Private Wealth Partners LLC Sells 1,700 Shares of Medtronic PLC (MDT)
Private Wealth Partners LLC decreased its position in Medtronic PLC (NYSE:MDT) by 7.8% during the second quarter, Holdings Channel reports. The firm owned 20,000 shares of the medical technology company’s stock after selling 1,700 shares during the period. Private Wealth Partners LLC’s holdings in Medtronic PLC were worth $1,735,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the company. Clarkston Capital Partners LLC increased its stake in Medtronic PLC 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 period. First Republic Investment Management Inc. increased its stake in Medtronic PLC 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 period. Atlanta Capital Management Co. L L C bought a new stake in Medtronic PLC during the first quarter worth approximately $45,404,000. Comgest Global Investors S.A.S. increased its stake in Medtronic PLC by 3.4% in the second quarter. Comgest Global Investors S.A.S. now owns 1,733,820 shares of the medical technology company’s stock worth $150,444,000 after buying an additional 57,500 shares during the period. Finally, Kelman Lazarov Inc. increased its stake in Medtronic PLC 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. Institutional investors own 83.11% of the company’s stock.
Shares of Medtronic PLC (NYSE:MDT) traded up 0.22% during trading on Wednesday, hitting $86.30. 2,656,435 shares of the stock were exchanged. Medtronic PLC has a 1-year low of $70.12 and a 1-year high of $89.27. The firm’s 50-day moving average is $86.52 and its 200 day moving average is $83.52. The company has a market cap of $119.26 billion, a P/E ratio of 33.58 and a beta of 0.88.
Medtronic PLC (NYSE:MDT) last posted its quarterly earnings data on Thursday, August 25th. The medical technology company reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.02. Medtronic PLC had a net margin of 12.70% and a return on equity of 12.06%. The company had revenue of $7.20 billion for the quarter, compared to the consensus estimate of $7.17 billion. During the same period last year, the company earned $1.02 earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. Equities analysts forecast that Medtronic PLC will post $4.66 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Thursday, September 29th will be issued a $0.43 dividend. The ex-dividend date is Tuesday, September 27th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.99%. Medtronic PLC’s dividend payout ratio (DPR) is presently 66.93%.
A number of analysts recently commented on the stock. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Medtronic PLC in a report on Wednesday, July 6th. Citigroup Inc. assumed coverage on shares of Medtronic PLC in a report on Tuesday, August 23rd. They issued 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 PLC and gave the stock a “buy” rating in a report on Tuesday, August 23rd. Zacks Investment Research upgraded shares of Medtronic PLC from a “hold” rating to a “buy” rating and set a $97.00 target price on the stock in a report on Tuesday, August 9th. Finally, Jefferies Group reiterated a “buy” rating and issued a $93.00 target price on shares of Medtronic PLC in a report on Thursday, August 25th. Six research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $90.12.
In related news, CEO Omar Ishrak sold 61,925 shares of the firm’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $84.93, for a total value of $5,259,290.25. Following the completion of the transaction, the chief executive officer now directly owns 565,916 shares of the company’s stock, valued at $48,063,245.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Shirley A. Jackson sold 2,104 shares of the firm’s stock in a transaction on Wednesday, July 13th. The shares were sold at an average price of $88.64, for a total transaction of $186,498.56. Following the completion of 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. 0.25% of the stock is currently owned by insiders.
About Medtronic PLC
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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