Medtronic Inc. (MDT) Hits New 1-Year High at $88.10
Medtronic Inc. (NYSE:MDT)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $88.10 and last traded at $87.67, with a volume of 1,832,269 shares traded. The stock had previously closed at $87.45.
MDT has been the topic of a number of recent research reports. Nomura Holdings Inc. initiated coverage on shares of Medtronic in a report on Thursday, March 17th. They issued a “buy” rating and a $86.00 target price on the stock. Vetr raised shares of Medtronic from a “buy” rating to a “strong-buy” rating and set a $83.98 target price on the stock in a report on Wednesday, March 23rd. Bank of America Corp. reissued a “buy” rating and issued a $90.00 target price on shares of Medtronic in a report on Friday, March 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $90.00 price target (up previously from $88.00) on shares of Medtronic in a report on Tuesday, April 5th. Finally, SunTrust Banks Inc. initiated coverage on Medtronic in a report on Monday, April 25th. They set a “buy” rating and a $93.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $87.88.
The firm has a market capitalization of $122.25 billion and a price-to-earnings ratio of 35.34. The stock’s 50 day moving average is $83.63 and its 200-day moving average is $78.31.
Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, May 31st. The medical technology company reported $1.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.26 by $0.01. The business had revenue of $7.57 billion for the quarter, compared to the consensus estimate of $7.49 billion. The company’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm earned $1.16 earnings per share. On average, equities research analysts forecast that Medtronic Inc. will post $4.66 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 27th. Investors of record on Friday, July 8th will be paid a dividend of $0.43 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.38. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend is Wednesday, July 6th.
In other Medtronic news, EVP Bryan C. Hanson sold 15,272 shares of the company’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 value of $1,330,343.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Richard Kuntz sold 49,905 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $82.60, for a total transaction of $4,122,153.00. Following the completion of the sale, the vice president now directly owns 127,647 shares of the company’s stock, valued at approximately $10,543,642.20. The disclosure for this sale can be found here.
A number of large investors have recently modified their holdings of MDT. Dimensional Fund Advisors LP increased its stake in shares of Medtronic by 63.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,347,687 shares of the medical technology company’s stock valued at $334,447,000 after buying an additional 1,680,556 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Medtronic by 0.6% in the fourth quarter. Jennison Associates LLC now owns 1,300,469 shares of the medical technology company’s stock valued at $100,032,000 after buying an additional 7,636 shares during the last quarter. Veritable L.P. increased its stake in shares of Medtronic by 17.8% in the fourth quarter. Veritable L.P. now owns 62,710 shares of the medical technology company’s stock valued at $4,824,000 after buying an additional 9,462 shares during the last quarter. Tradition Capital Management LLC increased its stake in shares of Medtronic by 2.3% in the fourth quarter. Tradition Capital Management LLC now owns 85,935 shares of the medical technology company’s stock valued at $6,610,000 after buying an additional 1,950 shares during the last quarter. Finally, Pittenger & Anderson Inc. increased its stake in shares of Medtronic by 12.3% in the fourth quarter. Pittenger & Anderson Inc. now owns 25,334 shares of the medical technology company’s stock valued at $1,948,000 after buying an additional 2,765 shares during the last quarter.
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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