Union Bankshares Corp trimmed its holdings in Medtronic PLC (NYSE:MDT) by 1.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,070 shares of the medical technology company’s stock after selling 90 shares during the quarter. Union Bankshares Corp’s holdings in Medtronic PLC were worth $539,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Medtronic PLC by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 102,321,656 shares of the medical technology company’s stock valued at $8,243,034,000 after acquiring an additional 4,412,536 shares during the period. BlackRock Inc. increased its holdings in shares of Medtronic PLC by 2,513.4% in the 1st quarter. BlackRock Inc. now owns 87,035,376 shares of the medical technology company’s stock valued at $7,011,571,000 after acquiring an additional 83,705,052 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Medtronic PLC by 3.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 58,646,070 shares of the medical technology company’s stock valued at $4,724,526,000 after acquiring an additional 1,729,715 shares during the period. Lazard Asset Management LLC increased its holdings in shares of Medtronic PLC by 1,061.4% in the 1st quarter. Lazard Asset Management LLC now owns 13,678,772 shares of the medical technology company’s stock valued at $1,101,960,000 after acquiring an additional 12,500,992 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Medtronic PLC by 7.3% in the 1st quarter. Geode Capital Management LLC now owns 13,308,812 shares of the medical technology company’s stock valued at $1,070,622,000 after acquiring an additional 906,581 shares during the period. 80.62% of the stock is currently owned by institutional investors and hedge funds.
Medtronic PLC (NYSE MDT) traded down 0.8091% during midday trading on Tuesday, hitting $81.7333. 2,793,013 shares of the company traded hands. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72. The stock has a market cap of $110.72 billion, a P/E ratio of 27.5104 and a beta of 1.03. The stock has a 50 day moving average of $82.12 and a 200 day moving average of $83.68.
Medtronic PLC (NYSE:MDT) last announced its earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.04. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The business had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.44 billion. During the same quarter last year, the business posted $1.03 earnings per share. The company’s quarterly revenue was up 3.1% on a year-over-year basis. Equities research analysts predict that Medtronic PLC will post $4.77 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, September 29th will be paid 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 yield of 2.23%. Medtronic PLC’s dividend payout ratio is currently 61.95%.
MDT has been the topic of a number of recent research reports. Zacks Investment Research cut shares of Medtronic PLC from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Evercore ISI reaffirmed an “outperform” rating and issued a $91.00 target price (up from $88.50) on shares of Medtronic PLC in a report on Sunday, May 28th. BMO Capital Markets lifted their target price on shares of Medtronic PLC from $87.00 to $94.00 and gave the company an “outperform” rating in a report on Tuesday, May 30th. Morgan Stanley lifted their target price on shares of Medtronic PLC from $84.00 to $86.00 and gave the company an “equal weight” rating in a report on Tuesday, May 30th. Finally, BidaskClub cut shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $88.78.
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In other news, Director Richard H. Anderson bought 5,600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The stock was acquired at an average price of $88.90 per share, with a total value of $497,840.00. Following the completion of the purchase, the director now directly owns 71,910 shares of the company’s stock, valued at approximately $6,392,799. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Omar Ishrak sold 140,407 shares of the firm’s stock in a transaction dated Friday, September 15th. The shares were 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 directly 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. Company insiders own 0.31% of the company’s stock.
About Medtronic PLC
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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