Blackhill Capital Inc. Maintains Position in Medtronic PLC (NYSE:MDT)
Blackhill Capital Inc. maintained its stake in shares of Medtronic PLC (NYSE:MDT) during the second quarter, Holdings Channel reports. The institutional investor owned 23,920 shares of the medical technology company’s stock at the end of the second quarter. Blackhill Capital Inc.’s holdings in Medtronic PLC were worth $2,123,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Medtronic PLC by 2,513.4% in the first quarter. BlackRock Inc. now owns 87,035,376 shares of the medical technology company’s stock worth $7,011,571,000 after buying an additional 83,705,052 shares during the last quarter. Lazard Asset Management LLC boosted its stake in shares of Medtronic PLC by 1,061.4% in the first quarter. Lazard Asset Management LLC now owns 13,678,772 shares of the medical technology company’s stock worth $1,101,960,000 after buying an additional 12,500,992 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Medtronic PLC by 4.5% in the first quarter. Vanguard Group Inc. now owns 102,321,656 shares of the medical technology company’s stock worth $8,243,034,000 after buying an additional 4,412,536 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Medtronic PLC by 18.9% in the first quarter. Wells Fargo & Company MN now owns 11,932,572 shares of the medical technology company’s stock worth $961,288,000 after buying an additional 1,895,386 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Medtronic PLC by 3.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 58,646,070 shares of the medical technology company’s stock worth $4,724,526,000 after buying an additional 1,729,715 shares during the last quarter. Institutional investors own 83.36% of the company’s stock.
Medtronic PLC (MDT) traded down 0.18% during midday trading on Tuesday, hitting $84.22. 1,543,983 shares of the stock traded hands. The company has a market cap of $114.46 billion, a price-to-earnings ratio of 29.14 and a beta of 1.02. The firm’s 50-day moving average is $87.24 and its 200-day moving average is $82.55. Medtronic PLC has a 52-week low of $69.35 and a 52-week high of $89.72.
Medtronic PLC (NYSE:MDT) last posted its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.33 EPS for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.02. The firm had revenue of $7.92 billion for the quarter, compared to analysts’ expectations of $7.86 billion. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.27 earnings per share. Analysts predict that Medtronic PLC will post $4.81 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were issued a $0.46 dividend. The ex-dividend date of this dividend was Wednesday, July 5th. This is a boost from Medtronic PLC’s previous quarterly dividend of $0.43. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.18%. Medtronic PLC’s dividend payout ratio is presently 63.67%.
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A number of analysts recently commented on MDT shares. Evercore ISI upped their price target on shares of Medtronic PLC from $88.00 to $88.50 and gave the company an “outperform” rating in a research note on Wednesday, April 19th. Royal Bank Of Canada reiterated a “buy” rating and issued a $85.00 target price on shares of Medtronic PLC in a research note on Tuesday, April 18th. Goldman Sachs Group, Inc. (The) started coverage on shares of Medtronic PLC in a research note on Tuesday, May 16th. They issued a “neutral” rating and a $87.00 target price on the stock. Zacks Investment Research cut shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, May 23rd. Finally, BMO Capital Markets increased their target price on shares of Medtronic PLC from $87.00 to $94.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 30th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $89.84.
In related news, Director Richard H. Anderson purchased 5,600 shares of the business’s stock in a transaction dated Wednesday, June 21st. The shares were purchased at an average cost of $88.90 per share, for a total transaction of $497,840.00. Following the completion of the acquisition, the director now owns 71,910 shares in the company, valued at approximately $6,392,799. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Bryan C. Hanson sold 12,000 shares of the company’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $88.57, for a total transaction of $1,062,840.00. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.
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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