Rockbridge Investment Management LCC purchased a new stake in Medtronic PLC (NYSE:MDT) in the 2nd quarter, Holdings Channel reports. The firm purchased 690 shares of the medical technology company’s stock, valued at approximately $63,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Evolution Wealth Advisors LLC grew its holdings in Medtronic by 403.7% in the 2nd quarter. Evolution Wealth Advisors LLC now owns 272 shares of the medical technology company’s stock valued at $25,000 after buying an additional 218 shares during the period. Price Wealth LLC increased its position in Medtronic by 73.2% during the 2nd quarter. Price Wealth LLC now owns 291 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 123 shares in the last quarter. JFS Wealth Advisors LLC increased its position in Medtronic by 64.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 311 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 122 shares in the last quarter. Balentine LLC purchased a new position in Medtronic in the first quarter valued at approximately $33,000. Finally, Hoey Investments Inc. acquired a new position in Medtronic during the second quarter valued at approximately $46,000. Institutional investors own 79.90% of the company’s stock.
In other Medtronic news, EVP Hoedt Rob Ten sold 9,563 shares of the stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $105.05, for a total transaction of $1,004,593.15. Following the sale, the executive vice president now directly owns 53,060 shares of the company’s stock, valued at $5,573,953. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.52% of the company’s stock.
MDT traded up $0.49 during trading on Wednesday, hitting $108.06. The company had a trading volume of 107,930 shares, compared to its average volume of 6,024,534. The company has a market cap of $144.60 billion, a PE ratio of 33.14, a P/E/G ratio of 3.41 and a beta of 0.68. The business has a 50-day moving average of $101.92 and a 200-day moving average of $96.42. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.87 and a quick ratio of 1.53. Medtronic PLC has a 1-year low of $72.13 and a 1-year high of $122.15.
Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 25th. The medical technology company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.41. The firm had revenue of $6.51 billion for the quarter, compared to analysts’ expectations of $5.48 billion. Medtronic had a net margin of 15.80% and a return on equity of 10.47%. The firm’s quarterly revenue was down 13.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.26 earnings per share. Research analysts forecast that Medtronic PLC will post 3.96 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, September 25th will be issued a $0.58 dividend. The ex-dividend date is Thursday, September 24th. This represents a $2.32 annualized dividend and a yield of 2.15%. Medtronic’s dividend payout ratio is presently 50.54%.
A number of equities analysts have recently commented on MDT shares. Raymond James raised their target price on shares of Medtronic from $107.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday, August 26th. UBS Group reduced their price objective on Medtronic from $130.00 to $118.00 and set a “buy” rating on the stock in a research note on Friday, May 22nd. Credit Suisse Group increased their target price on Medtronic from $117.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, August 26th. BTIG Research boosted their price target on Medtronic from $102.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, August 26th. Finally, Citigroup upped their price target on Medtronic from $108.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, August 26th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. Medtronic has a consensus rating of “Buy” and an average target price of $115.75.
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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