World Asset Management Inc decreased its stake in shares of Medtronic plc (NYSE:MDT) by 3.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,808 shares of the medical technology company’s stock after selling 1,261 shares during the period. World Asset Management Inc’s holdings in Medtronic were worth $4,569,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Victory Capital Management Inc. increased its holdings in Medtronic by 32.0% during the first quarter. Victory Capital Management Inc. now owns 495,241 shares of the medical technology company’s stock valued at $58,503,000 after buying an additional 120,028 shares during the last quarter. GSB Wealth Management LLC purchased a new stake in shares of Medtronic in the first quarter worth $1,196,000. Cadence Bank NA increased its stake in shares of Medtronic by 5.2% in the first quarter. Cadence Bank NA now owns 4,992 shares of the medical technology company’s stock worth $589,000 after purchasing an additional 245 shares in the last quarter. Adviser Investments LLC increased its stake in shares of Medtronic by 20.4% in the first quarter. Adviser Investments LLC now owns 71,244 shares of the medical technology company’s stock worth $8,416,000 after purchasing an additional 12,047 shares in the last quarter. Finally, Avantax Planning Partners Inc. increased its stake in shares of Medtronic by 3.4% in the first quarter. Avantax Planning Partners Inc. now owns 7,133 shares of the medical technology company’s stock worth $843,000 after purchasing an additional 233 shares in the last quarter. Institutional investors own 79.59% of the company’s stock.
Several equities analysts recently weighed in on MDT shares. Wells Fargo & Company raised their target price on shares of Medtronic from $140.00 to $151.00 and gave the company an “overweight” rating in a research note on Wednesday, August 25th. BTIG Research cut shares of Medtronic from a “buy” rating to a “neutral” rating in a research note on Monday, August 9th. William Blair reaffirmed a “market perform” rating on shares of Medtronic in a research note on Thursday, May 27th. Argus increased their price objective on shares of Medtronic from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, August 27th. Finally, Truist Securities increased their price objective on shares of Medtronic from $138.00 to $148.00 and gave the company a “buy” rating in a research report on Wednesday, August 25th. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $144.18.
Medtronic (NYSE:MDT) last released its earnings results on Monday, August 23rd. The medical technology company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.09. The company had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $7.88 billion. Medtronic had a net margin of 12.29% and a return on equity of 13.85%. Medtronic’s revenue for the quarter was up 22.7% on a year-over-year basis. During the same period last year, the business earned $0.62 EPS. On average, analysts forecast that Medtronic plc will post 5.7 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Friday, September 24th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Thursday, September 23rd.
In related news, EVP Sean Salmon sold 28,419 shares of the business’s stock in a transaction on Wednesday, August 25th. The shares were sold at an average price of $134.08, for a total value of $3,810,419.52. Following the completion of the transaction, the executive vice president now directly owns 54,458 shares in the company, valued at approximately $7,301,728.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Bradley E. Lerman sold 50,775 shares of the business’s stock in a transaction on Tuesday, August 31st. The shares were sold at an average price of $134.17, for a total transaction of $6,812,481.75. The disclosure for this sale can be found here. Insiders sold a total of 106,390 shares of company stock valued at $14,140,470 over the last quarter. 0.47% of the stock is owned by company insiders.
Medtronic Company Profile
Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group.
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