Medtronic PLC (MDT) Position Trimmed by Heritage Investors Management Corp
Heritage Investors Management Corp lessened its holdings in shares of Medtronic PLC (NYSE:MDT) by 4.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 63,046 shares of the medical technology company’s stock after selling 3,192 shares during the period. Heritage Investors Management Corp’s holdings in Medtronic PLC were worth $5,595,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in MDT. Waldron LP acquired a new position in Medtronic PLC during the first quarter worth $512,000. Northeast Investment Management acquired a new stake in Medtronic PLC in the first quarter valued at $222,000. Leavell Investment Management Inc. grew its holdings in Medtronic PLC by 10.5% in the first quarter. Leavell Investment Management Inc. now owns 5,641 shares of the medical technology company’s stock valued at $454,000 after purchasing an additional 536 shares during the last quarter. Valicenti Advisory Services Inc. grew its holdings in Medtronic PLC by 4.2% in the first quarter. Valicenti Advisory Services Inc. now owns 11,656 shares of the medical technology company’s stock valued at $939,000 after purchasing an additional 475 shares during the last quarter. Finally, Schmidt P J Investment Management Inc. grew its holdings in Medtronic PLC by 1.9% in the first quarter. Schmidt P J Investment Management Inc. now owns 20,942 shares of the medical technology company’s stock valued at $1,687,000 after purchasing an additional 390 shares during the last quarter. 80.75% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have weighed in on MDT shares. Zacks Investment Research lowered Medtronic PLC from a “hold” rating to a “sell” rating in a report on Tuesday, May 23rd. Oppenheimer Holdings, Inc. reissued a “buy” rating and issued a $93.00 target price (up previously from $87.00) on shares of Medtronic PLC in a report on Thursday, May 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 price objective (up previously from $91.00) on shares of Medtronic PLC in a research note on Thursday, May 25th. CIBC reaffirmed a “buy” rating on shares of Medtronic PLC in a research note on Friday, May 26th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $91.00 price objective (up previously from $88.50) on shares of Medtronic PLC in a research note on Sunday, May 28th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $88.78.
Shares of Medtronic PLC (NYSE MDT) traded up 0.10% on Friday, hitting $81.88. The stock had a trading volume of 3,444,973 shares. Medtronic PLC has a 1-year low of $69.35 and a 1-year high of $89.72. The stock has a market cap of $110.91 billion, a P/E ratio of 27.56 and a beta of 1.03. The firm’s 50-day moving average is $82.25 and its 200 day moving average is $83.64.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The company had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.44 billion. During the same period in the prior year, the company posted $1.03 EPS. The company’s revenue was up 3.1% compared to the same quarter last year. Equities analysts forecast that Medtronic PLC will post $4.77 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, September 29th will be given a dividend of $0.46 per share. The ex-dividend date is Thursday, September 28th. This represents a $1.84 dividend on an annualized basis and a yield of 2.25%. Medtronic PLC’s dividend payout ratio (DPR) is presently 61.95%.
In other Medtronic PLC news, Director Richard H. Anderson purchased 5,600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The shares were acquired at an average cost of $88.90 per share, for a total transaction of $497,840.00. Following the transaction, the director now directly owns 71,910 shares in the company, valued at $6,392,799. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Bryan C. Hanson sold 12,000 shares of the stock in a transaction that occurred on 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. 0.31% of the stock is owned by corporate insiders.
Medtronic PLC 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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