Medtronic (MDT) Sets New 1-Year High at $99.68

Medtronic PLC (NYSE:MDT) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $99.68 and last traded at $99.93, with a volume of 174131 shares. The stock had previously closed at $99.29.

Several research analysts recently commented on MDT shares. ValuEngine raised shares of Medtronic from a “hold” rating to a “buy” rating in a report on Friday, September 7th. Zacks Investment Research downgraded shares of Medtronic from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Citigroup raised their price objective on shares of Medtronic from $104.00 to $109.00 and gave the stock a “buy” rating in a report on Friday, August 24th. Sanford C. Bernstein started coverage on shares of Medtronic in a report on Wednesday, June 27th. They issued a “market perform” rating and a $88.00 price objective for the company. Finally, Raymond James started coverage on shares of Medtronic in a report on Thursday, May 31st. They issued an “outperform” rating and a $96.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Medtronic currently has a consensus rating of “Buy” and an average price target of $100.61.

The company has a current ratio of 2.46, a quick ratio of 2.06 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $133.70 billion, a PE ratio of 20.49, a P/E/G ratio of 2.63 and a beta of 0.92.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 21st. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.06. Medtronic had a net margin of 10.56% and a return on equity of 12.98%. The business had revenue of $7.38 billion for the quarter, compared to analysts’ expectations of $7.24 billion. During the same period in the prior year, the company posted $1.12 EPS. The business’s revenue for the quarter was down .1% compared to the same quarter last year. analysts expect that Medtronic PLC will post 5.12 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 19th. Shareholders of record on Friday, September 28th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.05%. The ex-dividend date is Thursday, September 27th. Medtronic’s dividend payout ratio is presently 41.93%.

In other news, EVP Michael J. Coyle sold 145,544 shares of the firm’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $95.50, for a total transaction of $13,899,452.00. Following the sale, the executive vice president now owns 190,680 shares in the company, valued at approximately $18,209,940. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Geoffrey Martha sold 49,799 shares of the firm’s stock in a transaction on Monday, September 24th. The shares were sold at an average price of $97.93, for a total transaction of $4,876,816.07. Following the sale, the executive vice president now owns 87,872 shares in the company, valued at approximately $8,605,304.96. The disclosure for this sale can be found here. Insiders sold a total of 268,678 shares of company stock worth $25,818,353 over the last quarter. Corporate insiders own 0.28% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Affiance Financial LLC raised its position in shares of Medtronic by 18.6% during the 2nd quarter. Affiance Financial LLC now owns 8,080 shares of the medical technology company’s stock valued at $692,000 after buying an additional 1,268 shares in the last quarter. AdvisorNet Financial Inc raised its position in Medtronic by 11.2% in the 2nd quarter. AdvisorNet Financial Inc now owns 39,991 shares of the medical technology company’s stock worth $3,424,000 after purchasing an additional 4,038 shares during the period. Steward Partners Investment Advisory LLC raised its position in Medtronic by 85.1% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 35,946 shares of the medical technology company’s stock worth $3,077,000 after purchasing an additional 16,530 shares during the period. Pure Financial Advisors Inc. purchased a new position in Medtronic in the 2nd quarter worth $308,000. Finally, Oarsman Capital Inc. raised its position in Medtronic by 4.9% in the 2nd quarter. Oarsman Capital Inc. now owns 23,592 shares of the medical technology company’s stock worth $2,020,000 after purchasing an additional 1,109 shares during the period. Hedge funds and other institutional investors own 79.85% of the company’s stock.

Medtronic Company Profile (NYSE:MDT)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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