Medtronic PLC (MDT) Shares Bought by South State Corp
South State Corp raised its stake in shares of Medtronic PLC (NYSE:MDT) by 2.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,433 shares of the medical technology company’s stock after purchasing an additional 350 shares during the period. South State Corp’s holdings in Medtronic PLC were worth $1,193,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the stock. SVA Plumb Wealth Management LLC increased its position in Medtronic PLC by 1.8% during the second quarter. SVA Plumb Wealth Management LLC now owns 49,430 shares of the medical technology company’s stock worth $4,387,000 after purchasing an additional 892 shares during the last quarter. Fiera Capital Corp increased its position in Medtronic PLC by 0.5% during the second quarter. Fiera Capital Corp now owns 6,832 shares of the medical technology company’s stock worth $606,000 after purchasing an additional 37 shares during the last quarter. Raymond James Trust N.A. increased its position in Medtronic PLC by 6.1% during the second quarter. Raymond James Trust N.A. now owns 32,373 shares of the medical technology company’s stock worth $2,873,000 after purchasing an additional 1,850 shares during the last quarter. Oarsman Capital Inc. increased its position in shares of Medtronic PLC by 0.9% in the second quarter. Oarsman Capital Inc. now owns 15,343 shares of the medical technology company’s stock worth $1,362,000 after acquiring an additional 130 shares in the last quarter. Finally, Summit Global Investments increased its position in shares of Medtronic PLC by 23.8% in the second quarter. Summit Global Investments now owns 7,985 shares of the medical technology company’s stock worth $709,000 after acquiring an additional 1,534 shares in the last quarter. 80.81% of the stock is owned by hedge funds and other institutional investors.
Medtronic PLC (NYSE:MDT) last issued its earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.04. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The company had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.44 billion. During the same quarter in the previous year, the company earned $1.03 EPS. The firm’s revenue for the quarter was up 3.1% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 20th. Stockholders of record on Friday, September 29th were paid a $0.46 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.84 annualized dividend and a dividend yield of 2.36%. Medtronic PLC’s dividend payout ratio is presently 61.95%.
In related news, CEO Omar Ishrak sold 140,407 shares of Medtronic PLC stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $81.63, for a total value of $11,461,423.41. Following the completion of the transaction, the chief executive officer now directly owns 668,503 shares of the company’s stock, valued at $54,569,899.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Bryan C. Hanson sold 16,000 shares of Medtronic PLC stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $78.03, for a total value of $1,248,480.00. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.
Several equities research analysts have recently issued reports on MDT shares. Deutsche Bank AG set a $96.00 price objective on shares of Medtronic PLC and gave the stock a “buy” rating in a research report on Monday, July 31st. BidaskClub lowered shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Saturday, August 26th. Royal Bank Of Canada decreased their target price 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. BMO Capital Markets restated an “outperform” rating and issued a $92.00 target price (down from $94.00) on shares of Medtronic PLC in a research note on Wednesday, August 23rd. Finally, Zacks Investment Research upgraded shares of Medtronic PLC from a “sell” rating to a “hold” rating in a research note on Wednesday, September 6th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $87.88.
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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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