1,700 shares of the medical technology company’s stock worth $148,000 after buying an additional 700 shares during the period. Kistler Tiffany Companies LLC increased its stake in Medtronic by 2.1% in the second quarter. Kistler Tiffany Companies LLC now owns 1,776 shares of the medical technology company’s stock worth $154,000 after buying an additional 36 shares during the period. Finally, Brick & Kyle Associates increased its stake in Medtronic by 7.8% in the second quarter. Brick & Kyle Associates now owns 1,833 shares of the medical technology company’s stock worth $159,000 after buying an additional 133 shares during the period. Institutional investors own 82.56% of the company’s stock.
Medtronic Inc. (NYSE:MDT) traded up 0.34% on Tuesday, hitting $86.28. 1,109,776 shares of the company traded hands. The stock’s 50-day moving average is $86.78 and its 200 day moving average is $82.67. The firm has a market capitalization of $119.23 billion, a P/E ratio of 33.57 and a beta of 0.88. Medtronic Inc. has a 12 month low of $63.98 and a 12 month high of $89.27.
Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, August 25th. The medical technology company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.02. Medtronic had a net margin of 12.70% and a return on equity of 12.06%. The company earned $7.20 billion during the quarter, compared to the consensus estimate of $7.17 billion. During the same quarter in the previous year, the firm earned $1.02 earnings per share. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. Equities analysts forecast that Medtronic Inc. will post $4.66 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Thursday, September 29th will be paid a $0.43 dividend. The ex-dividend date of this dividend is Tuesday, September 27th. This represents a $1.72 dividend on an annualized basis and a yield of 2.00%. Medtronic’s dividend payout ratio is currently 66.93%.
A number of analysts have recently weighed in on MDT shares. Zacks Investment Research upgraded shares of Medtronic from a “sell” rating to a “hold” rating in a report on Thursday, June 2nd. BTIG Research downgraded shares of Medtronic from a “buy” rating to a “neutral” rating and set a $82.00 target price on the stock. in a report on Wednesday, June 1st. Credit Suisse Group AG restated an “outperform” rating and issued a $92.00 target price on shares of Medtronic in a report on Thursday, August 25th. Wedbush boosted their target price on shares of Medtronic from $79.00 to $82.00 and gave the stock a “neutral” rating in a report on Wednesday, June 1st. Finally, Needham & Company LLC restated a “buy” rating and issued a $93.00 target price (up from $90.00) on shares of Medtronic in a report on Tuesday, May 31st. Six equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Medtronic currently has an average rating of “Buy” and a consensus price target of $90.12.
In other news, EVP Bryan C. Hanson sold 15,272 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $87.11, for a total transaction of $1,330,343.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Omar Ishrak sold 61,925 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $84.93, for a total transaction of $5,259,290.25. Following the sale, the chief executive officer now owns 565,916 shares of the company’s stock, valued at approximately $48,063,245.88. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.
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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