Montag A & Associates Inc. grew its stake in Medtronic PLC (NYSE:MDT) by 17.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,004 shares of the medical technology company’s stock after acquiring an additional 5,192 shares during the period. Montag A & Associates Inc.’s holdings in Medtronic were worth $3,802,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the business. Aviance Capital Partners LLC boosted its stake in shares of Medtronic by 5.1% during the second quarter. Aviance Capital Partners LLC now owns 5,098 shares of the medical technology company’s stock valued at $496,000 after purchasing an additional 247 shares in the last quarter. LaFleur & Godfrey LLC boosted its stake in shares of Medtronic by 10.5% during the second quarter. LaFleur & Godfrey LLC now owns 6,341 shares of the medical technology company’s stock valued at $618,000 after purchasing an additional 600 shares in the last quarter. Hayden Royal LLC bought a new position in shares of Medtronic during the second quarter valued at approximately $275,000. Cim LLC boosted its stake in shares of Medtronic by 12.9% during the second quarter. Cim LLC now owns 4,189 shares of the medical technology company’s stock valued at $408,000 after purchasing an additional 480 shares in the last quarter. Finally, Concentric Wealth Management LLC boosted its stake in shares of Medtronic by 3.1% during the second quarter. Concentric Wealth Management LLC now owns 19,536 shares of the medical technology company’s stock valued at $1,903,000 after purchasing an additional 595 shares in the last quarter. Institutional investors and hedge funds own 81.18% of the company’s stock.
A number of equities analysts have recently issued reports on MDT shares. ValuEngine downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Stifel Nicolaus increased their price objective on shares of Medtronic from $95.00 to $112.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Raymond James increased their price objective on shares of Medtronic from $105.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Oppenheimer increased their price objective on shares of Medtronic from $110.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Finally, BTIG Research increased their price objective on shares of Medtronic to $120.00 and gave the company a “buy” rating in a research note on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Medtronic currently has an average rating of “Buy” and a consensus target price of $114.33.
In related news, EVP Robert John White sold 52,165 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $109.33, for a total transaction of $5,703,199.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Richard Kuntz sold 21,425 shares of the stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $107.51, for a total transaction of $2,303,401.75. Following the sale, the senior vice president now directly owns 78,916 shares of the company’s stock, valued at approximately $8,484,259.16. The disclosure for this sale can be found here. Insiders have sold 156,467 shares of company stock valued at $16,900,132 in the last three months. 0.28% of the stock is currently owned by corporate insiders.
NYSE:MDT traded up $0.23 during midday trading on Friday, reaching $107.03. 2,312,080 shares of the stock traded hands, 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 business has a 50-day moving average of $107.73 and a two-hundred day moving average of $100.58. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.20 and a current ratio of 2.67. The stock has a market capitalization of $141.59 billion, a PE ratio of 20.50, a price-to-earnings-growth ratio of 2.59 and a beta of 0.62.
Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 EPS for the quarter, beating the Zacks’ 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 company had revenue of $7.49 billion during the quarter, compared to analysts’ expectations of $7.40 billion. During the same quarter in the prior year, the company posted $1.17 earnings per share. Medtronic’s revenue for the quarter was up 1.5% compared to the same quarter last year. Research analysts anticipate that Medtronic PLC will post 5.56 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Friday, September 27th were given a dividend of $0.54 per share. The ex-dividend date was Thursday, September 26th. This represents a $2.16 dividend on an annualized basis and a yield of 2.02%. Medtronic’s payout ratio is 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.
Further Reading: Understanding debt-to-equity ratio in fundamental analysis
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