Logan Capital Management Inc. Decreases Stake in Medtronic PLC (NYSE:MDT)
Logan Capital Management Inc. decreased its stake in Medtronic PLC (NYSE:MDT) by 30.1% during the first quarter, Holdings Channel reports. The institutional investor owned 2,493 shares of the medical technology company’s stock after selling 1,074 shares during the period. Logan Capital Management Inc.’s holdings in Medtronic PLC were worth $201,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of MDT. Vanguard Group Inc. boosted its position 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 valued at $8,243,034,000 after buying an additional 4,412,536 shares in the last quarter. BlackRock Inc. boosted its position 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 valued at $7,011,571,000 after buying an additional 83,705,052 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position 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 valued at $4,724,526,000 after buying an additional 1,729,715 shares in the last quarter. Lazard Asset Management LLC boosted its position 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 valued at $1,101,960,000 after buying an additional 12,500,992 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Medtronic PLC by 7.3% in the first quarter. Geode Capital Management LLC now owns 13,308,812 shares of the medical technology company’s stock valued at $1,070,622,000 after buying an additional 906,581 shares in the last quarter. 83.36% of the stock is owned by institutional investors.
Medtronic PLC (NYSE MDT) traded up 0.81% during midday trading on Friday, hitting $83.71. The stock had a trading volume of 4,302,167 shares. The stock has a market cap of $113.76 billion, a P/E ratio of 28.97 and a beta of 1.02. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72. The company has a 50-day moving average price of $86.18 and a 200-day moving average price of $82.87.
Medtronic PLC (NYSE:MDT) last posted its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.02. The company had revenue of $7.92 billion during the quarter, compared to the consensus estimate of $7.86 billion. Medtronic PLC had a return on equity of 12.72% and a net margin of 13.56%. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.27 EPS. Equities analysts expect that Medtronic PLC will post $4.81 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were paid a dividend of $0.46 per share. This is an increase from Medtronic PLC’s previous quarterly dividend of $0.43. The ex-dividend date was Wednesday, July 5th. This represents a $1.84 annualized dividend and a dividend yield of 2.20%. Medtronic PLC’s dividend payout ratio is presently 63.67%.
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Several equities analysts have recently weighed in on MDT shares. BidaskClub raised shares of Medtronic PLC from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. Cowen and Company reaffirmed an “outperform” rating and set a $95.00 price target (up from $86.00) on shares of Medtronic PLC in a research note on Sunday, May 28th. CIBC reaffirmed a “buy” rating on shares of Medtronic PLC in a research note on Friday, May 26th. Jefferies Group LLC reaffirmed a “buy” rating and set a $103.00 price target on shares of Medtronic PLC in a research note on Thursday, August 3rd. Finally, Goldman Sachs Group, Inc. (The) started coverage on shares of Medtronic PLC in a research note on Tuesday, May 16th. They set a “neutral” rating and a $87.00 price target for the company. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the stock. Medtronic PLC has an average rating of “Hold” and a consensus price target of $89.84.
In related news, Director Richard H. Anderson acquired 5,600 shares of the company’s stock in a transaction that occurred on Wednesday, June 21st. The shares were acquired at an average price 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 approximately $6,392,799. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Bryan C. Hanson sold 12,000 shares of the stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $88.57, for a total value of $1,062,840.00. The disclosure for this sale can be found here. 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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