Santa Barbara Asset Management LLC reduced its position in shares of Medtronic plc. (NYSE:MDT) by 4.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,865,057 shares of the medical technology company’s stock after selling 92,070 shares during the period. Medtronic plc. accounts for approximately 2.4% of Santa Barbara Asset Management LLC’s holdings, making the stock its 19th largest position. Santa Barbara Asset Management LLC’s holdings in Medtronic plc. were worth $132,848,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently made changes to their positions in the stock. Sunbelt Securities Inc. purchased a new stake in shares of Medtronic plc. during the fourth quarter worth approximately $105,000. Norway Savings Bank purchased a new stake in shares of Medtronic plc. during the fourth quarter worth approximately $115,000. Motco boosted its stake in shares of Medtronic plc. by 70.9% in the third quarter. Motco now owns 1,350 shares of the medical technology company’s stock worth $117,000 after buying an additional 560 shares in the last quarter. TLP Group LLC purchased a new stake in shares of Medtronic plc. during the third quarter worth approximately $124,000. Finally, Birch Hill Investment Advisors LLC purchased a new stake in shares of Medtronic plc. during the third quarter worth approximately $128,000. Hedge funds and other institutional investors own 82.71% of the company’s stock.
Medtronic plc. (NYSE:MDT) opened at 81.00 on Monday. The firm has a 50-day moving average of $80.09 and a 200 day moving average of $79.33. The company has a market capitalization of $110.88 billion, a price-to-earnings ratio of 28.59 and a beta of 0.97. Medtronic plc. has a 12-month low of $69.35 and a 12-month high of $89.27.
Medtronic plc. (NYSE:MDT) last posted its earnings results on Tuesday, February 21st. The medical technology company reported $1.12 EPS for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.01. Medtronic plc. had a return on equity of 12.36% and a net margin of 14.63%. The company had revenue of $7.28 billion for the quarter, compared to the consensus estimate of $7.22 billion. During the same quarter in the previous year, the business earned $1.06 earnings per share. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. Analysts expect that Medtronic plc. will post $4.58 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 13th. Shareholders of record on Friday, March 24th will be given a $0.43 dividend. The ex-dividend date of this dividend is Wednesday, March 22nd. This represents a $1.72 dividend on an annualized basis and a yield of 2.12%. Medtronic plc.’s dividend payout ratio is currently 57.14%.
A number of analysts have commented on the stock. Needham & Company LLC increased their price target on shares of Medtronic plc. from $84.00 to $91.00 and gave the company a “buy” rating in a research note on Tuesday, February 21st. Vetr cut shares of Medtronic plc. from a “buy” rating to a “hold” rating and set a $80.67 price target for the company. in a research note on Thursday, February 16th. Oppenheimer Holdings Inc. restated a “buy” rating on shares of Medtronic plc. in a research note on Wednesday, March 22nd. Morgan Stanley cut shares of Medtronic plc. from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $85.00 to $77.00 in a research note on Tuesday, January 3rd. Finally, Jefferies Group LLC restated a “buy” rating and set a $88.00 target price on shares of Medtronic plc. in a research note on Friday, February 17th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $87.57.
In other Medtronic plc. news, CEO Omar Ishrak sold 95,000 shares of Medtronic plc. stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $82.82, for a total value of $7,867,900.00. Following the sale, the chief executive officer now owns 645,616 shares in the company, valued at $53,469,917.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Hoedt Rob Ten sold 50,757 shares of Medtronic plc. stock in a transaction on Monday, March 20th. The shares were sold at an average price of $81.58, for a total value of $4,140,756.06. Following the completion of the sale, the executive vice president now owns 59,392 shares in the company, valued at approximately $4,845,199.36. The disclosure for this sale can be found here. Insiders sold 198,073 shares of company stock worth $16,315,832 in the last 90 days. Company insiders own 0.25% of the company’s stock.
Medtronic plc. Company Profile
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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