Livingston Group Asset Management CO operating as Southport Capital Management raised its position in Medtronic PLC (NYSE:MDT) by 8.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,103 shares of the medical technology company’s stock after buying an additional 603 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management’s holdings in Medtronic PLC were worth $719,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in MDT. Jarislowsky Fraser Ltd raised its position in shares of Medtronic PLC by 32.3% in the fourth quarter. Jarislowsky Fraser Ltd now owns 429,239 shares of the medical technology company’s stock valued at $30,574,000 after buying an additional 104,911 shares during the period. Numeric Investors LLC purchased a new position in shares of Medtronic PLC during the fourth quarter valued at about $940,000. Wills Financial Group Inc. raised its position in shares of Medtronic PLC by 7.0% in the fourth quarter. Wills Financial Group Inc. now owns 8,030 shares of the medical technology company’s stock valued at $572,000 after buying an additional 525 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Medtronic PLC by 86.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,955,031 shares of the medical technology company’s stock valued at $139,258,000 after buying an additional 907,830 shares during the period. Finally, LeJeune Puetz Investment Counsel LLC purchased a new position in shares of Medtronic PLC during the fourth quarter valued at about $167,000. 83.17% of the stock is owned by hedge funds and other institutional investors.
Medtronic PLC (MDT) opened at 85.17 on Monday. The company has a market cap of $115.75 billion, a P/E ratio of 29.47 and a beta of 1.03. The company has a 50-day moving average of $87.57 and a 200 day moving average of $81.81. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72.
Medtronic PLC (NYSE:MDT) last announced its quarterly earnings data on Thursday, May 25th. The medical technology company reported $1.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.02. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. The company had revenue of $7.92 billion during the quarter, compared to analysts’ expectations of $7.86 billion. During the same quarter in the prior year, the company earned $1.27 EPS. The firm’s revenue was up 4.6% on a year-over-year basis. On average, equities analysts forecast that Medtronic PLC will post $4.95 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 26th. Investors of record on Friday, July 7th will be issued a dividend of $0.46 per share. This is a positive change from Medtronic PLC’s previous quarterly dividend of $0.43. This represents a $1.84 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Wednesday, July 5th. Medtronic PLC’s dividend payout ratio is currently 63.67%.
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Several brokerages have recently issued reports on MDT. Morgan Stanley boosted their price target 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. Stifel Nicolaus reaffirmed a “hold” rating and issued a $91.00 target price (up from $84.00) on shares of Medtronic PLC in a research note on Sunday, May 28th. William Blair reaffirmed an “outperform” rating on shares of Medtronic PLC in a research note on Thursday, July 6th. Evercore ISI reaffirmed an “outperform” rating and issued a $91.00 target price (up from $88.50) on shares of Medtronic PLC in a research note on Sunday, May 28th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 target price (up from $91.00) on shares of Medtronic PLC in a research note on Thursday, May 25th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $89.16.
In other news, Director Richard H. Anderson purchased 5,600 shares of the stock in a transaction that occurred on Wednesday, June 21st. The stock was bought at an average cost of $88.90 per share, for a total transaction of $497,840.00. Following the acquisition, the director now directly owns 71,910 shares of the company’s stock, valued at approximately $6,392,799. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Bryan C. Hanson sold 12,000 shares of the company’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The disclosure for this sale can be found here. Corporate insiders own 0.25% 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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