Strs Ohio Trims Position in Medtronic plc. (MDT)
Strs Ohio decreased its stake in shares of Medtronic plc. (NYSE:MDT) by 1.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,771,417 shares of the medical technology company’s stock after selling 27,325 shares during the period. Medtronic makes up 0.6% of Strs Ohio’s holdings, making the stock its 27th biggest holding. Strs Ohio’s holdings in Medtronic were worth $143,041,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. BDO Wealth Advisors LLC acquired a new position in Medtronic during the 2nd quarter valued at about $103,000. Motco lifted its position in Medtronic by 8.7% during the 2nd 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 period. Blue Chip Partners Inc. acquired a new position in Medtronic during the 3rd quarter valued at about $118,000. Quadrant Capital Group LLC lifted its position in Medtronic by 21.5% during the 2nd quarter. Quadrant Capital Group LLC now owns 1,639 shares of the medical technology company’s stock valued at $114,000 after purchasing an additional 290 shares during the period. Finally, Westwood Holdings Group Inc. acquired a new position in Medtronic during the 2nd quarter valued at about $151,000. Institutional investors and hedge funds own 81.84% of the company’s stock.
In other Medtronic news, VP Richard Kuntz sold 78,526 shares of the company’s stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $86.21, for a total transaction of $6,769,726.46. Following the completion of the transaction, the vice president now owns 149,761 shares of the company’s stock, valued at approximately $12,910,895.81. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Bryan C. Hanson sold 16,000 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $82.82, for a total value of $1,325,120.00. Following the transaction, the executive vice president now directly owns 88,818 shares of the company’s stock, valued at approximately $7,355,906.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 136,684 shares of company stock valued at $11,582,596. Insiders own 0.31% of the company’s stock.
Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.08. Medtronic had a return on equity of 12.63% and a net margin of 16.93%. The business had revenue of $7.05 billion during the quarter, compared to analysts’ expectations of $7.05 billion. During the same period in the prior year, the business earned $1.12 EPS. Medtronic’s revenue for the quarter was down 4.0% compared to the same quarter last year. analysts anticipate that Medtronic plc. will post 4.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, January 19th. Shareholders of record on Friday, December 29th were given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date was Thursday, December 28th. Medtronic’s dividend payout ratio (DPR) is currently 50.55%.
A number of research analysts have issued reports on MDT shares. Jefferies Group restated a “buy” rating and set a $96.00 target price on shares of Medtronic in a research report on Thursday, September 28th. SunTrust Banks restated a “buy” rating and set a $96.00 target price on shares of Medtronic in a research report on Monday, October 2nd. Wells Fargo & Co downgraded shares of Medtronic from an “outperform” rating to a “market perform” rating and cut their target price for the company from $93.00 to $83.00 in a research report on Monday, October 9th. Royal Bank of Canada lowered their price target on Medtronic from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Monday, October 9th. Finally, Stifel Nicolaus lowered their price target on Medtronic from $91.00 to $83.00 and set a “hold” rating for the company in a research note on Monday, October 9th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $89.65.
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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