Westpac Banking Corp boosted its position in Medtronic Inc. (NYSE:MDT) by 7.8% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 352,123 shares of the medical technology company’s stock after buying an additional 25,423 shares during the period. Westpac Banking Corp’s holdings in Medtronic were worth $30,317,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Carroll Financial Associates Inc. boosted its stake in Medtronic by 3.4% in the first quarter. Carroll Financial Associates Inc. now owns 11,672 shares of the medical technology company’s stock worth $875,000 after buying an additional 387 shares during the period. Benin Management CORP boosted its stake in Medtronic by 90.2% in the first quarter. Benin Management CORP now owns 16,455 shares of the medical technology company’s stock worth $1,234,000 after buying an additional 7,805 shares during the period. Sigma Planning Corp boosted its stake in Medtronic by 15.7% in the first quarter. Sigma Planning Corp now owns 19,133 shares of the medical technology company’s stock worth $1,435,000 after buying an additional 2,597 shares during the period. Country Trust Bank boosted its stake in Medtronic by 5.5% in the first quarter. Country Trust Bank now owns 276,850 shares of the medical technology company’s stock worth $20,764,000 after buying an additional 14,368 shares during the period. Finally, Davis R M Inc. boosted its stake in Medtronic by 1.0% in the first quarter. Davis R M Inc. now owns 408,113 shares of the medical technology company’s stock worth $30,609,000 after buying an additional 3,968 shares during the period. 83.11% of the stock is currently owned by institutional investors and hedge funds.

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 cap of $121.36 billion, a price-to-earnings ratio of 34.17 and a beta of 0.88. The stock has a 50 day moving average of $86.75 and a 200-day moving average of $82.82.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Thursday, August 25th. The medical technology company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.02. The company earned $7.20 billion during the quarter, compared to analysts’ expectations of $7.17 billion. Medtronic had a return on equity of 12.06% and a net margin of 12.70%. Medtronic’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 EPS. On average, analysts forecast that Medtronic Inc. will post $4.66 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Stockholders 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 dividend yield of 1.96%. Medtronic’s dividend payout ratio (DPR) is presently 66.93%.

MDT has been the topic of several research analyst reports. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Medtronic in a research note on Wednesday, July 6th. Citigroup Inc. initiated coverage on shares of Medtronic in a research note on Tuesday, August 23rd. They set a “buy” rating and a $102.00 target price on the stock. Cowen and Company set a $94.00 target price on shares of Medtronic and gave the company a “buy” rating in a research note on Tuesday, August 23rd. Zacks Investment Research raised shares of Medtronic from a “hold” rating to a “buy” rating and set a $97.00 target price on the stock in a research note on Tuesday, August 9th. Finally, Jefferies Group reissued a “buy” rating and set a $93.00 target price on shares of Medtronic in a research note on Thursday, August 25th. Six analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $90.12.

In other news, Director Kendall J. Powell sold 7,907 shares of the company’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $85.45, for a total value of $675,653.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bryan C. Hanson sold 15,000 shares of the company’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $87.00, for a total value of $1,305,000.00. Following the completion of the sale, the executive vice president now directly owns 108,717 shares of the company’s stock, valued at $9,458,379. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

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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