SSI Investment Management Inc. Trims Stake in Medtronic PLC (MDT)
SSI Investment Management Inc. trimmed its holdings in Medtronic PLC (NYSE:MDT) by 1.1% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 4,038 shares of the medical technology company’s stock after selling 46 shares during the period. SSI Investment Management Inc.’s holdings in Medtronic PLC were worth $361,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Wesbanco Bank Inc. raised its holdings in shares of Medtronic PLC by 3.1% in the second quarter. Wesbanco Bank Inc. now owns 10,170 shares of the medical technology company’s stock valued at $903,000 after buying an additional 308 shares during the last quarter. Dupont Capital Management Corp increased its stake in shares of Medtronic PLC by 28.8% during the second quarter. Dupont Capital Management Corp now owns 74,052 shares of the medical technology company’s stock worth $6,572,000 after acquiring an additional 16,562 shares during the period. Captrust Financial Advisors acquired a new position in shares of Medtronic PLC during the second quarter worth about $384,000. Chilton Investment Co. LLC increased its stake in shares of Medtronic PLC by 6.1% during the second quarter. Chilton Investment Co. LLC now owns 26,842 shares of the medical technology company’s stock worth $2,382,000 after acquiring an additional 1,538 shares during the period. Finally, RMB Capital Management LLC acquired a new position in shares of Medtronic PLC during the first quarter worth about $4,576,000. 80.91% of the stock is owned by institutional investors and hedge funds.
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In related news, EVP Bryan C. Hanson sold 16,000 shares of the firm’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $78.03, for a total transaction of $1,248,480.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Omar Ishrak sold 140,407 shares of the firm’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 directly owns 668,503 shares of the company’s stock, valued at $54,569,899.89. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.
MDT has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Wells Fargo & Company lowered shares of Medtronic PLC from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $93.00 to $83.00 in a research report on Monday, October 9th. Stifel Nicolaus lowered their target price on shares of Medtronic PLC from $91.00 to $83.00 and set a “hold” rating on the stock in a research report on Monday, October 9th. Leerink Swann restated a “market perform” rating and set a $85.00 target price (down from $88.00) on shares of Medtronic PLC in a research report on Monday, October 9th. Finally, BMO Capital Markets restated an “outperform” rating and set a $92.00 target price (down from $94.00) on shares of Medtronic PLC in a research report on Wednesday, August 23rd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the stock. Medtronic PLC presently has a consensus rating of “Hold” and a consensus price target of $87.88.
Medtronic PLC (NYSE:MDT) opened at $77.69 on Tuesday. Medtronic PLC has a one year low of $69.35 and a one year high of $89.72. The company has a quick ratio of 1.40, a current ratio of 1.64 and a debt-to-equity ratio of 0.51. The company has a market cap of $106,240.57, a price-to-earnings ratio of 16.72, a PEG ratio of 2.17 and a beta of 1.00.
Medtronic PLC (NYSE:MDT) last released 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 business had revenue of $7.39 billion during 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%. The business’s revenue was up 3.1% on a year-over-year basis. During the same period last year, the business earned $1.03 EPS. sell-side analysts forecast that Medtronic PLC will post 4.64 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 20th. Investors of record on Friday, September 29th were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend was Thursday, September 28th. Medtronic PLC’s payout ratio is 61.95%.
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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