Greenwood Capital Associates LLC grew its stake in shares of Medtronic PLC (NYSE:MDT) by 3.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 35,763 shares of the medical technology company’s stock after acquiring an additional 1,277 shares during the period. Greenwood Capital Associates LLC’s holdings in Medtronic PLC were worth $3,174,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Parkside Financial Bank & Trust lifted its position in shares of Medtronic PLC by 22.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock valued at $102,000 after acquiring an additional 210 shares during the period. BDO Wealth Advisors LLC acquired a new stake in shares of Medtronic PLC during the 2nd quarter valued at approximately $103,000. Motco lifted its position in shares of Medtronic PLC by 8.7% during the 2nd quarter. Motco now owns 1,239 shares of the medical technology company’s stock valued at $110,000 after acquiring an additional 99 shares during the period. Israel Discount Bank of New York acquired a new stake in shares of Medtronic PLC during the 1st quarter valued at approximately $117,000. Finally, Birch Hill Investment Advisors LLC acquired a new stake in shares of Medtronic PLC during the 1st quarter valued at approximately $120,000. Institutional investors own 80.60% of the company’s stock.
A number of research firms have recently issued reports on MDT. Jefferies Group LLC reiterated a “buy” rating and set a $96.00 price target on shares of Medtronic PLC in a research report on Thursday, September 28th. William Blair reiterated an “outperform” rating on shares of Medtronic PLC in a research report on Thursday, July 6th. SunTrust Banks, Inc. reiterated a “buy” rating and set a $96.00 price target on shares of Medtronic PLC in a research report on Monday, October 2nd. Zacks Investment Research downgraded shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. Finally, BidaskClub downgraded shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $87.88.
In other Medtronic PLC news, CEO Omar Ishrak sold 140,407 shares of the stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $81.63, for a total value of $11,461,423.41. Following the completion of the sale, the chief executive officer now owns 668,503 shares in the company, valued at approximately $54,569,899.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Bryan C. Hanson sold 16,000 shares of the stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $78.03, for a total transaction of $1,248,480.00. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.
Shares of Medtronic PLC (MDT) opened at 78.34 on Friday. The stock has a market capitalization of $106.12 billion, a PE ratio of 26.37 and a beta of 1.01. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72. The stock’s 50 day moving average is $79.37 and its 200 day moving average is $83.11.
Medtronic PLC (NYSE:MDT) last released its earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $7.44 billion. During the same quarter in the prior year, the firm earned $1.03 EPS. The company’s revenue was up 3.1% compared to the same quarter last year. Analysts anticipate that Medtronic PLC will post $4.63 EPS for the current fiscal year.
Medtronic PLC announced that its board has initiated a share repurchase 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, October 20th. Shareholders of record on Friday, September 29th were given a $0.46 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.84 dividend on an annualized basis and a yield of 2.35%. Medtronic PLC’s payout ratio is 61.95%.
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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