Medtronic PLC (MDT) Stake Lowered by Benson Investment Management Company Inc.
Benson Investment Management Company Inc. cut its stake in Medtronic PLC (NYSE:MDT) by 0.4% during the second quarter, Holdings Channel reports. The institutional investor owned 28,090 shares of the medical technology company’s stock after selling 120 shares during the period. Medtronic PLC accounts for 2.2% of Benson Investment Management Company Inc.’s portfolio, making the stock its 11th largest position. Benson Investment Management Company Inc.’s holdings in Medtronic PLC were worth $2,493,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Israel Discount Bank of New York acquired a new stake in shares of Medtronic PLC during the first quarter worth approximately $117,000. Birch Hill Investment Advisors LLC acquired a new stake in shares of Medtronic PLC during the first quarter worth approximately $120,000. Farmers National Bank acquired a new stake in shares of Medtronic PLC during the first quarter worth approximately $121,000. Norway Savings Bank raised its stake in shares of Medtronic PLC by 2.7% in the second quarter. Norway Savings Bank now owns 1,427 shares of the medical technology company’s stock worth $127,000 after buying an additional 38 shares during the last quarter. Finally, Proficio Capital Partners LLC raised its stake in shares of Medtronic PLC by 33.3% in the first quarter. Proficio Capital Partners LLC now owns 1,811 shares of the medical technology company’s stock worth $153,000 after buying an additional 452 shares during the last quarter. Hedge funds and other institutional investors own 83.54% of the company’s stock.
Medtronic PLC (MDT) traded down 0.28% during trading on Thursday, hitting $84.36. The stock had a trading volume of 1,552,322 shares. The stock’s 50-day moving average is $85.79 and its 200-day moving average is $83.15. The stock has a market capitalization of $114.65 billion, a PE ratio of 29.19 and a beta of 1.02. Medtronic PLC has a 52-week low of $69.35 and a 52-week high of $89.72.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.02. Medtronic PLC had a return on equity of 12.72% and a net margin of 13.56%. The company had revenue of $7.92 billion during the quarter, compared to analysts’ expectations of $7.86 billion. During the same period last year, the business posted $1.27 earnings per share. The firm’s revenue was up 4.6% compared to the same quarter last year. On average, analysts predict that Medtronic PLC will post $4.81 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were paid 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 yield of 2.17%. Medtronic PLC’s dividend payout ratio (DPR) is 63.67%.
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MDT has been the subject of a number of research analyst reports. CIBC reaffirmed a “buy” rating on shares of Medtronic PLC in a research note on Friday, May 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price target (up previously from $91.00) on shares of Medtronic PLC in a research note on Thursday, May 25th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and issued a $93.00 price target (up previously from $87.00) on shares of Medtronic PLC in a research note on Thursday, May 25th. UBS AG reaffirmed a “buy” rating and issued a $95.00 price target (up previously from $94.00) on shares of Medtronic PLC in a research note on Tuesday, May 30th. Finally, BidaskClub lowered Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. 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 stock. The stock presently has a consensus rating of “Hold” and an average price target of $89.84.
In other Medtronic PLC news, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard H. Anderson purchased 5,600 shares of the firm’s stock in a transaction on Wednesday, June 21st. The stock was acquired at an average price of $88.90 per share, with a total value of $497,840.00. Following the completion of the purchase, the director now owns 71,910 shares of the company’s stock, valued at approximately $6,392,799. The disclosure for this purchase can be found here. Company 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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