Pittenger & Anderson Inc. Decreases Stake in Medtronic Inc. (MDT)
Pittenger & Anderson Inc. reduced its stake in Medtronic Inc. (NYSE:MDT) by 0.6% during the second quarter, Holdings Channel reports. The firm owned 25,684 shares of the medical technology company’s stock after selling 165 shares during the period. Pittenger & Anderson Inc.’s holdings in Medtronic were worth $2,229,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Clarkston Capital Partners LLC raised its position in shares of Medtronic by 3.3% in the second quarter. Clarkston Capital Partners LLC now owns 120,828 shares of the medical technology company’s stock valued at $10,484,000 after buying an additional 3,840 shares during the period. First Republic Investment Management Inc. increased its stake in shares of Medtronic by 6.5% in the first quarter. First Republic Investment Management Inc. now owns 538,638 shares of the medical technology company’s stock valued at $40,399,000 after buying an additional 32,837 shares in the last quarter. Atlanta Capital Management Co. L L C bought a new stake in shares of Medtronic during the first quarter valued at about $45,404,000. Deane Retirement Strategies Inc. bought a new stake in shares of Medtronic during the second quarter valued at about $2,505,000. Finally, Kelman Lazarov Inc. increased its stake in shares of Medtronic by 17.4% in the second quarter. Kelman Lazarov Inc. now owns 1,517 shares of the medical technology company’s stock valued at $132,000 after buying an additional 225 shares in the last quarter. 83.11% of the stock is currently owned by institutional investors and hedge funds.
Shares of Medtronic Inc. (NYSE:MDT) traded up 0.203% during trading on Wednesday, reaching $86.535. 732,163 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $86.73 and a 200-day moving average price of $82.75. The company has a market capitalization of $119.59 billion, a PE ratio of 33.671 and a beta of 0.88. Medtronic Inc. has a 52-week low of $63.98 and a 52-week high of $89.27.
Medtronic (NYSE:MDT) last released its quarterly earnings data on Thursday, August 25th. The medical technology company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.02. Medtronic had a net margin of 12.70% and a return on equity of 12.06%. The business earned $7.20 billion during the quarter, compared to analyst estimates of $7.17 billion. During the same quarter in the previous year, the business earned $1.02 EPS. Medtronic’s quarterly revenue was down 1.0% compared to the same quarter last year. On average, equities analysts forecast that Medtronic Inc. will post $4.66 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Thursday, September 29th will be paid a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend is Tuesday, September 27th. Medtronic’s payout ratio is presently 66.93%.
MDT has been the subject of several recent research reports. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Medtronic in a report on Wednesday, July 6th. Argus reiterated a “hold” rating on shares of Medtronic in a report on Monday, June 20th. Zacks Investment Research upgraded Medtronic from a “hold” rating to a “buy” rating and set a $97.00 price target for the company in a report on Tuesday, August 9th. Credit Suisse Group AG reiterated an “outperform” rating and issued a $92.00 price target on shares of Medtronic in a report on Thursday, August 25th. Finally, Guggenheim initiated coverage on Medtronic in a report on Wednesday, June 8th. They issued a “neutral” rating for the company. Six analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Medtronic currently has an average rating of “Buy” and a consensus target price of $90.12.
In other Medtronic news, EVP Bryan C. Hanson sold 15,000 shares of the business’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $87.00, for a total transaction of $1,305,000.00. Following the completion of the transaction, the executive vice president now owns 108,717 shares of the company’s stock, valued at approximately $9,458,379. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Omar Ishrak sold 61,925 shares of the business’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $84.93, for a total transaction of $5,259,290.25. Following the transaction, the chief executive officer now directly owns 565,916 shares of the company’s stock, valued at approximately $48,063,245.88. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.
Medtronic Company Profile
Medtronic plc (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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