Capital Guardian Trust Co. Trims Stake in Medtronic plc. (MDT)
Capital Guardian Trust Co. cut its position in Medtronic plc. (NYSE:MDT) by 90.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,589 shares of the medical technology company’s stock after selling 816,531 shares during the period. Capital Guardian Trust Co.’s holdings in Medtronic were worth $6,423,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of MDT. BDO Wealth Advisors LLC acquired a new stake in shares of Medtronic in the 2nd quarter valued at about $103,000. Motco boosted its stake 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 last quarter. Quadrant Capital Group LLC boosted its stake 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 last quarter. Blue Chip Partners Inc. acquired a new position in Medtronic during the 3rd quarter valued at about $118,000. Finally, Kistler Tiffany Companies LLC boosted its stake in Medtronic by 7.8% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 1,642 shares of the medical technology company’s stock valued at $146,000 after purchasing an additional 119 shares during the last quarter. Institutional investors own 81.72% of the company’s stock.
Shares of Medtronic plc. (MDT) opened at $85.88 on Wednesday. The company has a quick ratio of 2.05, a current ratio of 2.40 and a debt-to-equity ratio of 0.50. The company has a market cap of $115,740.00, a P/E ratio of 23.59, a P/E/G ratio of 2.35 and a beta of 0.99. Medtronic plc. has a 1-year low of $73.38 and a 1-year high of $89.72.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Investors of record on Friday, December 29th will be issued a $0.46 dividend. The ex-dividend date is Thursday, December 28th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.14%. Medtronic’s dividend payout ratio (DPR) is presently 50.55%.
In related news, EVP Hooman Hakami sold 26,158 shares of Medtronic stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $85.00, for a total value of $2,223,430.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Bryan C. Hanson sold 16,000 shares of Medtronic stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $82.82, for a total transaction of $1,325,120.00. Following the completion of the sale, the executive vice president now directly owns 88,818 shares in the company, valued at approximately $7,355,906.76. The disclosure for this sale can be found here. Insiders sold a total of 74,158 shares of company stock worth $6,061,350 in the last ninety days. 0.31% of the stock is currently owned by insiders.
A number of equities analysts have issued reports on the company. Evercore ISI assumed coverage on Medtronic in a research note on Wednesday, January 3rd. They set an “outperform” rating and a $92.50 price target for the company. Bank of America upgraded Medtronic from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 2nd. Oppenheimer reiterated a “buy” rating on shares of Medtronic in a research note on Thursday, December 21st. Argus upgraded Medtronic from a “hold” rating to a “buy” rating and lifted their price target for the company from $81.27 to $95.00 in a research note on Tuesday, December 12th. They noted that the move was a valuation call. Finally, BMO Capital Markets lifted their price target on Medtronic to $94.00 and gave the company an “outperform” rating in a research note on Tuesday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $89.65.
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Medtronic Company Profile
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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