Argent Trust Co boosted its stake in Medtronic plc (NYSE:MDT – Free Report) by 5.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,743 shares of the medical technology company’s stock after purchasing an additional 1,948 shares during the quarter. Argent Trust Co’s holdings in Medtronic were worth $3,285,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of MDT. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its position in shares of Medtronic by 0.8% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 13,867 shares of the medical technology company’s stock valued at $1,118,000 after buying an additional 114 shares in the last quarter. Centurion Wealth Management LLC raised its position in shares of Medtronic by 4.2% during the 1st quarter. Centurion Wealth Management LLC now owns 3,054 shares of the medical technology company’s stock valued at $246,000 after buying an additional 123 shares in the last quarter. HHM Wealth Advisors LLC raised its position in shares of Medtronic by 8.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 1,737 shares of the medical technology company’s stock valued at $140,000 after buying an additional 129 shares in the last quarter. Great Diamond Partners LLC raised its position in shares of Medtronic by 2.5% during the 1st quarter. Great Diamond Partners LLC now owns 5,233 shares of the medical technology company’s stock valued at $422,000 after buying an additional 129 shares in the last quarter. Finally, Connolly Sarah T. grew its holdings in Medtronic by 0.7% during the 4th quarter. Connolly Sarah T. now owns 19,126 shares of the medical technology company’s stock valued at $1,486,000 after purchasing an additional 131 shares during the last quarter. Hedge funds and other institutional investors own 80.75% of the company’s stock.
Medtronic Stock Down 0.7 %
Medtronic stock traded down $0.56 during mid-day trading on Wednesday, reaching $79.64. 1,505,997 shares of the company were exchanged, compared to its average volume of 5,696,703. The business has a fifty day moving average of $85.09 and a 200 day moving average of $84.51. The firm has a market cap of $105.96 billion, a P/E ratio of 29.59, a PEG ratio of 2.89 and a beta of 0.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.79 and a current ratio of 2.42. Medtronic plc has a 12-month low of $75.76 and a 12-month high of $92.39.
Medtronic (NYSE:MDT – Get Free Report) last issued its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.09. The business had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.57 billion. Medtronic had a return on equity of 13.81% and a net margin of 11.47%. The business’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.13 earnings per share. Research analysts anticipate that Medtronic plc will post 5.12 earnings per share for the current fiscal year.
Medtronic Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 22nd will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend is Thursday, September 21st. Medtronic’s payout ratio is presently 101.85%.
Insider Transactions at Medtronic
In other news, EVP Hoedt Rob Ten sold 5,514 shares of the company’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $86.58, for a total transaction of $477,402.12. Following the transaction, the executive vice president now directly owns 43,802 shares of the company’s stock, valued at $3,792,377.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Hoedt Rob Ten sold 5,514 shares of the company’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $86.58, for a total value of $477,402.12. Following the transaction, the executive vice president now directly owns 43,802 shares of the company’s stock, valued at approximately $3,792,377.16. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Michael Marinaro sold 1,352 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $84.11, for a total value of $113,716.72. Following the completion of the transaction, the executive vice president now directly owns 28,930 shares in the company, valued at $2,433,302.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,866 shares of company stock valued at $1,688,839. Corporate insiders own 0.30% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on MDT shares. CL King started coverage on shares of Medtronic in a report on Friday, June 30th. They set a “buy” rating and a $106.00 price target on the stock. StockNews.com upgraded shares of Medtronic from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 30th. Stifel Nicolaus upped their target price on shares of Medtronic from $92.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, August 22nd. 22nd Century Group reiterated an “initiates” rating on shares of Medtronic in a report on Friday, June 30th. Finally, Mizuho boosted their price target on Medtronic from $95.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, August 23rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $91.67.
Read Our Latest Stock Analysis on Medtronic
Medtronic 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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