Fred Alger Management Inc. Raises Holdings in Medtronic PLC (MDT)
Fred Alger Management Inc. raised its position in Medtronic PLC (NYSE:MDT) by 48.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,626,100 shares of the medical technology company’s stock after acquiring an additional 532,863 shares during the period. Fred Alger Management Inc. owned approximately 0.12% of Medtronic PLC worth $144,316,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in MDT. Parkside Financial Bank & Trust lifted its stake in shares of Medtronic PLC by 22.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock worth $102,000 after acquiring an additional 210 shares during the period. BDO Wealth Advisors LLC acquired a new stake in shares of Medtronic PLC in the 2nd quarter worth $103,000. Motco lifted its stake in shares of Medtronic PLC by 8.7% in the 2nd quarter. Motco now owns 1,239 shares of the medical technology company’s stock worth $110,000 after acquiring an additional 99 shares during the period. Israel Discount Bank of New York acquired a new stake in shares of Medtronic PLC in the 1st quarter worth $117,000. Finally, Birch Hill Investment Advisors LLC acquired a new stake in shares of Medtronic PLC in the 1st quarter worth $120,000. Institutional investors own 81.37% of the company’s stock.
Several brokerages recently commented on MDT. Needham & Company LLC reiterated a “buy” rating and issued a $94.00 price objective on shares of Medtronic PLC in a research note on Thursday, November 9th. BidaskClub cut shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Saturday, August 26th. Zacks Investment Research cut shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Royal Bank Of Canada reduced their price objective on shares of Medtronic PLC from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Monday, October 9th. Finally, SunTrust Banks, Inc. reiterated a “buy” rating and issued a $96.00 price objective on shares of Medtronic PLC in a research note on Friday, November 3rd. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $87.88.
Shares of Medtronic PLC (MDT) opened at $79.49 on Friday. The company has a market cap of $107,676.43, a PE ratio of 16.95, a PEG ratio of 2.17 and a beta of 1.00. Medtronic PLC has a twelve month low of $69.35 and a twelve month high of $89.72. The company has a current ratio of 1.64, a quick ratio of 1.40 and a debt-to-equity ratio of 0.51.
Medtronic PLC (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The business had revenue of $7.39 billion during the quarter, compared to the consensus estimate of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.03 earnings per share. research analysts predict that Medtronic PLC will post 4.7 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 20th. Stockholders of record on Friday, September 29th were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.31%. Medtronic PLC’s dividend payout ratio (DPR) is presently 61.95%.
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In related news, CEO Omar Ishrak sold 140,407 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 668,503 shares in the company, valued at $54,569,899.89. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Bryan C. Hanson sold 16,000 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $79.02, for a total transaction of $1,264,320.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 172,407 shares of company stock valued at $13,974,223. 0.31% of the stock is owned by insiders.
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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