Medtronic PLC (MDT) Stake Decreased by RiverPoint Capital Management LLC
RiverPoint Capital Management LLC cut its stake in Medtronic PLC (NYSE:MDT) by 71.8% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 56,036 shares of the medical technology company’s stock after selling 142,562 shares during the period. RiverPoint Capital Management LLC’s holdings in Medtronic PLC were worth $4,514,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. Intermede Investment Partners Ltd boosted its position in shares of Medtronic PLC by 27.3% in the first quarter. Intermede Investment Partners Ltd now owns 618,574 shares of the medical technology company’s stock valued at $49,832,000 after buying an additional 132,837 shares in the last quarter. Rehmann Capital Advisory Group boosted its position in shares of Medtronic PLC by 19.7% in the first quarter. Rehmann Capital Advisory Group now owns 7,567 shares of the medical technology company’s stock valued at $610,000 after buying an additional 1,244 shares in the last quarter. First Manhattan Co. boosted its position in shares of Medtronic PLC by 36.6% in the first quarter. First Manhattan Co. now owns 488,888 shares of the medical technology company’s stock valued at $42,239,000 after buying an additional 130,977 shares in the last quarter. BTIM Corp. boosted its position in shares of Medtronic PLC by 0.9% in the first quarter. BTIM Corp. now owns 493,837 shares of the medical technology company’s stock valued at $39,784,000 after buying an additional 4,476 shares in the last quarter. Finally, Crestwood Advisors Group LLC boosted its position in shares of Medtronic PLC by 6.1% in the first quarter. Crestwood Advisors Group LLC now owns 243,407 shares of the medical technology company’s stock valued at $19,609,000 after buying an additional 13,943 shares in the last quarter. 80.49% of the stock is owned by institutional investors.
Medtronic PLC (MDT) traded down 0.58% during midday trading on Friday, hitting $80.15. The stock had a trading volume of 1,398,608 shares. The firm has a market cap of $109.16 billion, a P/E ratio of 26.98 and a beta of 1.02. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72. The stock has a 50-day moving average of $83.64 and a 200-day moving average of $83.50.
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, beating analysts’ consensus estimates of $1.08 by $0.04. The company had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.44 billion. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. 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 company posted $1.03 earnings per share. Analysts forecast that Medtronic PLC will post $4.76 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, September 29th will be issued a $0.46 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.28%. Medtronic PLC’s dividend payout ratio (DPR) is 61.95%.
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Several research analysts recently weighed in on MDT shares. CIBC reaffirmed a “buy” rating on shares of Medtronic PLC in a research note on Friday, May 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 target price (up previously from $91.00) on shares of Medtronic PLC in a research note on Thursday, May 25th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and set a $93.00 target price (up previously from $87.00) on shares of Medtronic PLC in a research note on Thursday, May 25th. UBS AG reaffirmed a “buy” rating and set a $95.00 target price (up previously from $94.00) on shares of Medtronic PLC in a research note on Tuesday, May 30th. Finally, BidaskClub cut Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have issued a buy rating to the company. Medtronic PLC currently has a consensus rating of “Hold” and an average target price of $88.78.
In other news, Director Richard H. Anderson purchased 5,600 shares of the business’s stock in a transaction dated Wednesday, June 21st. The shares were bought at an average cost of $88.90 per share, for a total transaction of $497,840.00. Following the completion of the acquisition, the director now directly owns 71,910 shares in the company, valued at approximately $6,392,799. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Bryan C. Hanson sold 12,000 shares of the business’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $88.57, for a total value of $1,062,840.00. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.
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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