Logan Capital Management Inc. grew its position in Medtronic plc (NYSE:MDT – Free Report) by 799.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 115,619 shares of the medical technology company’s stock after purchasing an additional 102,769 shares during the period. Logan Capital Management Inc.’s holdings in Medtronic were worth $9,321,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in MDT. Sageworth Trust Co purchased a new stake in shares of Medtronic in the first quarter valued at about $26,000. Laurel Wealth Advisors LLC raised its holdings in shares of Medtronic by 250.0% in the first quarter. Laurel Wealth Advisors LLC now owns 350 shares of the medical technology company’s stock valued at $28,000 after purchasing an additional 250 shares during the last quarter. Tucker Asset Management LLC purchased a new stake in shares of Medtronic in the first quarter valued at about $32,000. Avalon Trust Co purchased a new stake in shares of Medtronic in the first quarter valued at about $32,000. Finally, Thompson Investment Management Inc. purchased a new stake in shares of Medtronic in the first quarter valued at about $37,000. Hedge funds and other institutional investors own 80.75% of the company’s stock.
Insiders Place Their Bets
In other Medtronic news, EVP Gregory L. Smith sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $83.84, for a total value of $838,400.00. Following the completion of the transaction, the executive vice president now owns 46,723 shares of the company’s stock, valued at approximately $3,917,256.32. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, EVP Gregory L. Smith sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $83.84, for a total value of $838,400.00. Following the completion of the sale, the executive vice president now directly owns 46,723 shares in the company, valued at approximately $3,917,256.32. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Brett A. Wall sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $87.97, for a total transaction of $175,940.00. Following the completion of the sale, the executive vice president now owns 23,948 shares of the company’s stock, valued at $2,106,705.56. The disclosure for this sale can be found here. Insiders sold a total of 19,866 shares of company stock valued at $1,688,839 in the last quarter. Corporate insiders own 0.30% of the company’s stock.
Medtronic Price Performance
Medtronic (NYSE:MDT – Get Free Report) last issued its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.11 by $0.09. The company had revenue of $7.70 billion during the quarter, compared to analysts’ expectations of $7.57 billion. Medtronic had a net margin of 11.47% and a return on equity of 13.81%. Medtronic’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.13 earnings per share. As a group, sell-side analysts forecast that Medtronic plc will post 5.12 EPS for the current fiscal year.
Medtronic Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 22nd will be paid a $0.69 dividend. The ex-dividend date is Thursday, September 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.45%. Medtronic’s dividend payout ratio is presently 101.85%.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the stock. Morgan Stanley upgraded shares of Medtronic from an “equal weight” rating to an “overweight” rating and set a $104.00 price objective for the company in a report on Tuesday, May 30th. Oppenheimer reaffirmed a “market perform” rating and issued a $89.00 price objective on shares of Medtronic in a research report on Wednesday, August 23rd. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $90.00 in a research report on Friday, May 26th. Robert W. Baird began coverage on shares of Medtronic in a research report on Tuesday, July 18th. They issued a “neutral” rating and a $90.00 price objective on the stock. Finally, UBS Group lifted their price objective on shares of Medtronic from $79.00 to $82.00 and gave the stock a “sell” rating in a research report on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $91.67.
Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.
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