Delta Asset Management LLC TN Lowers Position in Medtronic PLC (MDT)
Delta Asset Management LLC TN reduced its stake in shares of Medtronic PLC (NYSE:MDT) by 1.3% during the second quarter, Holdings Channel reports. The firm owned 3,663 shares of the medical technology company’s stock after selling 50 shares during the period. Delta Asset Management LLC TN’s holdings in Medtronic PLC were worth $325,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Howe & Rusling Inc. raised its position in Medtronic PLC by 59.9% in the first quarter. Howe & Rusling Inc. now owns 81,310 shares of the medical technology company’s stock valued at $6,550,000 after buying an additional 30,470 shares during the period. Pinnacle Bank acquired a new position in Medtronic PLC during the first quarter valued at approximately $258,000. Berkshire Asset Management LLC PA raised its position in Medtronic PLC by 9.8% in the first quarter. Berkshire Asset Management LLC PA now owns 87,184 shares of the medical technology company’s stock valued at $7,024,000 after buying an additional 7,764 shares during the period. CWM LLC raised its position in Medtronic PLC by 2.3% in the first quarter. CWM LLC now owns 79,795 shares of the medical technology company’s stock valued at $6,428,000 after buying an additional 1,818 shares during the period. Finally, Doyle Wealth Management acquired a new position in Medtronic PLC during the first quarter valued at approximately $1,230,000. 83.54% of the stock is owned by institutional investors and hedge funds.
Medtronic PLC (NYSE:MDT) traded up 0.195% during mid-day trading on Wednesday, hitting $84.755. 1,832,287 shares of the company were exchanged. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72. The stock has a market cap of $115.18 billion, a P/E ratio of 29.327 and a beta of 1.02. The company has a 50 day moving average of $85.91 and a 200 day moving average of $83.14.
Medtronic PLC (NYSE:MDT) last issued its earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.02. The company had revenue of $7.92 billion for the quarter, compared to analyst estimates of $7.86 billion. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.27 EPS. On average, equities research analysts expect that Medtronic PLC will post $4.81 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend was Wednesday, July 5th. This is a positive change from Medtronic PLC’s previous quarterly dividend of $0.43. Medtronic PLC’s dividend payout ratio (DPR) is 63.67%.
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Several research analysts have recently commented on the stock. William Blair reaffirmed an “outperform” rating on shares of Medtronic PLC in a report on Thursday, July 6th. BidaskClub raised shares of Medtronic PLC from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 17th. Wells Fargo & Company reaffirmed an “outperform” rating on shares of Medtronic PLC in a report on Wednesday, July 12th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating on shares of Medtronic PLC in a report on Tuesday, July 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price target (up from $91.00) on shares of Medtronic PLC in a report on Thursday, May 25th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have assigned a buy rating to the stock. Medtronic PLC has a consensus rating of “Hold” and a consensus target price of $89.84.
In other Medtronic PLC news, Director Richard H. Anderson bought 5,600 shares of Medtronic PLC stock in a transaction dated Wednesday, June 21st. The shares were bought at an average price of $88.90 per share, with a total value of $497,840.00. Following the purchase, the director now owns 71,910 shares of the company’s stock, valued at $6,392,799. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Bryan C. Hanson sold 12,000 shares of the firm’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.
Medtronic PLC 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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