Envestnet Asset Management Inc. Raises Position in Medtronic PLC (NYSE:MDT)
Envestnet Asset Management Inc. boosted its stake in Medtronic PLC (NYSE:MDT) by 10.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 239,340 shares of the medical technology company’s stock after buying an additional 22,162 shares during the period. Envestnet Asset Management Inc.’s holdings in Medtronic PLC were worth $19,279,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the company. Intellectus Partners LLC purchased a new stake in Medtronic PLC during the fourth quarter valued at approximately $130,000. SRS Capital Advisors Inc. purchased a new stake in Medtronic PLC during the fourth quarter valued at approximately $141,000. Glassman Wealth Services boosted its stake in Medtronic PLC by 2.9% in the fourth quarter. Glassman Wealth Services now owns 2,159 shares of the medical technology company’s stock valued at $154,000 after buying an additional 60 shares during the period. Baystate Wealth Management LLC boosted its stake in Medtronic PLC by 40.9% in the first quarter. Baystate Wealth Management LLC now owns 1,959 shares of the medical technology company’s stock valued at $157,000 after buying an additional 569 shares during the period. Finally, North Star Investment Management Corp. boosted its stake in Medtronic PLC by 4.4% in the first quarter. North Star Investment Management Corp. now owns 1,973 shares of the medical technology company’s stock valued at $159,000 after buying an additional 83 shares during the period. Institutional investors own 83.11% of the company’s stock.
Medtronic PLC (NYSE:MDT) opened at 86.06 on Tuesday. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72. The stock has a market capitalization of $116.96 billion, a P/E ratio of 29.78 and a beta of 1.03. The firm’s 50-day moving average is $86.21 and its 200 day moving average is $80.30.
Medtronic PLC (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.02. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. The company had revenue of $7.92 billion during the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the prior year, the company earned $1.27 EPS. Medtronic PLC’s revenue was up 4.6% on a year-over-year basis. Equities research analysts anticipate that Medtronic PLC will post $4.95 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 2.14%. This is an increase from Medtronic PLC’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Wednesday, July 5th. Medtronic PLC’s dividend payout ratio is presently 63.67%.
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MDT has been the subject of several recent analyst reports. CIBC restated a “buy” rating on shares of Medtronic PLC in a research note on Friday, May 26th. Needham & Company LLC restated a “buy” rating and issued a $95.00 target price (up previously from $91.00) on shares of Medtronic PLC in a research note on Thursday, May 25th. Oppenheimer Holdings, Inc. restated a “buy” rating and issued a $93.00 target price (up previously from $87.00) on shares of Medtronic PLC in a research note on Thursday, May 25th. Royal Bank Of Canada restated a “buy” rating and issued a $85.00 target price on shares of Medtronic PLC in a research note on Tuesday, April 18th. Finally, UBS AG restated a “buy” rating and issued a $95.00 target price (up previously from $94.00) on shares of Medtronic PLC in a research note on Tuesday, May 30th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $89.16.
In other Medtronic PLC news, Director Richard H. Anderson purchased 5,600 shares of the business’s stock in a transaction on Wednesday, June 21st. The stock was bought at an average cost of $88.90 per share, with a total value of $497,840.00. Following the acquisition, the director now owns 71,910 shares of the company’s stock, valued at $6,392,799. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is currently owned by corporate insiders.
Medtronic PLC Company Profile
Medtronic Public Limited Company (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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