Bell State Bank & Trust cut its stake in shares of Medtronic Inc. (NYSE:MDT) by 2.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,723 shares of the medical technology company’s stock after selling 114 shares during the period. Bell State Bank & Trust’s holdings in Medtronic were worth $497,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of MDT. Emerald Acquisition Ltd. acquired a new stake in shares of Medtronic during the second quarter valued at $363,065,000. Standard Life Investments LTD increased its stake in Medtronic by 4,597.8% in the second quarter. Standard Life Investments LTD now owns 2,419,371 shares of the medical technology company’s stock worth $209,954,000 after buying an additional 2,367,871 shares during the period. Wellington Management Group LLP increased its stake in Medtronic by 3.0% in the first quarter. Wellington Management Group LLP now owns 73,895,527 shares of the medical technology company’s stock worth $5,542,166,000 after buying an additional 2,176,380 shares during the period. Bank of Montreal Can purchased a new stake in Medtronic during the second quarter worth approximately $168,956,000. Finally, Vanguard Group Inc. increased its stake in Medtronic by 1.6% in the second quarter. Vanguard Group Inc. now owns 95,677,703 shares of the medical technology company’s stock worth $8,301,954,000 after buying an additional 1,489,823 shares during the period. Institutional investors own 83.11% of the company’s stock.
Shares of Medtronic Inc. (NYSE:MDT) opened at 86.13 on Tuesday. Medtronic Inc. has a one year low of $64.95 and a one year high of $89.27. The firm’s 50-day moving average price is $86.76 and its 200 day moving average price is $83.09. The stock has a market cap of $119.03 billion, a P/E ratio of 33.51 and a beta of 0.88.
Medtronic (NYSE:MDT) last released its quarterly earnings results on Thursday, August 25th. The medical technology company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.02. The company earned $7.20 billion during the quarter, compared to the consensus estimate of $7.17 billion. Medtronic had a return on equity of 12.06% and a net margin of 12.70%. Medtronic’s revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.02 earnings per share. Equities research analysts expect that Medtronic Inc. will post $4.66 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Thursday, September 29th will be given a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend is Tuesday, September 27th. Medtronic’s dividend payout ratio is currently 66.93%.
A number of equities research analysts recently commented on the company. Bank of America Corp. reaffirmed a “buy” rating on shares of Medtronic in a report on Saturday, June 4th. BTIG Research downgraded Medtronic from a “buy” rating to a “neutral” rating and set a $82.00 target price for the company. in a report on Tuesday, May 31st. Vetr downgraded Medtronic from a “buy” rating to a “hold” rating and set a $87.96 target price for the company. in a report on Wednesday, June 29th. Needham & Company LLC reaffirmed a “buy” rating on shares of Medtronic in a report on Monday, June 27th. Finally, SunTrust Banks Inc. lifted their target price on Medtronic from $93.00 to $98.00 and gave the stock a “buy” rating in a report on Monday, June 13th. Six analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Medtronic currently has a consensus rating of “Buy” and a consensus target price of $90.12.
In other news, Director Kendall J. Powell sold 7,907 shares of Medtronic stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $85.45, for a total value of $675,653.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Shirley A. Jackson sold 2,104 shares of Medtronic stock in a transaction on Wednesday, July 13th. The shares were sold at an average price of $88.64, for a total value of $186,498.56. Following the completion of the sale, the director now directly owns 34,503 shares of the company’s stock, valued at approximately $3,058,345.92. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.
Medtronic Company Profile
Medtronic plc (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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