Stock Traders Purchase High Volume of Call Options on Medtronic PLC (MDT)
Medtronic PLC (NYSE:MDT) was the target of some unusual options trading activity on Tuesday. Stock traders bought 6,627 call options on the company. This represents an increase of approximately 351% compared to the typical volume of 1,471 call options.
A number of analysts recently commented on MDT shares. BidaskClub upgraded shares of Medtronic PLC from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Cowen and Company restated an “outperform” rating and issued a $95.00 price objective (up previously from $86.00) on shares of Medtronic PLC in a research report on Sunday, May 28th. Needham & Company LLC restated a “buy” rating and issued a $91.00 price objective on shares of Medtronic PLC in a research report on Monday, March 27th. CIBC reaffirmed a “buy” rating on shares of Medtronic PLC in a research note on Friday, May 26th. Finally, Goldman Sachs Group, Inc. (The) began coverage on shares of Medtronic PLC in a research note on Tuesday, May 16th. They issued a “neutral” rating and a $87.00 target price for the company. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $88.88.
In other news, Director Richard H. Anderson acquired 5,600 shares of the stock in a transaction that occurred on Wednesday, June 21st. The stock was acquired at an average price of $88.90 per share, for a total transaction of $497,840.00. Following the transaction, the director now directly owns 71,910 shares in the company, valued at $6,392,799. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. Independent Portfolio Consultants Inc. boosted its position in Medtronic PLC by 6.3% in the second quarter. Independent Portfolio Consultants Inc. now owns 11,416 shares of the medical technology company’s stock valued at $1,013,000 after buying an additional 681 shares during the period. Triangle Securities Wealth Management boosted its position in Medtronic PLC by 0.3% in the second quarter. Triangle Securities Wealth Management now owns 4,396 shares of the medical technology company’s stock valued at $390,000 after buying an additional 15 shares during the period. VNBTrust National Association purchased a new position in Medtronic PLC during the second quarter valued at $211,000. Toth Financial Advisory Corp boosted its position in Medtronic PLC by 9.9% in the second quarter. Toth Financial Advisory Corp now owns 49,064 shares of the medical technology company’s stock valued at $4,354,000 after buying an additional 4,403 shares during the period. Finally, M Holdings Securities Inc. boosted its position in Medtronic PLC by 6.2% in the first quarter. M Holdings Securities Inc. now owns 10,031 shares of the medical technology company’s stock valued at $808,000 after buying an additional 587 shares during the period. Institutional investors and hedge funds own 83.08% of the company’s stock.
Shares of Medtronic PLC (NYSE:MDT) opened at 87.26 on Friday. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72. The firm has a market capitalization of $118.59 billion, a P/E ratio of 30.19 and a beta of 1.04. The company has a 50-day moving average of $86.21 and a 200 day moving average of $80.30.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.02. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. The business had revenue of $7.92 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same period in the previous year, the company earned $1.27 earnings per share. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. Equities research analysts anticipate that Medtronic PLC will post $4.95 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 26th. Investors of record on Friday, July 7th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Wednesday, July 5th. This is a boost from Medtronic PLC’s previous quarterly dividend of $0.43. This represents a $1.84 annualized dividend and a yield of 2.11%. Medtronic PLC’s payout ratio is 59.52%.
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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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