Bridgewater Wealth & Financial Management LLC Takes Position in Medtronic PLC (MDT)
Bridgewater Wealth & Financial Management LLC acquired a new stake in Medtronic PLC (NYSE:MDT) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,387 shares of the medical technology company’s stock, valued at approximately $301,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in Medtronic PLC by 2,513.4% during 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 period. Lazard Asset Management LLC boosted its stake in Medtronic PLC by 1,061.4% during 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 period. Vanguard Group Inc. boosted its stake in Medtronic PLC by 4.5% during 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 period. Sanders Capital LLC boosted its stake in Medtronic PLC by 43.7% during the second quarter. Sanders Capital LLC now owns 6,670,948 shares of the medical technology company’s stock worth $651,800,000 after buying an additional 2,027,147 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in Medtronic PLC by 3.0% during 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 period. 80.63% of the stock is owned by hedge funds and other institutional investors.
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In other news, CEO Omar Ishrak sold 140,407 shares of the stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the completion of the transaction, the chief executive officer now directly owns 668,503 shares in the company, valued at approximately $54,569,899.89. The transaction was disclosed in a document filed with the SEC, 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 shares were 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.
Shares of Medtronic PLC (NYSE:MDT) opened at 79.81 on Monday. The company has a 50-day moving average of $80.14 and a 200 day moving average of $83.32. Medtronic PLC has a one year low of $69.35 and a one year high of $89.72. The firm has a market cap of $108.11 billion, a PE ratio of 26.86 and a beta of 1.01.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.04. The firm had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.44 billion. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. Medtronic PLC’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.03 EPS. On average, equities research analysts expect that Medtronic PLC will post $4.77 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, September 29th will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Thursday, September 28th. Medtronic PLC’s dividend payout ratio is presently 61.95%.
Medtronic PLC declared that its board has approved a stock buyback plan on Friday, June 23rd that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the medical technology company to repurchase up to 49% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
MDT has been the subject of several research analyst reports. 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. Deutsche Bank AG set a $96.00 target price on shares of Medtronic PLC and gave the stock a “buy” rating in a research note on Monday, July 31st. BidaskClub lowered shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating on shares of Medtronic PLC in a research note on Tuesday, July 18th. Finally, Cowen and Company set a $95.00 target price on shares of Medtronic PLC and gave the stock a “buy” rating in a research note on Tuesday, August 22nd. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $88.98.
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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