Granahan Investment Management Inc. MA Cuts Stake in Medtronic PLC (MDT)
Granahan Investment Management Inc. MA decreased its position in Medtronic PLC (NYSE:MDT) by 3.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,314 shares of the medical technology company’s stock after selling 206 shares during the period. Granahan Investment Management Inc. MA’s holdings in Medtronic PLC were worth $428,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the company. Israel Discount Bank of New York acquired a new stake in Medtronic PLC during the first quarter worth $117,000. Birch Hill Investment Advisors LLC purchased a new stake in shares of Medtronic PLC during the first quarter valued at approximately $120,000. Baystate Wealth Management LLC increased its stake in shares of 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 last quarter. North Star Investment Management Corp. increased its stake in shares of 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 last quarter. Finally, Hudock Capital Group LLC increased its stake in shares of Medtronic PLC by 0.6% in the first quarter. Hudock Capital Group LLC now owns 2,184 shares of the medical technology company’s stock valued at $175,000 after buying an additional 12 shares during the last quarter. Institutional investors own 83.36% of the company’s stock.
Medtronic PLC (NYSE:MDT) traded up 1.00% during trading on Friday, reaching $83.87. 1,611,640 shares of the company were exchanged. The firm’s 50 day moving average price is $86.33 and its 200-day moving average price is $82.81. The stock has a market capitalization of $113.98 billion, a price-to-earnings ratio of 29.02 and a beta of 1.02. Medtronic PLC has a one year low of $69.35 and a one year high of $89.72.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings data on Thursday, May 25th. The medical technology company reported $1.33 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.31 by $0.02. The business had revenue of $7.92 billion for the quarter, compared to the consensus estimate of $7.86 billion. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. The company’s revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.27 earnings per share. On average, equities research analysts predict that Medtronic PLC will post $4.81 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Wednesday, July 5th. This is an increase from Medtronic PLC’s previous quarterly dividend of $0.43. This represents a $1.84 annualized dividend and a yield of 2.22%. Medtronic PLC’s dividend payout ratio is 63.67%.
Several equities research analysts have commented on the stock. UBS AG reaffirmed 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. BidaskClub raised shares of Medtronic PLC from a “sell” rating to a “hold” rating in a research note on Friday. Jefferies Group LLC reaffirmed a “buy” rating and issued a $103.00 target price on shares of Medtronic PLC in a research note on Thursday, August 3rd. Zacks Investment Research downgraded shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Deutsche Bank AG set a $96.00 target price on shares of Medtronic PLC and gave the company a “buy” rating in a research note on Monday, July 31st. Two analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $89.84.
In other Medtronic PLC news, Director Richard H. Anderson acquired 5,600 shares of the company’s stock in a transaction on Wednesday, June 21st. The shares were acquired at an average cost of $88.90 per share, with a total value of $497,840.00. Following the completion of the acquisition, the director now directly owns 71,910 shares in the company, valued at $6,392,799. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Bryan C. Hanson sold 12,000 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were 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. 0.25% of the stock is owned by corporate insiders.
About Medtronic PLC
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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