Medtronic plc. (MDT) Stake Lifted by Trust Co
Trust Co raised its position in Medtronic plc. (NYSE:MDT) by 4.2% during the third quarter, HoldingsChannel.com reports. The firm owned 32,575 shares of the medical technology company’s stock after purchasing an additional 1,301 shares during the period. Trust Co’s holdings in Medtronic were worth $2,533,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of MDT. Bogart Wealth LLC lifted its position in shares of Medtronic by 692.1% during the 4th quarter. Bogart Wealth LLC now owns 4,602 shares of the medical technology company’s stock valued at $372,000 after acquiring an additional 4,021 shares during the period. Triangle Securities Wealth Management lifted its position in shares of Medtronic by 14.8% during the 4th quarter. Triangle Securities Wealth Management now owns 7,353 shares of the medical technology company’s stock valued at $594,000 after acquiring an additional 946 shares during the period. Union Bankshares Corp lifted its position in shares of Medtronic by 348.6% during the 4th quarter. Union Bankshares Corp now owns 28,440 shares of the medical technology company’s stock valued at $2,297,000 after acquiring an additional 22,100 shares during the period. Progressive Investment Management Corp lifted its position in shares of Medtronic by 2.3% during the 4th quarter. Progressive Investment Management Corp now owns 31,416 shares of the medical technology company’s stock valued at $2,537,000 after acquiring an additional 705 shares during the period. Finally, Confluence Investment Management LLC lifted its position in shares of Medtronic by 1.7% during the 4th quarter. Confluence Investment Management LLC now owns 200,406 shares of the medical technology company’s stock valued at $16,183,000 after acquiring an additional 3,347 shares during the period. Hedge funds and other institutional investors own 81.75% of the company’s stock.
A number of analysts have commented on the stock. Needham & Company LLC restated a “buy” rating and set a $94.00 price target on shares of Medtronic in a research note on Thursday, November 9th. SunTrust Banks set a $92.00 price target on shares of Medtronic and gave the company a “buy” rating in a research note on Sunday, November 19th. Royal Bank of Canada decreased their price target on shares of Medtronic from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Monday, October 9th. Evercore ISI assumed coverage on shares of Medtronic in a research note on Wednesday, January 3rd. They set an “outperform” rating and a $92.50 price target for the company. Finally, BMO Capital Markets restated an “outperform” rating and set a $89.00 price target (down previously from $92.00) on shares of Medtronic in a research note on Tuesday, October 10th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have given a buy rating to the company. Medtronic currently has an average rating of “Buy” and an average price target of $89.65.
Shares of Medtronic plc. (MDT) opened at $85.45 on Tuesday. Medtronic plc. has a one year low of $73.59 and a one year high of $89.72. The company has a quick ratio of 2.05, a current ratio of 2.40 and a debt-to-equity ratio of 0.50. The stock has a market cap of $115,656.39, a price-to-earnings ratio of 23.41, a PEG ratio of 2.35 and a beta of 1.00.
Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.08. Medtronic had a net margin of 16.93% and a return on equity of 12.63%. The firm had revenue of $7.05 billion during the quarter, compared to analyst estimates of $7.05 billion. During the same quarter in the prior year, the business posted $1.12 EPS. The business’s revenue was down 4.0% compared to the same quarter last year. research analysts expect that Medtronic plc. will post 4.77 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, December 29th will be paid a $0.46 dividend. The ex-dividend date is Thursday, December 28th. This represents a $1.84 annualized dividend and a dividend yield of 2.15%. Medtronic’s payout ratio is 50.41%.
In related news, EVP Bryan C. Hanson sold 16,000 shares of the stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $82.82, for a total transaction of $1,325,120.00. Following the completion of the transaction, the executive vice president now owns 88,818 shares in the company, valued at $7,355,906.76. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Richard Kuntz sold 78,526 shares of the stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $86.21, for a total transaction of $6,769,726.46. Following the transaction, the vice president now owns 149,761 shares of the company’s stock, valued at approximately $12,910,895.81. The disclosure for this sale can be found here. In the last quarter, insiders sold 136,684 shares of company stock valued at $11,582,596. Company insiders own 0.31% of the company’s stock.
Medtronic 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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