Ridgewood Investments LLC Has $314,000 Stake in Medtronic PLC (MDT)
Ridgewood Investments LLC cut its stake in Medtronic PLC (NYSE:MDT) by 11.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,536 shares of the medical technology company’s stock after selling 438 shares during the period. Ridgewood Investments LLC’s holdings in Medtronic PLC were worth $314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently bought and sold shares of MDT. Waldron LP purchased a new stake in shares of Medtronic PLC in the first quarter valued at approximately $512,000. Jackson Grant Investment Advisers Inc. grew its position in shares of Medtronic PLC by 0.3% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 2,920 shares of the medical technology company’s stock valued at $235,000 after purchasing an additional 9 shares in the last quarter. Rhumbline Advisers grew its position in shares of Medtronic PLC by 5.5% in the first quarter. Rhumbline Advisers now owns 2,357,173 shares of the medical technology company’s stock valued at $189,894,000 after purchasing an additional 122,793 shares in the last quarter. First Trust Advisors LP grew its position in shares of Medtronic PLC by 19.3% in the first quarter. First Trust Advisors LP now owns 469,238 shares of the medical technology company’s stock valued at $37,802,000 after purchasing an additional 75,766 shares in the last quarter. Finally, Genesee Valley Trust Co. grew its position in shares of Medtronic PLC by 8.2% in the first quarter. Genesee Valley Trust Co. now owns 16,691 shares of the medical technology company’s stock valued at $1,344,000 after purchasing an additional 1,271 shares in the last quarter. Institutional investors and hedge funds own 80.63% of the company’s stock.
In related news, CEO Omar Ishrak sold 140,407 shares of Medtronic PLC 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 transaction, the chief executive officer now owns 668,503 shares in the company, valued at approximately $54,569,899.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Bryan C. Hanson sold 12,000 shares of Medtronic PLC 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. Insiders own 0.31% of the company’s stock.
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Medtronic PLC (MDT) opened at 79.51 on Friday. Medtronic PLC has a 1-year low of $69.35 and a 1-year high of $89.72. The firm’s 50-day moving average price is $80.25 and its 200-day moving average price is $83.34. The firm has a market capitalization of $107.70 billion, a PE ratio of 26.76 and a beta of 1.01.
Medtronic PLC (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share 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 analyst estimates 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 for the quarter was up 3.1% on a year-over-year basis. During the same quarter last year, the business earned $1.03 EPS. On average, equities research analysts predict that Medtronic PLC will post $4.77 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, September 29th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.84 annualized dividend and a dividend yield of 2.31%. Medtronic PLC’s payout ratio is 61.95%.
Medtronic PLC declared that its board has authorized a stock buyback plan on Friday, June 23rd that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the medical technology company to reacquire up to 49% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
MDT has been the subject of a number of analyst reports. Jefferies Group LLC restated a “buy” rating and issued a $103.00 price target on shares of Medtronic PLC in a research report on Thursday, August 3rd. Deutsche Bank AG set a $96.00 price target on Medtronic PLC and gave the company a “buy” rating in a research report on Monday, July 31st. BidaskClub lowered Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Oppenheimer Holdings, Inc. restated a “buy” rating on shares of Medtronic PLC in a research report on Tuesday, July 18th. Finally, Cowen and Company set a $95.00 price target on Medtronic PLC and gave the company a “buy” rating in a research report on Tuesday, August 22nd. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $88.98.
Medtronic PLC 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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