Zurcher Kantonalbank Zurich Cantonalbank reduced its holdings in shares of Medtronic PLC (NYSE:MDT) by 3.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 348,394 shares of the medical technology company’s stock after selling 13,489 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Medtronic PLC were worth $30,920,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Parkside Financial Bank & Trust boosted its stake in shares of Medtronic PLC by 22.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock valued at $102,000 after buying an additional 210 shares during the last quarter. BDO Wealth Advisors LLC purchased a new position in shares of Medtronic PLC during the 2nd quarter valued at approximately $103,000. Israel Discount Bank of New York purchased a new position in shares of Medtronic PLC during the 1st quarter valued at approximately $117,000. Birch Hill Investment Advisors LLC purchased a new position in shares of Medtronic PLC during the 1st quarter valued at approximately $120,000. Finally, Farmers National Bank purchased a new position in shares of Medtronic PLC during the 1st quarter valued at approximately $121,000. Institutional investors own 80.60% of the company’s stock.
Shares of Medtronic PLC (NYSE:MDT) opened at 78.59 on Thursday. Medtronic PLC has a 12 month low of $69.35 and a 12 month high of $89.72. The firm has a market capitalization of $106.46 billion, a price-to-earnings ratio of 26.45 and a beta of 1.01. The firm has a 50-day moving average price of $79.48 and a 200 day moving average price of $83.16.
Medtronic PLC (NYSE:MDT) last posted its earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.04. The business had revenue of $7.39 billion during the quarter, compared to the consensus estimate of $7.44 billion. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. Medtronic PLC’s revenue was up 3.1% on a year-over-year basis. During the same quarter last year, the company earned $1.03 EPS. On average, analysts anticipate that Medtronic PLC will post $4.64 EPS for the current fiscal year.
Medtronic PLC declared that its Board of Directors has initiated a stock buyback plan on Friday, June 23rd that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the medical technology company to buy up to 49% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, September 29th will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.84 annualized dividend and a dividend yield of 2.34%. Medtronic PLC’s dividend payout ratio (DPR) is presently 61.95%.
In related news, EVP Bryan C. Hanson sold 16,000 shares of the firm’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $78.03, for a total transaction of $1,248,480.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Omar Ishrak sold 140,407 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $81.63, for a total value of $11,461,423.41. Following the transaction, the chief executive officer now owns 668,503 shares of the company’s stock, valued at approximately $54,569,899.89. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.
Several research firms have recently commented on MDT. BMO Capital Markets reiterated an “outperform” rating and set a $89.00 target price (down from $92.00) on shares of Medtronic PLC in a research note on Tuesday, October 10th. Needham & Company LLC reduced their target price on Medtronic PLC from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Tuesday, October 10th. Leerink Swann reiterated a “market perform” rating and set a $85.00 target price (down from $88.00) on shares of Medtronic PLC in a research note on Monday, October 9th. Stifel Nicolaus reduced their target price on Medtronic PLC from $91.00 to $83.00 and set a “hold” rating for the company in a research note on Monday, October 9th. Finally, Royal Bank Of Canada reduced their target price on Medtronic PLC from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Monday, October 9th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $87.88.
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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