Insider Selling: Medtronic Inc. (MDT) Director Sells $675,653.15 in Stock
Medtronic Inc. (NYSE:MDT) Director Kendall J. Powell sold 7,907 shares of the company’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $85.45, for a total transaction of $675,653.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Medtronic Inc. (NYSE:MDT) opened at 87.82 on Friday. Medtronic Inc. has a 52 week low of $63.98 and a 52 week high of $89.27. The company has a market capitalization of $121.36 billion, a PE ratio of 34.17 and a beta of 0.88. The company has a 50-day moving average of $86.75 and a 200-day moving average of $82.82.
Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, August 25th. The medical technology company reported $1.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.02. Medtronic had a net margin of 12.70% and a return on equity of 12.06%. The business earned $7.20 billion during the quarter, compared to the consensus estimate of $7.17 billion. During the same period in the prior year, the firm posted $1.02 EPS. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. On average, equities research analysts anticipate that Medtronic Inc. will post $4.66 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Shareholders of record on Thursday, September 29th will be given a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Tuesday, September 27th. Medtronic’s payout ratio is 66.93%.
MDT has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Medtronic from a “sell” rating to a “hold” rating in a research report on Thursday, June 2nd. BTIG Research cut shares of Medtronic from a “buy” rating to a “neutral” rating and set a $82.00 price objective for the company. in a research report on Wednesday, June 1st. Credit Suisse Group AG restated an “outperform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Thursday, August 25th. Wedbush upped their price objective on shares of Medtronic from $79.00 to $82.00 and gave the company a “neutral” rating in a research report on Wednesday, June 1st. Finally, Needham & Company LLC restated a “buy” rating and issued a $93.00 price objective (up previously from $90.00) on shares of Medtronic in a research report on Tuesday, May 31st. Six investment 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 target price of $90.12.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. Clarkston Capital Partners LLC boosted its position in Medtronic by 3.3% in the second quarter. Clarkston Capital Partners LLC now owns 120,828 shares of the medical technology company’s stock worth $10,484,000 after buying an additional 3,840 shares during the last quarter. First Republic Investment Management Inc. boosted its position in Medtronic by 6.5% in the first quarter. First Republic Investment Management Inc. now owns 538,638 shares of the medical technology company’s stock worth $40,399,000 after buying an additional 32,837 shares during the last quarter. Atlanta Capital Management Co. L L C bought a new position in Medtronic during the first quarter worth $45,404,000. Kelman Lazarov Inc. boosted its position 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 last quarter. Finally, Deane Retirement Strategies Inc. bought a new position in Medtronic during the second quarter worth $2,505,000. Hedge funds and other institutional investors own 83.11% of the company’s stock.
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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