Northstar Asset Management LLC Reduces Position in Medtronic PLC (MDT)
Northstar Asset Management LLC lowered its position in shares of Medtronic PLC (NYSE:MDT) by 1.0% during the second quarter, Holdings Channel reports. The fund owned 23,066 shares of the medical technology company’s stock after selling 225 shares during the period. Northstar Asset Management LLC’s holdings in Medtronic PLC were worth $2,047,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. BlackRock Inc. increased its position in Medtronic PLC by 2,513.4% in the first quarter. BlackRock Inc. now owns 87,035,376 shares of the medical technology company’s stock worth $7,011,571,000 after buying an additional 83,705,052 shares during the last quarter. Lazard Asset Management LLC increased its position in Medtronic PLC by 1,061.4% in the first quarter. Lazard Asset Management LLC now owns 13,678,772 shares of the medical technology company’s stock worth $1,101,960,000 after buying an additional 12,500,992 shares during the last quarter. Vanguard Group Inc. increased its position in Medtronic PLC by 4.5% in the first quarter. Vanguard Group Inc. now owns 102,321,656 shares of the medical technology company’s stock worth $8,243,034,000 after buying an additional 4,412,536 shares during the last quarter. Wells Fargo & Company MN increased its position in Medtronic PLC by 18.9% in the first quarter. Wells Fargo & Company MN now owns 11,932,572 shares of the medical technology company’s stock worth $961,288,000 after buying an additional 1,895,386 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in Medtronic PLC by 3.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 58,646,070 shares of the medical technology company’s stock worth $4,724,526,000 after buying an additional 1,729,715 shares during the last quarter. Institutional investors own 83.54% of the company’s stock.
Shares of Medtronic PLC (MDT) traded up 0.19% during trading on Wednesday, hitting $84.75. 1,832,187 shares of the stock traded hands. The company has a 50-day moving average of $85.91 and a 200-day moving average of $83.14. The firm has a market cap of $115.18 billion, a P/E ratio of 29.33 and a beta of 1.02. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72.
Medtronic PLC (NYSE:MDT) last announced its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.02. Medtronic PLC had a return on equity of 12.72% and a net margin of 13.56%. The business had revenue of $7.92 billion during the quarter, compared to the consensus estimate of $7.86 billion. During the same quarter in the prior year, the company posted $1.27 earnings per share. Medtronic PLC’s revenue was up 4.6% compared to the same quarter last year. On average, analysts forecast that Medtronic PLC will post $4.81 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Investors of record on Friday, July 7th were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Wednesday, July 5th. This represents a $1.84 annualized dividend and a yield of 2.18%. This is an increase from Medtronic PLC’s previous quarterly dividend of $0.43. Medtronic PLC’s dividend payout ratio is 63.67%.
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A number of research analysts have issued reports on MDT shares. Evercore ISI upped their target price on shares of Medtronic PLC from $88.00 to $88.50 and gave the company an “outperform” rating in a research report on Wednesday, April 19th. Royal Bank Of Canada restated a “buy” rating and set a $85.00 target price on shares of Medtronic PLC in a research report on Tuesday, April 18th. Goldman Sachs Group, Inc. (The) started coverage on shares of Medtronic PLC in a research report on Tuesday, May 16th. They issued a “neutral” rating and a $87.00 price target on the stock. Zacks Investment Research downgraded shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Tuesday, May 23rd. Finally, BMO Capital Markets increased their price target on shares of Medtronic PLC from $87.00 to $94.00 and gave the company an “outperform” rating in a research report on Tuesday, May 30th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the company’s stock. Medtronic PLC presently has an average rating of “Hold” and a consensus target price of $89.84.
In other Medtronic PLC news, Director Richard H. Anderson acquired 5,600 shares of Medtronic PLC stock in a transaction on Wednesday, June 21st. The stock was purchased at an average price of $88.90 per share, for a total transaction of $497,840.00. Following the purchase, the director now directly owns 71,910 shares of the company’s stock, valued at $6,392,799. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Bryan C. Hanson sold 12,000 shares of the company’s stock in a transaction on 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. Corporate 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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