Traders Buy Medtronic Inc. (MDT) on Weakness
Investors bought shares of Medtronic Inc. (NYSE:MDT) on weakness during trading hours on Friday. $100.97 million flowed into the stock on the tick-up and $64.93 million flowed out of the stock on the tick-down, for a money net flow of $36.04 million into the stock. Of all stocks tracked, Medtronic had the 15th highest net in-flow for the day. Medtronic traded down ($0.04) for the day and closed at $87.04
A number of research analysts have recently issued reports on MDT shares. Oppenheimer Holdings Inc. reaffirmed a “buy” rating on shares of Medtronic in a research report on Thursday, May 26th. BMO Capital Markets reaffirmed a “buy” rating on shares of Medtronic in a research report on Tuesday, June 7th. SunTrust Banks Inc. lifted their price objective on shares of Medtronic from $93.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, June 13th. Evercore ISI reissued a “buy” rating and set a $86.50 target price 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 research report on Thursday, May 19th. Six investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Medtronic presently has an average rating of “Buy” and a consensus price target of $88.50.
The firm has a market capitalization of $121.40 billion and a price-to-earnings ratio of 35.10. The stock has a 50 day moving average price of $87.68 and a 200-day moving average price of $80.98.
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 analysts’ consensus estimates of $1.26 by $0.01. The business had revenue of $7.57 billion for the quarter, compared to analysts’ expectations of $7.49 billion. The business’s revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the business posted $1.16 earnings per share. On average, equities research analysts forecast that Medtronic Inc. will post $4.66 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 27th. Investors of record on Friday, July 8th were issued a dividend of $0.43 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.38. This represents a $1.72 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend was Wednesday, July 6th.
In related news, Director Shirley A. Jackson sold 2,104 shares of the stock in a transaction on Wednesday, July 13th. The stock was sold at an average price of $88.64, for a total transaction of $186,498.56. Following the completion of the sale, the director now directly owns 34,503 shares of the company’s stock, valued at $3,058,345.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Bryan C. Hanson sold 15,000 shares of the stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $87.00, for a total value of $1,305,000.00. Following 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.
Other large investors recently modified their holdings of the company. Condor Capital Management increased its stake in shares of Medtronic by 1.1% in the fourth quarter. Condor Capital Management now owns 17,351 shares of the medical technology company’s stock valued at $1,335,000 after buying an additional 195 shares in the last quarter. Farr Miller & Washington LLC DC increased its stake in shares of Medtronic by 0.4% in the fourth quarter. Farr Miller & Washington LLC DC now owns 314,555 shares of the medical technology company’s stock valued at $24,196,000 after buying an additional 1,216 shares in the last quarter. Smith Salley & Associates increased its stake in shares of Medtronic by 1.6% in the fourth quarter. Smith Salley & Associates now owns 83,879 shares of the medical technology company’s stock valued at $6,452,000 after buying an additional 1,286 shares in the last quarter. Courier Capital Corp increased its stake in shares of Medtronic by 5.4% in the fourth quarter. Courier Capital Corp now owns 26,192 shares of the medical technology company’s stock valued at $2,015,000 after buying an additional 1,343 shares in the last quarter. Finally, 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 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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