Logan Capital Management Inc. lowered its stake in Medtronic PLC (NYSE:MDT) by 30.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,493 shares of the medical technology company’s stock after selling 1,074 shares during the period. Logan Capital Management Inc.’s holdings in Medtronic PLC were worth $201,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in MDT. Smith Salley & Associates raised its position in shares of Medtronic PLC by 2.5% in the first quarter. Smith Salley & Associates now owns 5,853 shares of the medical technology company’s stock valued at $472,000 after buying an additional 141 shares in the last quarter. Atria Investments LLC raised its position in shares of Medtronic PLC by 39.0% in the first quarter. Atria Investments LLC now owns 9,233 shares of the medical technology company’s stock valued at $744,000 after buying an additional 2,591 shares in the last quarter. Intrust Bank NA raised its position in shares of Medtronic PLC by 2.6% in the first quarter. Intrust Bank NA now owns 10,688 shares of the medical technology company’s stock valued at $861,000 after buying an additional 272 shares in the last quarter. High Pointe Capital Management LLC bought a new position in shares of Medtronic PLC during the first quarter valued at $854,000. Finally, Shine Investment Advisory Services Inc. bought a new position in shares of Medtronic PLC during the first quarter valued at $244,000. 83.36% of the stock is owned by institutional investors.
Medtronic PLC (NYSE MDT) traded up 0.81% during mid-day trading on Friday, hitting $83.71. 4,302,167 shares of the company were exchanged. The stock has a market cap of $113.76 billion, a P/E ratio of 28.97 and a beta of 1.02. The company has a 50 day moving average of $86.18 and a 200 day moving average of $82.87. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72.
Medtronic PLC (NYSE:MDT) last released its earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.02. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. The company had revenue of $7.92 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the prior year, the company posted $1.27 EPS. The company’s revenue was up 4.6% compared to the same quarter last year. On average, equities research analysts expect that Medtronic PLC will post $4.81 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were given a dividend of $0.46 per share. The ex-dividend date of this dividend was Wednesday, July 5th. This is an increase from Medtronic PLC’s previous quarterly dividend of $0.43. This represents a $1.84 dividend on an annualized basis and a yield of 2.20%. Medtronic PLC’s dividend payout ratio is presently 63.67%.
MDT has been the subject of several recent analyst reports. Deutsche Bank AG set a $96.00 price objective on shares of Medtronic PLC and gave the stock a “buy” rating in a report on Monday, July 31st. Morgan Stanley raised their price objective on shares of Medtronic PLC from $84.00 to $86.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 30th. Evercore ISI raised their price objective on shares of Medtronic PLC from $88.00 to $88.50 and gave the stock an “outperform” rating in a report on Wednesday, April 19th. BidaskClub lowered shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Finally, Needham & Company LLC reissued a “buy” rating and set a $95.00 price objective (up from $91.00) on shares of Medtronic PLC in a report on Thursday, May 25th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the stock. Medtronic PLC presently has an average rating of “Hold” and a consensus target price of $89.84.
In other Medtronic PLC news, EVP Bryan C. Hanson sold 12,000 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Richard H. Anderson bought 5,600 shares of the business’s stock in a transaction on Wednesday, June 21st. The shares were acquired at an average price of $88.90 per share, for a total transaction of $497,840.00. Following the completion of the transaction, the director now owns 71,910 shares in the company, valued at approximately $6,392,799. The disclosure for this purchase 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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