Medtronic PLC (NYSE:MDT) had its price objective cut by Needham & Company LLC from $95.00 to $94.00 in a research note published on Tuesday. They currently have a buy rating on the medical technology company’s stock.
A number of other research firms have also weighed in on MDT. BidaskClub raised shares of Medtronic PLC from a buy rating to a strong-buy rating in a research report on Saturday, June 17th. Zacks Investment Research lowered shares of Medtronic PLC from a hold rating to a sell rating in a research report on Tuesday, September 12th. Royal Bank Of Canada dropped their price target on shares of Medtronic PLC from $90.00 to $85.00 and set an outperform rating on the stock in a research report on Monday. Jefferies Group LLC reaffirmed a buy rating and issued a $103.00 price objective on shares of Medtronic PLC in a research report on Thursday, August 3rd. Finally, UBS AG reaffirmed an overweight rating on shares of Medtronic PLC in a research report on Thursday, August 24th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $87.79.
Medtronic PLC (NYSE MDT) traded up 0.34% during midday trading on Tuesday, reaching $77.55. 1,185,402 shares of the company traded hands. The stock has a market capitalization of $105.05 billion, a P/E ratio of 26.11 and a beta of 1.01. The company has a 50 day moving average of $79.78 and a 200-day moving average of $83.30. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The company had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.44 billion. During the same period last year, the firm earned $1.03 earnings per share. The firm’s revenue was up 3.1% on a year-over-year basis. Equities analysts anticipate that Medtronic PLC will post $4.69 EPS for the current fiscal year.
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Medtronic PLC declared that its board has approved a share buyback program on Friday, June 23rd that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the medical technology company to buy up to 49% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, September 29th will be paid a $0.46 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.84 dividend on an annualized basis and a yield of 2.38%. Medtronic PLC’s dividend payout ratio is presently 61.95%.
In other Medtronic PLC news, EVP Bryan C. Hanson sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $88.57, for a total value of $1,062,840.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Omar Ishrak sold 140,407 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the completion of the transaction, the chief executive officer now directly owns 668,503 shares of the company’s stock, valued at approximately $54,569,899.89. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Hudock Capital Group LLC lifted its holdings in shares of Medtronic PLC by 0.5% in the 2nd quarter. Hudock Capital Group LLC now owns 2,195 shares of the medical technology company’s stock worth $194,000 after acquiring an additional 11 shares during the last quarter. Bollard Group LLC lifted its holdings in shares of Medtronic PLC by 0.4% in the 2nd quarter. Bollard Group LLC now owns 3,651 shares of the medical technology company’s stock worth $324,000 after acquiring an additional 14 shares during the last quarter. Triangle Securities Wealth Management lifted its holdings in shares of Medtronic PLC by 0.3% in the 2nd quarter. Triangle Securities Wealth Management now owns 4,396 shares of the medical technology company’s stock worth $390,000 after acquiring an additional 15 shares during the last quarter. IFC Holdings Incorporated FL lifted its holdings in shares of Medtronic PLC by 0.3% in the 2nd quarter. IFC Holdings Incorporated FL now owns 5,673 shares of the medical technology company’s stock worth $501,000 after acquiring an additional 17 shares during the last quarter. Finally, North Star Investment Management Corp. lifted its holdings in shares of Medtronic PLC by 1.1% in the 2nd quarter. North Star Investment Management Corp. now owns 1,995 shares of the medical technology company’s stock worth $177,000 after acquiring an additional 22 shares during the last quarter. 80.63% of the stock is owned by institutional investors and hedge funds.
About Medtronic PLC
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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