Medtronic PLC (MDT) Stake Raised by Sanders Capital LLC
Sanders Capital LLC increased its stake in Medtronic PLC (NYSE:MDT) by 1.3% during the first quarter, Holdings Channel reports. The institutional investor owned 4,643,801 shares of the medical technology company’s stock after buying an additional 59,300 shares during the period. Medtronic PLC accounts for 2.5% of Sanders Capital LLC’s holdings, making the stock its 19th largest position. Sanders Capital LLC’s holdings in Medtronic PLC were worth $384,474,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Israel Discount Bank of New York bought a new position in shares of Medtronic PLC during the first quarter valued at $117,000. Birch Hill Investment Advisors LLC bought a new position in shares of Medtronic PLC during the first quarter valued at $120,000. Farmers National Bank bought a new position in shares of Medtronic PLC during the first quarter valued at $121,000. Harbour Capital Advisors LLC bought a new position in shares of Medtronic PLC during the first quarter valued at $154,000. Finally, Baystate Wealth Management LLC raised its position in shares of Medtronic PLC by 40.9% in the first quarter. Baystate Wealth Management LLC now owns 1,959 shares of the medical technology company’s stock valued at $157,000 after buying an additional 569 shares in the last quarter. 83.54% of the stock is owned by institutional investors.
Medtronic PLC (NYSE:MDT) traded up 0.24% during mid-day trading on Tuesday, hitting $84.67. 423,797 shares of the company’s stock were exchanged. The stock has a market capitalization of $115.07 billion, a P/E ratio of 29.30 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 firm has a 50 day moving average of $86.04 and a 200 day moving average of $83.07.
Medtronic PLC (NYSE:MDT) last posted its earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.02. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. The business had revenue of $7.92 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same quarter in the prior year, the firm earned $1.27 EPS. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. Equities analysts forecast that Medtronic PLC will post $4.81 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were issued a $0.46 dividend. This is a positive change from Medtronic PLC’s previous quarterly dividend of $0.43. The ex-dividend date was Wednesday, July 5th. This represents a $1.84 annualized dividend and a dividend yield of 2.18%. Medtronic PLC’s dividend payout ratio is presently 63.67%.
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Several brokerages have weighed in on MDT. Morgan Stanley raised their price objective on shares of Medtronic PLC from $84.00 to $86.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 30th. Stifel Nicolaus reissued a “hold” rating and set a $91.00 price objective (up from $84.00) on shares of Medtronic PLC in a report on Sunday, May 28th. William Blair reissued an “outperform” rating on shares of Medtronic PLC in a report on Thursday, July 6th. Evercore ISI reissued an “outperform” rating and set a $91.00 price objective (up from $88.50) on shares of Medtronic PLC in a report on Sunday, May 28th. Finally, Needham & Company LLC reissued a “buy” rating and set a $95.00 price objective (up from $91.00) on shares of Medtronic PLC in a report on Thursday, May 25th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $89.84.
In other news, EVP Bryan C. Hanson sold 12,000 shares of the company’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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard H. Anderson bought 5,600 shares of the stock in a transaction dated Wednesday, June 21st. The stock was purchased at an average cost of $88.90 per share, for a total transaction of $497,840.00. Following the acquisition, the director now owns 71,910 shares in the company, valued at approximately $6,392,799. The disclosure for this purchase can be found here. 0.25% of the stock is currently owned by corporate insiders.
About Medtronic PLC
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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