Medtronic Inc. (MDT) Sets New 12-Month High at $89.27
Medtronic Inc. (NYSE:MDT) shares reached a new 52-week high on Friday . The stock traded as high as $89.27 and last traded at $88.18, with a volume of 2,195,705 shares traded. The stock had previously closed at $88.83.
MDT has been the topic of several recent research reports. Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of Medtronic in a research report on Thursday, May 26th. BMO Capital Markets reiterated a “buy” rating on shares of Medtronic in a research report on Tuesday, June 7th. SunTrust Banks Inc. increased their price objective on Medtronic from $93.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, June 13th. Evercore ISI reiterated a “buy” rating and set a $86.50 price objective on shares of Medtronic in a research report on Monday, June 27th. Finally, Credit Suisse Group AG reissued a “buy” rating on shares of Medtronic in a report on Thursday, May 19th. Seven equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $87.88.
The firm has a 50 day moving average price of $85.23 and a 200 day moving average price of $78.86. The firm has a market capitalization of $123.24 billion and a price-to-earnings ratio of 35.63.
Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, May 31st. The medical technology company reported $1.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.01. The firm earned $7.57 billion during the quarter, compared to analysts’ expectations of $7.49 billion. Medtronic’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.16 earnings per share. Analysts anticipate that Medtronic Inc. will post $4.66 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 27th. Stockholders of record on Friday, July 8th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Wednesday, July 6th. This is a positive change from Medtronic’s previous quarterly dividend of $0.38.
In other news, VP Richard Kuntz sold 49,905 shares of the company’s stock in a transaction dated Friday, June 3rd. The stock was sold at an average price of $82.60, for a total value of $4,122,153.00. Following the completion of the transaction, the vice president now directly owns 127,647 shares in the company, valued at approximately $10,543,642.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Shirley A. Jackson sold 2,104 shares of the company’s stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $88.64, for a total value of $186,498.56. Following the completion of the transaction, the director now owns 34,503 shares of the company’s stock, valued at $3,058,345.92. The disclosure for this sale can be found here.
Other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Medtronic by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 89,739,674 shares of the medical technology company’s stock worth $6,902,776,000 after buying an additional 2,935,600 shares during the last quarter. Dimensional Fund Advisors LP boosted 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 in the last quarter. Morgan Stanley boosted its stake in shares of Medtronic by 12.1% in the fourth quarter. Morgan Stanley now owns 9,095,598 shares of the medical technology company’s stock valued at $699,632,000 after buying an additional 979,589 shares in the last quarter. State of Tennessee Treasury Department boosted its stake in shares of Medtronic by 147.7% in the fourth quarter. State of Tennessee Treasury Department now owns 1,253,536 shares of the medical technology company’s stock valued at $96,422,000 after buying an additional 747,521 shares in the last quarter. Finally, Tamarack Advisers LP bought a new stake in shares of Medtronic during the fourth quarter valued at $38,460,000.
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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