Medtronic PLC (MDT) Position Reduced by Tekla Capital Management LLC
Tekla Capital Management LLC lessened its stake in Medtronic PLC (NYSE:MDT) by 5.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 580,326 shares of the medical technology company’s stock after selling 32,704 shares during the quarter. Medtronic PLC comprises about 1.9% of Tekla Capital Management LLC’s investment portfolio, making the stock its 15th largest holding. Tekla Capital Management LLC’s holdings in Medtronic PLC were worth $51,504,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MDT. Parkside Financial Bank & Trust increased its holdings in Medtronic PLC by 22.4% in the second quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock valued at $102,000 after purchasing an additional 210 shares during the last quarter. BDO Wealth Advisors LLC bought a new stake in Medtronic PLC in the second quarter valued at about $103,000. Motco increased its holdings in Medtronic PLC by 8.7% in the second quarter. Motco now owns 1,239 shares of the medical technology company’s stock valued at $110,000 after purchasing an additional 99 shares during the last quarter. Israel Discount Bank of New York bought a new stake in Medtronic PLC in the first quarter valued at about $117,000. Finally, Birch Hill Investment Advisors LLC bought a new stake in shares of Medtronic PLC in the first quarter worth about $120,000. Institutional investors and hedge funds own 81.37% of the company’s stock.
Several brokerages have issued reports on MDT. Jefferies Group LLC restated a “buy” rating and issued a $96.00 price target on shares of Medtronic PLC in a report on Thursday, September 28th. SunTrust Banks, Inc. restated a “buy” rating and issued a $96.00 price target on shares of Medtronic PLC in a report on Monday, October 2nd. Zacks Investment Research downgraded Medtronic PLC from a “hold” rating to a “sell” rating in a report on Friday, August 25th. BidaskClub downgraded Medtronic PLC from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Finally, Cowen and Company set a $95.00 price target on Medtronic PLC and gave the stock a “buy” rating in a report on Tuesday, August 22nd. Three analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. Medtronic PLC has an average rating of “Hold” and an average price target of $87.88.
Medtronic PLC (MDT) opened at $78.68 on Thursday. Medtronic PLC has a 52-week low of $69.35 and a 52-week high of $89.72. The company has a current ratio of 1.64, a quick ratio of 1.40 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $107,229.42, a P/E ratio of 16.88, a P/E/G ratio of 2.16 and a beta of 1.00.
Medtronic PLC (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 EPS 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 firm had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.44 billion. During the same period in the prior year, the firm posted $1.03 earnings per share. The business’s quarterly revenue was up 3.1% compared to the same quarter last year. equities analysts predict that Medtronic PLC will post 4.7 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 20th. Investors of record on Friday, September 29th were given a dividend of $0.46 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.84 annualized dividend and a yield of 2.34%. Medtronic PLC’s dividend payout ratio (DPR) is presently 61.95%.
In other news, EVP Bryan C. Hanson sold 16,000 shares of the firm’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $78.03, for a total value of $1,248,480.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Omar Ishrak sold 140,407 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 668,503 shares of the company’s stock, valued at $54,569,899.89. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.
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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