Investors Buy Shares of Medtronic (MDT) on Weakness
Investors purchased shares of Medtronic PLC (NYSE:MDT) on weakness during trading on Tuesday. $109.80 million flowed into the stock on the tick-up and $67.84 million flowed out of the stock on the tick-down, for a money net flow of $41.96 million into the stock. Of all companies tracked, Medtronic had the 30th highest net in-flow for the day. Medtronic traded down ($0.85) for the day and closed at $95.56
MDT has been the subject of a number of recent analyst reports. TheStreet raised shares of Medtronic from a “c+” rating to a “b-” rating in a research note on Monday, May 21st. Oppenheimer reissued a “buy” rating and set a $104.00 target price on shares of Medtronic in a research note on Tuesday, August 21st. Needham & Company LLC boosted their target price on shares of Medtronic from $97.00 to $103.00 and gave the company a “buy” rating in a research note on Wednesday, June 6th. SunTrust Banks boosted their target price on shares of Medtronic to $96.00 and gave the company a “buy” rating in a research note on Monday, May 21st. Finally, Bank of America boosted their target price on shares of Medtronic from $98.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, August 22nd. Eight research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $100.61.
The company has a market capitalization of $130.32 billion, a price-to-earnings ratio of 20.19, a PEG ratio of 2.55 and a beta of 0.92. The company has a current ratio of 2.46, a quick ratio of 2.06 and a debt-to-equity ratio of 0.47.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 19th. Investors of record on Friday, September 28th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Thursday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 41.93%.
In other Medtronic news, EVP Michael J. Coyle sold 145,544 shares of the stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $95.50, for a total transaction of $13,899,452.00. Following the completion of the sale, the executive vice president now directly owns 190,680 shares of the company’s stock, valued at $18,209,940. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Bradley E. Lerman sold 8,910 shares of the stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $86.82, for a total transaction of $773,566.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 213,130 shares of company stock valued at $20,198,248. 0.31% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the business. Affiance Financial LLC lifted its position in shares of Medtronic by 18.6% during the second quarter. Affiance Financial LLC now owns 8,080 shares of the medical technology company’s stock valued at $692,000 after buying an additional 1,268 shares during the last quarter. AdvisorNet Financial Inc lifted its position in shares of Medtronic by 11.2% during the second quarter. AdvisorNet Financial Inc now owns 39,991 shares of the medical technology company’s stock valued at $3,424,000 after buying an additional 4,038 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its position in shares of Medtronic by 85.1% during the second quarter. Steward Partners Investment Advisory LLC now owns 35,946 shares of the medical technology company’s stock valued at $3,077,000 after buying an additional 16,530 shares during the last quarter. Pure Financial Advisors Inc. purchased a new stake in shares of Medtronic during the second quarter valued at about $308,000. Finally, Oarsman Capital Inc. lifted its position in shares of Medtronic by 4.9% during the second quarter. Oarsman Capital Inc. now owns 23,592 shares of the medical technology company’s stock valued at $2,020,000 after buying an additional 1,109 shares during the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.
About Medtronic (NYSE:MDT)
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
Further Reading: Book Value Per Share – BVPS
Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.