Front Barnett Associates LLC raised its position in shares of Medtronic PLC (NYSE:MDT) by 2.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 111,853 shares of the medical technology company’s stock after purchasing an additional 3,114 shares during the quarter. Medtronic accounts for approximately 2.0% of Front Barnett Associates LLC’s holdings, making the stock its 17th biggest position. Front Barnett Associates LLC’s holdings in Medtronic were worth $12,149,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Private Ocean LLC grew its stake in shares of Medtronic by 188.5% during the 3rd quarter. Private Ocean LLC now owns 225 shares of the medical technology company’s stock valued at $25,000 after purchasing an additional 147 shares during the period. Krane Funds Advisors LLC bought a new stake in shares of Medtronic during the 2nd quarter valued at about $25,000. River & Mercantile Asset Management LLP bought a new stake in shares of Medtronic during the 2nd quarter valued at about $26,000. Lenox Wealth Advisors LLC grew its stake in shares of Medtronic by 393.3% during the 3rd quarter. Lenox Wealth Advisors LLC now owns 296 shares of the medical technology company’s stock valued at $32,000 after acquiring an additional 236 shares during the period. Finally, Redhawk Wealth Advisors Inc. bought a new position in shares of Medtronic during the 2nd quarter valued at approximately $34,000. Institutional investors and hedge funds own 81.18% of the company’s stock.
In other Medtronic news, EVP Hooman Hakami sold 82,877 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $107.31, for a total value of $8,893,530.87. Following the completion of the transaction, the executive vice president now directly owns 30,761 shares in the company, valued at approximately $3,300,962.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert John White sold 52,165 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $109.33, for a total value of $5,703,199.45. The disclosure for this sale can be found here. Insiders sold a total of 156,467 shares of company stock valued at $16,900,132 over the last 90 days. 0.28% of the stock is currently owned by corporate insiders.
MDT stock traded up $0.23 during midday trading on Friday, hitting $107.03. The company’s stock had a trading volume of 2,312,080 shares, compared to its average volume of 5,086,191. Medtronic PLC has a 12 month low of $81.66 and a 12 month high of $112.05. The company has a quick ratio of 2.20, a current ratio of 2.67 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $141.59 billion, a price-to-earnings ratio of 20.50, a price-to-earnings-growth ratio of 2.59 and a beta of 0.62. The company has a 50 day moving average of $107.65 and a two-hundred day moving average of $100.69.
Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.08. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The business had revenue of $7.49 billion during the quarter, compared to the consensus estimate of $7.40 billion. During the same period in the prior year, the company posted $1.17 EPS. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. On average, analysts anticipate that Medtronic PLC will post 5.56 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Friday, September 27th were paid a $0.54 dividend. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $2.16 annualized dividend and a yield of 2.02%. Medtronic’s payout ratio is 41.38%.
A number of brokerages recently issued reports on MDT. UBS Group boosted their price objective on Medtronic from $112.00 to $122.00 and gave the company a “buy” rating in a research note on Wednesday, August 21st. BTIG Research boosted their price objective on Medtronic to $120.00 and gave the company a “buy” rating in a research note on Wednesday, August 21st. Bank of America set a $118.00 price objective on Medtronic and gave the company a “buy” rating in a research note on Wednesday, August 21st. Raymond James boosted their price objective on Medtronic from $105.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Finally, BMO Capital Markets boosted their price objective on Medtronic from $107.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $114.33.
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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