Beverly Hills Private Wealth LLC grew its position in shares of Medtronic plc (NYSE:MDT – Free Report) by 86.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,336 shares of the medical technology company’s stock after purchasing an additional 8,969 shares during the quarter. Beverly Hills Private Wealth LLC’s holdings in Medtronic were worth $1,625,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in MDT. Fairfield Bush & CO. bought a new position in Medtronic during the 1st quarter worth approximately $47,000. MAS Advisors LLC increased its position in shares of Medtronic by 10.3% during the first quarter. MAS Advisors LLC now owns 2,388 shares of the medical technology company’s stock worth $266,000 after buying an additional 223 shares during the period. LSV Asset Management raised its stake in Medtronic by 34.5% during the first quarter. LSV Asset Management now owns 7,400 shares of the medical technology company’s stock worth $821,000 after buying an additional 1,900 shares during the last quarter. NewEdge Advisors LLC boosted its position in Medtronic by 22.8% during the first quarter. NewEdge Advisors LLC now owns 74,914 shares of the medical technology company’s stock valued at $8,312,000 after acquiring an additional 13,895 shares during the last quarter. Finally, Kinneret Advisory LLC grew its holdings in Medtronic by 2.3% during the 1st quarter. Kinneret Advisory LLC now owns 15,340 shares of the medical technology company’s stock worth $1,712,000 after acquiring an additional 343 shares during the period. 80.75% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several equities research analysts recently commented on MDT shares. UBS Group upped their target price on Medtronic from $79.00 to $82.00 and gave the company a “sell” rating in a research report on Wednesday, August 23rd. Wells Fargo & Company raised their price objective on shares of Medtronic from $100.00 to $102.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 23rd. Robert W. Baird started coverage on shares of Medtronic in a research report on Tuesday, July 18th. They set a “neutral” rating and a $90.00 target price on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $89.00 price objective on shares of Medtronic in a report on Wednesday, August 23rd. Finally, StockNews.com started coverage on Medtronic in a research note on Thursday, October 5th. They issued a “buy” rating for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $91.94.
Medtronic Trading Up 0.7 %
Shares of Medtronic stock opened at $72.59 on Wednesday. The company has a market capitalization of $96.58 billion, a P/E ratio of 26.79, a price-to-earnings-growth ratio of 2.53 and a beta of 0.71. The stock has a fifty day simple moving average of $75.54 and a 200 day simple moving average of $82.29. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02. The company has a current ratio of 2.42, a quick ratio of 1.79 and a debt-to-equity ratio of 0.48.
Medtronic (NYSE:MDT – Get Free Report) last posted its earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.09. Medtronic had a net margin of 11.47% and a return on equity of 13.81%. The firm had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.57 billion. During the same quarter in the prior year, the business posted $1.13 EPS. The business’s revenue was up 4.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Medtronic plc will post 5.12 earnings per share for the current fiscal year.
Medtronic Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 22nd were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend was Thursday, September 21st. Medtronic’s dividend payout ratio is presently 101.85%.
Insider Buying and Selling at Medtronic
In other news, EVP Gregory L. Smith sold 10,000 shares of the firm’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 transaction of $838,400.00. Following the completion of the sale, the executive vice president now 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 the SEC website. Corporate insiders own 0.30% of the company’s stock.
Medtronic Company Profile
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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