Medtronic Inc. (NYSE:MDT) CEO Omar Ishrak sold 61,925 shares of the company’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $84.93, for a total value of $5,259,290.25. Following the transaction, the chief executive officer now directly owns 565,916 shares in the company, valued at approximately $48,063,245.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Medtronic Inc. (NYSE:MDT) opened at 87.82 on Friday. The company has a market capitalization of $121.36 billion, a P/E ratio of 34.17 and a beta of 0.88. The company’s 50 day moving average price is $86.75 and its 200-day moving average price is $82.82. Medtronic Inc. has a 12-month low of $63.98 and a 12-month high of $89.27.
Medtronic (NYSE:MDT) last announced its 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 firm had revenue of $7.20 billion for 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%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.02 EPS. Equities analysts forecast that Medtronic Inc. will post $4.66 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 21st. Shareholders of record on Thursday, September 29th will be issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 1.96%. The ex-dividend date is Tuesday, September 27th. Medtronic’s payout ratio is presently 66.93%.
Several equities analysts have recently issued reports on MDT shares. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Medtronic in a research note on Wednesday, July 6th. Argus reaffirmed a “hold” rating on shares of Medtronic in a research note on Monday, June 20th. Zacks Investment Research raised Medtronic from a “hold” rating to a “buy” rating and set a $97.00 price target on the stock in a research note on Tuesday, August 9th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $92.00 price target on shares of Medtronic in a research note on Thursday, August 25th. Finally, Guggenheim started coverage on Medtronic in a research note on Wednesday, June 8th. They set a “neutral” rating on the stock. Six research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $90.12.
A number of hedge funds and other institutional investors have recently made changes to their positions in MDT. Emerald Acquisition Ltd. bought 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. Manning & Napier Advisors LLC increased its position in shares of Medtronic by 55.4% in the first quarter. Manning & Napier Advisors LLC now owns 7,795,990 shares of the medical technology company’s stock valued at $584,698,000 after buying an additional 2,779,780 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. Finally, 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. 83.11% of the stock is currently owned by hedge funds and other institutional investors.
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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