Round Hill Asset Management lowered its stake in shares of Medtronic PLC (NYSE:MDT) by 2.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 64,941 shares of the medical technology company’s stock after selling 1,555 shares during the period. Medtronic accounts for about 3.7% of Round Hill Asset Management’s investment portfolio, making the stock its 8th biggest holding. Round Hill Asset Management’s holdings in Medtronic were worth $6,325,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Krane Funds Advisors LLC purchased a new stake in Medtronic during the second quarter worth $25,000. Redhawk Wealth Advisors Inc. purchased a new stake in Medtronic during the second quarter worth $34,000. Rocky Mountain Advisers LLC increased its position in shares of Medtronic by 100.0% during the second quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock worth $39,000 after purchasing an additional 200 shares in the last quarter. Mackey Komara & Dankovich LLC acquired a new position in shares of Medtronic during the first quarter worth $38,000. Finally, Motco increased its position in shares of Medtronic by 159.3% during the first quarter. Motco now owns 516 shares of the medical technology company’s stock worth $47,000 after purchasing an additional 317 shares in the last quarter. Institutional investors own 81.19% of the company’s stock.
A number of brokerages have recently issued reports on MDT. Cowen reaffirmed an “outperform” rating and set a $111.00 price target (up from $99.00) on shares of Medtronic in a research report on Wednesday, August 14th. Barclays upped their price target on Medtronic from $110.00 to $117.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Royal Bank of Canada set a $110.00 target price on Medtronic and gave the company a “buy” rating in a research report on Friday, August 16th. Stifel Nicolaus upped their target price on Medtronic from $95.00 to $112.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Finally, Oppenheimer increased their price target on Medtronic from $110.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 21st. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Medtronic has an average rating of “Buy” and an average price target of $114.15.
In related news, SVP Bradley E. Lerman sold 4,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $100.31, for a total value of $401,240.00. Following the transaction, the senior vice president now directly owns 52,906 shares of the company’s stock, valued at approximately $5,307,000.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Bradley E. Lerman sold 6,599 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $102.02, for a total transaction of $673,229.98. Following the completion of the transaction, the senior vice president now directly owns 105,960 shares in the company, valued at $10,810,039.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,037 shares of company stock worth $2,301,061. Corporate insiders own 0.28% of the company’s stock.
Shares of MDT stock traded up $1.75 during mid-day trading on Thursday, hitting $110.38. 5,202,964 shares of the stock were exchanged, compared to its average volume of 5,364,870. The firm has a fifty day moving average of $104.67 and a 200 day moving average of $95.67. The company has a quick ratio of 2.20, a current ratio of 2.67 and a debt-to-equity ratio of 0.49. Medtronic PLC has a 52-week low of $81.66 and a 52-week high of $111.24. The company has a market cap of $144.81 billion, a PE ratio of 21.15, a price-to-earnings-growth ratio of 2.65 and a beta of 0.65.
Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.08. Medtronic had a net margin of 14.41% and a return on equity of 14.36%. The business had revenue of $7.49 billion for the quarter, compared to analyst estimates of $7.40 billion. During the same period in the prior year, the company posted $1.17 EPS. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. Equities analysts predict that Medtronic PLC will post 5.56 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Thursday, September 26th. Medtronic’s payout ratio is currently 41.38%.
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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