Buckingham Capital Management Inc. lowered its stake in shares of Medtronic Inc. (NYSE:MDT) by 2.1% during the second quarter, Holdings Channel reports. The firm owned 26,672 shares of the medical technology company’s stock after selling 567 shares during the period. Buckingham Capital Management Inc.’s holdings in Medtronic were worth $2,314,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in MDT. Emerald Acquisition Ltd. acquired a new position in shares of Medtronic during the second quarter valued at approximately $363,065,000. Janus Capital Management LLC increased its position in shares of Medtronic by 356.8% in the second quarter. Janus Capital Management LLC now owns 4,004,962 shares of the medical technology company’s stock valued at $347,508,000 after buying an additional 3,128,250 shares during the last quarter. Standard Life Investments LTD increased its position in shares of 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 valued at $209,954,000 after buying an additional 2,367,871 shares during the last quarter. Wellington Management Group LLP increased its position in shares of 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 valued at $5,542,166,000 after buying an additional 2,176,380 shares during the last quarter. Finally, Bank of Montreal Can acquired a new position in shares of Medtronic during the second quarter valued at approximately $168,956,000. Institutional investors own 83.11% of the company’s stock.
Shares of Medtronic Inc. (NYSE:MDT) opened at 86.13 on Tuesday. The stock has a market cap of $119.03 billion, a price-to-earnings ratio of 33.51 and a beta of 0.88. Medtronic Inc. has a one year low of $64.95 and a one year high of $89.27. The stock’s 50 day moving average price is $86.76 and its 200 day moving average price is $83.09.
Medtronic (NYSE:MDT) last posted its quarterly earnings results on Thursday, August 25th. The medical technology company reported $1.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.02. The business earned $7.20 billion during the quarter, compared to the consensus estimate of $7.17 billion. Medtronic had a net margin of 12.70% and a return on equity of 12.06%. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.02 earnings per share. Analysts forecast that Medtronic Inc. will post $4.66 earnings per share for the current year.
The company 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 dividend of $0.43 per share. The ex-dividend date is Tuesday, September 27th. This represents a $1.72 annualized dividend and a dividend yield of 1.99%. Medtronic’s dividend payout ratio (DPR) is currently 66.93%.
Several equities analysts have recently commented on MDT shares. Goldman Sachs Group Inc. restated a “buy” rating on shares of Medtronic in a research report on Wednesday, July 6th. Argus reiterated a “hold” rating on shares of Medtronic in a research report on Monday, June 20th. Zacks Investment Research upgraded Medtronic from a “hold” rating to a “buy” rating and set a $97.00 target price on the stock in a research report on Tuesday, August 9th. Credit Suisse Group AG reiterated an “outperform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Thursday, August 25th. Finally, Guggenheim initiated coverage on Medtronic in a research report on Wednesday, June 8th. They issued a “neutral” rating on the stock. Six analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $90.12.
In other news, CEO Omar Ishrak sold 61,925 shares of Medtronic stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $84.93, for a total transaction of $5,259,290.25. Following the completion of the sale, the chief executive officer now directly owns 565,916 shares of the company’s stock, valued at approximately $48,063,245.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Bryan C. Hanson sold 15,000 shares of Medtronic stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $87.00, for a total transaction of $1,305,000.00. Following the sale, the executive vice president now directly owns 108,717 shares of the company’s stock, valued at $9,458,379. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.
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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