Investors Buy Shares of Medtronic PLC (MDT) on Weakness on Insider Selling
Traders bought shares of Medtronic PLC (NYSE:MDT) on weakness during trading on Wednesday after an insider sold shares in the company. $81.83 million flowed into the stock on the tick-up and $48.53 million flowed out of the stock on the tick-down, for a money net flow of $33.30 million into the stock. Of all equities tracked, Medtronic PLC had the 10th highest net in-flow for the day. Medtronic PLC traded down ($0.20) for the day and closed at $85.65Specifically, EVP Bryan C. Hanson sold 12,000 shares of Medtronic PLC stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $88.57, for a total value of $1,062,840.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard H. Anderson purchased 5,600 shares of the company’s stock in a transaction that occurred on Wednesday, June 21st. The stock was bought at an average price of $88.90 per share, with a total value of $497,840.00. Following the transaction, the director now owns 71,910 shares of the company’s stock, valued at approximately $6,392,799. The disclosure for this purchase can be found here. Insiders own 0.25% of the company’s stock.
Several research firms recently commented on MDT. Oppenheimer Holdings, Inc. reiterated a “buy” rating on shares of Medtronic PLC in a research report on Tuesday. Wells Fargo & Company reiterated an “outperform” rating on shares of Medtronic PLC in a research report on Wednesday, July 12th. William Blair reiterated an “outperform” rating on shares of Medtronic PLC in a research report on Thursday, July 6th. BidaskClub upgraded Medtronic PLC from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Finally, BMO Capital Markets lifted their price target on Medtronic PLC from $87.00 to $94.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 30th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $89.16.
The stock has a market cap of $116.40 billion, a price-to-earnings ratio of 29.64 and a beta of 1.04. The stock has a 50 day moving average of $87.51 and a 200-day moving average of $81.76.
Medtronic PLC (NYSE:MDT) last issued its earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.31 by $0.02. The business had revenue of $7.92 billion for the quarter, compared to the consensus estimate of $7.86 billion. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.27 earnings per share. On average, equities research analysts predict that Medtronic PLC will post $4.95 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th will be issued a $0.46 dividend. This is an increase from Medtronic PLC’s previous quarterly dividend of $0.43. The ex-dividend date is Wednesday, July 5th. This represents a $1.84 annualized dividend and a dividend yield of 2.15%. Medtronic PLC’s payout ratio is presently 63.67%.
Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Medtronic PLC by 4.5% in the first quarter. Vanguard Group Inc. now owns 102,321,656 shares of the medical technology company’s stock worth $8,243,034,000 after buying an additional 4,412,536 shares in the last quarter. BlackRock Inc. increased its stake in Medtronic PLC by 2,513.4% in the first quarter. BlackRock Inc. now owns 87,035,376 shares of the medical technology company’s stock worth $7,011,571,000 after buying an additional 83,705,052 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Medtronic PLC by 3.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 58,646,070 shares of the medical technology company’s stock worth $4,724,526,000 after buying an additional 1,729,715 shares in the last quarter. Lazard Asset Management LLC increased its stake in Medtronic PLC by 1,061.4% in the first quarter. Lazard Asset Management LLC now owns 13,678,772 shares of the medical technology company’s stock worth $1,101,960,000 after buying an additional 12,500,992 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Medtronic PLC by 7.3% in the first quarter. Geode Capital Management LLC now owns 13,308,812 shares of the medical technology company’s stock worth $1,070,622,000 after buying an additional 906,581 shares in the last quarter. 83.11% of the stock is currently owned by institutional investors and hedge funds.
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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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