Proficio Capital Partners LLC Has $154,000 Position in Medtronic PLC (MDT)
Proficio Capital Partners LLC increased its holdings in Medtronic PLC (NYSE:MDT) by 2.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,854 shares of the medical technology company’s stock after buying an additional 43 shares during the period. Proficio Capital Partners LLC’s holdings in Medtronic PLC were worth $154,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Parkside Financial Bank & Trust boosted its holdings in Medtronic PLC by 22.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock worth $102,000 after buying an additional 210 shares during the period. Israel Discount Bank of New York bought a new position in Medtronic PLC in the 1st quarter worth approximately $117,000. Birch Hill Investment Advisors LLC bought a new position in Medtronic PLC in the 1st quarter worth approximately $120,000. Farmers National Bank bought a new position in Medtronic PLC in the 1st quarter worth approximately $121,000. Finally, Norway Savings Bank lifted its stake in Medtronic PLC by 2.7% in the 2nd quarter. Norway Savings Bank now owns 1,427 shares of the medical technology company’s stock worth $127,000 after purchasing an additional 38 shares in the last quarter. 80.63% of the stock is owned by institutional investors.
Several analysts have issued reports on MDT shares. BidaskClub upgraded shares of Medtronic PLC from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. William Blair reiterated an “outperform” rating on shares of Medtronic PLC in a research note on Thursday, July 6th. Wells Fargo & Company reiterated an “outperform” rating on shares of Medtronic PLC in a research note on Wednesday, July 12th. Oppenheimer Holdings, Inc. reiterated a “buy” rating on shares of Medtronic PLC in a research note on Tuesday, July 18th. Finally, Deutsche Bank AG set a $96.00 target price on shares of Medtronic PLC and gave the stock a “buy” rating in a research note on Monday, July 31st. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $88.98.
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In related news, CEO Omar Ishrak sold 140,407 shares of the company’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the sale, the chief executive officer now owns 668,503 shares of the company’s stock, valued at $54,569,899.89. The transaction was disclosed in a legal filing with the SEC, which is available 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 transaction of $1,062,840.00. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.
Medtronic PLC (NYSE MDT) opened at 79.81 on Friday. The company has a 50-day moving average of $80.14 and a 200-day moving average of $83.32. Medtronic PLC has a 12 month low of $69.35 and a 12 month high of $89.72. The stock has a market cap of $108.11 billion, a PE ratio of 26.86 and a beta of 1.01.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.04. The company had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. Medtronic PLC’s revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.03 earnings per share. On average, equities analysts forecast that Medtronic PLC will post $4.77 EPS for the current fiscal year.
Medtronic PLC announced that its Board of Directors has authorized a stock buyback plan on Friday, June 23rd that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the medical technology company to buy up to 49% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, September 29th will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Thursday, September 28th. Medtronic PLC’s payout ratio is 61.95%.
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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