Valeo Financial Advisors LLC Buys 3,299 Shares of Medtronic PLC (NYSE:MDT)
Valeo Financial Advisors LLC increased its stake in shares of Medtronic PLC (NYSE:MDT) by 38.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 11,852 shares of the medical technology company’s stock after purchasing an additional 3,299 shares during the period. Valeo Financial Advisors LLC’s holdings in Medtronic were worth $1,345,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the stock. Barrow Hanley Mewhinney & Strauss LLC boosted its position in Medtronic by 9.4% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,499,865 shares of the medical technology company’s stock worth $1,412,142,000 after purchasing an additional 1,251,830 shares during the period. Boston Partners raised its position in shares of Medtronic by 14.9% in the second quarter. Boston Partners now owns 9,655,784 shares of the medical technology company’s stock valued at $940,555,000 after purchasing an additional 1,250,545 shares during the period. Eagle Asset Management Inc. raised its position in shares of Medtronic by 155.9% in the third quarter. Eagle Asset Management Inc. now owns 1,190,323 shares of the medical technology company’s stock valued at $129,292,000 after purchasing an additional 725,146 shares during the period. PGGM Investments raised its position in shares of Medtronic by 114.0% in the fourth quarter. PGGM Investments now owns 1,149,769 shares of the medical technology company’s stock valued at $130,441,000 after purchasing an additional 612,507 shares during the period. Finally, California Public Employees Retirement System lifted its stake in shares of Medtronic by 11.9% in the third quarter. California Public Employees Retirement System now owns 5,125,054 shares of the medical technology company’s stock worth $556,683,000 after buying an additional 545,367 shares during the last quarter. 80.61% of the stock is currently owned by institutional investors and hedge funds.
MDT has been the subject of several recent analyst reports. Piper Jaffray Companies upped their price objective on shares of Medtronic to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. UBS Group boosted their target price on Medtronic from $127.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Argus boosted their target price on Medtronic to $135.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Deutsche Bank began coverage on Medtronic in a research report on Friday, January 3rd. They set a “buy” rating and a $99.00 price target on the stock. Finally, SunTrust Banks assumed coverage on Medtronic in a report on Tuesday, January 7th. They set a “buy” rating and a $130.00 price target for the company. Six research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Medtronic has a consensus rating of “Buy” and an average target price of $120.59.
Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.03. The firm had revenue of $7.71 billion for the quarter, compared to analyst estimates of $7.66 billion. Medtronic had a return on equity of 14.52% and a net margin of 15.11%. The company’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.22 earnings per share. As a group, equities analysts forecast that Medtronic PLC will post 5.6 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Friday, December 27th were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend was Thursday, December 26th. Medtronic’s payout ratio is presently 41.38%.
In other news, Director Richard H. Anderson acquired 5,000 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $111.13 per share, for a total transaction of $555,650.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Michael J. Coyle sold 2,102 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $109.77, for a total value of $230,736.54. Following the sale, the executive vice president now directly owns 189,162 shares in the company, valued at approximately $20,764,312.74. The disclosure for this sale can be found here. Over the last quarter, insiders sold 106,433 shares of company stock worth $11,704,539. Company insiders own 0.28% of the company’s stock.
Medtronic Company Profile
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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