Medtronic PLC (NYSE:MDT) Stake Boosted by Murphy Capital Management Inc.
Murphy Capital Management Inc. boosted its position in Medtronic PLC (NYSE:MDT) by 44.7% during the second quarter, Holdings Channel reports. The firm owned 5,500 shares of the medical technology company’s stock after buying an additional 1,700 shares during the period. Murphy Capital Management Inc.’s holdings in Medtronic PLC were worth $488,000 as of its most recent filing with the SEC.
A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised 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. BlackRock Inc. raised 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. Massachusetts Financial Services Co. MA raised 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. Lazard Asset Management LLC raised 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. Finally, Geode Capital Management LLC raised its stake 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 worth $1,070,622,000 after buying an additional 906,581 shares during the last quarter. 83.36% of the stock is currently owned by institutional investors and hedge funds.
Shares of Medtronic PLC (NYSE MDT) traded up 0.81% on Friday, reaching $83.71. 4,302,167 shares of the company’s stock traded hands. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72. The company has a market cap of $113.76 billion, a PE ratio of 28.97 and a beta of 1.02. The stock 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 released its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.02. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. The business had revenue of $7.92 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same period last year, the business earned $1.27 EPS. The company’s revenue was up 4.6% compared to the same quarter last year. Equities research analysts anticipate that Medtronic PLC will post $4.81 EPS for the current fiscal year.
The company 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. 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 2.20%. The ex-dividend date of this dividend was Wednesday, July 5th. Medtronic PLC’s dividend payout ratio (DPR) is currently 63.67%.
A number of brokerages have recently weighed in on MDT. UBS AG reaffirmed a “buy” rating and set 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 set a $103.00 target price on shares of Medtronic PLC in a research note on Thursday, August 3rd. Zacks Investment Research lowered 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 investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $89.84.
In other news, EVP Bryan C. Hanson sold 12,000 shares of the firm’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $88.57, for a total value of $1,062,840.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard H. Anderson purchased 5,600 shares of the stock in a transaction dated Wednesday, June 21st. The stock was purchased at an average price of $88.90 per share, for a total transaction of $497,840.00. Following the completion of the acquisition, the director now directly owns 71,910 shares in the company, valued at approximately $6,392,799. The disclosure for this purchase can be found here. 0.25% of the stock is currently owned by company 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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