Medtronic PLC (NYSE:MDT) Position Reduced by Pendal Group Ltd
Pendal Group Ltd lessened its holdings in Medtronic PLC (NYSE:MDT) by 1.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,971,871 shares of the medical technology company’s stock after selling 46,150 shares during the quarter. Medtronic accounts for 5.2% of Pendal Group Ltd’s investment portfolio, making the stock its 3rd biggest position. Pendal Group Ltd owned 0.30% of Medtronic worth $374,449,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Charter Trust Co. grew its holdings in Medtronic by 25.9% in the 2nd quarter. Charter Trust Co. now owns 8,783 shares of the medical technology company’s stock worth $855,000 after acquiring an additional 1,807 shares during the last quarter. Blue Chip Partners Inc. boosted its stake in shares of Medtronic by 5.7% during the 2nd quarter. Blue Chip Partners Inc. now owns 98,702 shares of the medical technology company’s stock valued at $9,613,000 after purchasing an additional 5,316 shares in the last quarter. Capital Advisors Ltd. LLC boosted its stake in shares of Medtronic by 18.2% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 3,343 shares of the medical technology company’s stock valued at $326,000 after purchasing an additional 515 shares in the last quarter. CIBC Private Wealth Group LLC boosted its stake in shares of Medtronic by 3.9% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 2,597,011 shares of the medical technology company’s stock valued at $252,923,000 after purchasing an additional 96,542 shares in the last quarter. Finally, Cibc Bank USA boosted its stake in shares of Medtronic by 29.4% during the 2nd quarter. Cibc Bank USA now owns 3,837 shares of the medical technology company’s stock valued at $373,000 after purchasing an additional 871 shares in the last quarter. Institutional investors own 80.65% of the company’s stock.
Medtronic stock traded up $1.36 during trading hours on Tuesday, hitting $102.36. The stock had a trading volume of 2,424,109 shares, compared to its average volume of 4,229,762. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 2.15. The company has a market cap of $136.96 billion, a PE ratio of 19.61, a P/E/G ratio of 2.60 and a beta of 0.67. Medtronic PLC has a 12-month low of $81.66 and a 12-month high of $103.95. The stock has a 50-day simple moving average of $100.27.
The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Monday, July 8th were issued a $0.54 dividend. The ex-dividend date of this dividend was Friday, July 5th. This is a boost from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 annualized dividend and a yield of 2.11%. Medtronic’s payout ratio is 41.38%.
In related news, Director Richard H. Anderson acquired 10,900 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was purchased at an average cost of $92.40 per share, with a total value of $1,007,160.00. Following the completion of the acquisition, the director now directly owns 89,912 shares of the company’s stock, valued at $8,307,868.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Hoedt Rob Ten sold 9,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $91.88, for a total transaction of $826,920.00. Following the transaction, the executive vice president now directly owns 58,785 shares of the company’s stock, valued at $5,401,165.80. The disclosure for this sale can be found here. Insiders sold 95,701 shares of company stock valued at $9,318,744 over the last ninety days. Corporate insiders own 0.28% of the company’s stock.
MDT has been the topic of a number of research reports. ValuEngine lowered shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Barclays lifted their target price on shares of Medtronic from $104.00 to $110.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Zacks Investment Research raised shares of Medtronic from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. Oppenheimer set a $110.00 price target on shares of Medtronic and gave the company a “buy” rating in a research report on Monday, July 15th. Finally, UBS Group lifted their price target on shares of Medtronic to $112.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Seven equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Medtronic presently has an average rating of “Buy” and a consensus target price of $106.05.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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