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 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 SEC, which can be accessed through this link.
Shares of 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 stock has a 50 day moving average of $86.75 and a 200-day moving average of $82.82. The company has a market capitalization of $121.36 billion, a price-to-earnings ratio of 34.17 and a beta of 0.88.
Medtronic (NYSE:MDT) last released its quarterly earnings data on Thursday, August 25th. The medical technology company reported $1.03 earnings per share 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 company earned $7.20 billion during the quarter, compared to analyst estimates of $7.17 billion. During the same period in the prior year, the firm earned $1.02 earnings per share. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, analysts anticipate that Medtronic Inc. will post $4.66 EPS for the current year.
The firm also recently disclosed 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. This represents a $1.72 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend is Tuesday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 66.93%.
Hedge funds have recently added to or reduced their stakes in the company. Krilogy Financial LLC raised its stake in Medtronic by 35.2% in the second quarter. Krilogy Financial LLC now owns 1,163 shares of the medical technology company’s stock worth $101,000 after buying an additional 303 shares during the period. Proficio Capital Partners LLC raised 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. raised 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. Farmers National Bank acquired a new stake in Medtronic during the second quarter worth $132,000. Finally, Mycio Wealth Partners LLC raised its stake in Medtronic by 4.4% in the second quarter. Mycio Wealth Partners LLC now owns 1,558 shares of the medical technology company’s stock worth $135,000 after buying an additional 65 shares during the period. 83.11% of the stock is owned by institutional investors.
MDT has been the topic of several recent research reports. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Medtronic in a report on Wednesday, July 6th. Argus reissued a “hold” rating on shares of Medtronic in a research report on Monday, June 20th. Zacks Investment Research raised shares of Medtronic from a “hold” rating to a “buy” rating and set a $97.00 price target for the company in a research report on Tuesday, August 9th. Credit Suisse Group AG reissued an “outperform” rating and set a $92.00 price target on shares of Medtronic in a research report on Thursday, August 25th. Finally, Guggenheim began coverage on shares of Medtronic in a research report on Wednesday, June 8th. They set a “neutral” rating for the company. Six research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Medtronic currently has an average rating of “Buy” and an average target price of $90.12.
Medtronic Company Profile
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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