Traders Buy Medtronic Inc. (MDT) on Weakness
Traders purchased shares of Medtronic Inc. (NYSE:MDT) on weakness during trading hours on Wednesday. $112.52 million flowed into the stock on the tick-up and $67.83 million flowed out of the stock on the tick-down, for a money net flow of $44.69 million into the stock. Of all equities tracked, Medtronic had the 8th highest net in-flow for the day. Medtronic traded down ($0.17) for the day and closed at $88.75
MDT has been the topic of several analyst reports. Vetr cut Medtronic from a “strong-buy” rating to a “buy” rating and set a $89.50 target price on the stock. in a research report on Monday, May 9th. Goldman Sachs Group Inc. restated a “buy” rating on shares of Medtronic in a research report on Wednesday, July 6th. Argus restated a “hold” rating on shares of Medtronic in a research report on Monday, June 20th. Zacks Investment Research upgraded Medtronic from a “sell” rating to a “hold” rating in a research report on Thursday, June 2nd. Finally, Guggenheim initiated coverage on Medtronic in a research report on Wednesday, June 8th. They issued a “neutral” rating on the stock. Seven research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $87.88.
The company has a market cap of $123.78 billion and a P/E ratio of 35.79. The firm’s 50-day moving average is $84.79 and its 200-day moving average is $78.71.
Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, May 31st. The medical technology company reported $1.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.26 by $0.01. During the same quarter in the previous year, the company earned $1.16 EPS. The business had revenue of $7.57 billion for the quarter, compared to analyst estimates of $7.49 billion. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. Equities research analysts anticipate that Medtronic Inc. will post $4.66 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 27th. Shareholders of record on Friday, July 8th will be given a dividend of $0.43 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Wednesday, July 6th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.94%.
In related news, SVP Carol A. Surface sold 9,787 shares of the stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $87.08, for a total transaction of $852,251.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Richard Kuntz sold 49,905 shares of the stock in a transaction that occurred on Friday, June 3rd. The stock was sold at an average price of $82.60, for a total transaction of $4,122,153.00. Following the sale, the vice president now owns 127,647 shares in the company, valued at approximately $10,543,642.20. The disclosure for this sale can be found here.
Other hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in 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 in the last quarter. Jennison Associates LLC raised its stake in 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 in the last quarter. Veritable L.P. raised its stake in 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 in the last quarter. Tradition Capital Management LLC raised its stake in 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 in the last quarter. Finally, Pittenger & Anderson Inc. raised its stake in 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 in 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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