Victory Capital Management Inc. Cuts Stake in Medtronic PLC (MDT)
Victory Capital Management Inc. lessened its holdings in Medtronic PLC (NYSE:MDT) by 55.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 154,559 shares of the medical technology company’s stock after selling 196,293 shares during the period. Victory Capital Management Inc.’s holdings in Medtronic PLC were worth $13,717,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of MDT. BlackRock Inc. raised its stake in shares of Medtronic PLC by 2,513.4% in the 1st quarter. BlackRock Inc. now owns 87,035,376 shares of the medical technology company’s stock valued at $7,011,571,000 after acquiring an additional 83,705,052 shares during the period. Lazard Asset Management LLC raised its stake in shares of Medtronic PLC by 1,061.4% in the 1st 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 acquiring an additional 12,500,992 shares during the period. Vanguard Group Inc. raised its stake in shares of Medtronic PLC by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 102,321,656 shares of the medical technology company’s stock valued at $8,243,034,000 after acquiring an additional 4,412,536 shares during the period. Sanders Capital LLC raised its stake in shares of Medtronic PLC by 43.7% in the 2nd quarter. Sanders Capital LLC now owns 6,670,948 shares of the medical technology company’s stock valued at $651,800,000 after acquiring an additional 2,027,147 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Medtronic PLC by 3.0% in the 1st 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 acquiring an additional 1,729,715 shares during the period. 80.63% of the stock is currently owned by institutional investors and hedge funds.
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In other Medtronic PLC news, CEO Omar Ishrak sold 140,407 shares of the business’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $81.63, for a total value of $11,461,423.41. Following the sale, the chief executive officer now owns 668,503 shares of the company’s stock, valued at approximately $54,569,899.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Bryan C. Hanson sold 12,000 shares of the business’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.
Medtronic PLC (NYSE:MDT) opened at 78.07 on Friday. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72. The firm has a market capitalization of $105.75 billion, a price-to-earnings ratio of 26.28 and a beta of 1.01. The stock has a 50 day moving average of $79.59 and a 200 day moving average of $83.21.
Medtronic PLC (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.04. The firm had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The business’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.03 EPS. Equities research analysts anticipate that Medtronic PLC will post $4.66 earnings per share for the current year.
The firm 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 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Thursday, September 28th. Medtronic PLC’s dividend payout ratio (DPR) is presently 61.95%.
Medtronic PLC announced that its Board of Directors has initiated a stock buyback plan on Friday, June 23rd that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the medical technology company to reacquire up to 49% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
MDT has been the topic of a number of research reports. Jefferies Group LLC reissued a “buy” rating and issued 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 company a “buy” rating in a research note on Monday, July 31st. BidaskClub downgraded shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Oppenheimer Holdings, Inc. reissued 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 company a “buy” rating in a research note on Tuesday, August 22nd. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $87.88.
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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