Boston Partners Cuts Stake in Medtronic PLC (MDT)
Boston Partners lessened its stake in shares of Medtronic PLC (NYSE:MDT) by 41.7% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 774,170 shares of the medical technology company’s stock after selling 553,383 shares during the quarter. Boston Partners owned about 0.06% of Medtronic PLC worth $68,708,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. RMB Capital Management LLC acquired a new position in Medtronic PLC in the 1st quarter valued at about $4,576,000. Lazard Asset Management LLC raised its holdings in 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. WealthTrust Arizona LLC raised its holdings in Medtronic PLC by 9.7% in the 2nd quarter. WealthTrust Arizona LLC now owns 4,994 shares of the medical technology company’s stock valued at $443,000 after acquiring an additional 441 shares during the period. Geode Capital Management LLC raised its holdings in Medtronic PLC by 7.3% in the 1st quarter. Geode Capital Management LLC now owns 13,308,812 shares of the medical technology company’s stock valued at $1,070,622,000 after acquiring an additional 906,581 shares during the period. Finally, Epoch Investment Partners Inc. raised its holdings in Medtronic PLC by 1,024.0% in the 1st quarter. Epoch Investment Partners Inc. now owns 302,703 shares of the medical technology company’s stock valued at $24,386,000 after acquiring an additional 275,771 shares during the period. Institutional investors own 80.63% of the company’s stock.
In related news, EVP Bryan C. Hanson sold 12,000 shares of the company’s stock in a transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Omar Ishrak sold 140,407 shares of the 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 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 disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.
Medtronic PLC (NYSE MDT) opened at 77.77 on Monday. The stock’s 50 day moving average is $82.04 and its 200 day moving average is $83.67. The firm has a market capitalization of $105.35 billion, a P/E ratio of 26.18 and a beta of 1.01. Medtronic PLC has a one year low of $69.35 and a one year high of $89.72.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.04. The business had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The business’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.03 EPS. On average, equities research analysts predict that Medtronic PLC will post $4.77 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, September 29th will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Thursday, September 28th. Medtronic PLC’s dividend payout ratio (DPR) is currently 61.95%.
Several research firms have weighed in on MDT. SunTrust Banks, Inc. reiterated a “buy” rating and set a $96.00 price objective on shares of Medtronic PLC in a research report on Monday. BidaskClub raised shares of Medtronic PLC from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Jefferies Group LLC reissued a “buy” rating and issued a $96.00 target price on shares of Medtronic PLC in a research report on Thursday. Zacks Investment Research downgraded shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, UBS AG restated an “overweight” rating on shares of Medtronic PLC in a research note on Thursday, August 24th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $89.12.
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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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