Wellington Management Group LLP cut its position in Medtronic PLC (NYSE:MDT) by 8.7% during the first quarter, Holdings Channel reports. The institutional investor owned 68,384,486 shares of the medical technology company’s stock after selling 6,497,585 shares during the period. Medtronic PLC makes up approximately 1.3% of Wellington Management Group LLP’s portfolio, making the stock its 6th largest position. Wellington Management Group LLP’s holdings in Medtronic PLC were worth $5,509,055,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the company. SOL Capital Management CO increased its position in Medtronic PLC by 4.6% in the first quarter. SOL Capital Management CO now owns 5,587 shares of the medical technology company’s stock worth $450,000 after buying an additional 244 shares in the last quarter. First American Bank increased its position in Medtronic PLC by 152.8% in the first quarter. First American Bank now owns 58,760 shares of the medical technology company’s stock worth $4,734,000 after buying an additional 35,514 shares in the last quarter. Carroll Financial Associates Inc. increased its position in Medtronic PLC by 43.5% in the first quarter. Carroll Financial Associates Inc. now owns 15,092 shares of the medical technology company’s stock worth $1,215,000 after buying an additional 4,575 shares in the last quarter. Koshinski Asset Management Inc. increased its position in Medtronic PLC by 56.3% in the first quarter. Koshinski Asset Management Inc. now owns 4,816 shares of the medical technology company’s stock worth $388,000 after buying an additional 1,734 shares in the last quarter. Finally, Augustine Asset Management Inc. increased its position in Medtronic PLC by 0.5% in the first quarter. Augustine Asset Management Inc. now owns 43,696 shares of the medical technology company’s stock worth $3,520,000 after buying an additional 203 shares in the last quarter. Hedge funds and other institutional investors own 83.36% of the company’s stock.
Medtronic PLC (MDT) opened at 83.81 on Monday. The firm’s 50-day moving average price is $87.24 and its 200 day moving average price is $82.55. Medtronic PLC has a 1-year low of $69.35 and a 1-year high of $89.72. The firm has a market capitalization of $113.90 billion, a price-to-earnings ratio of 29.00 and a beta of 1.02.
Medtronic PLC (NYSE:MDT) last released its earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.02. The firm had revenue of $7.92 billion during the quarter, compared to the consensus estimate of $7.86 billion. Medtronic PLC had a return on equity of 12.72% and a net margin of 13.56%. The company’s revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.27 EPS. On average, analysts predict that Medtronic PLC will post $4.81 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.20%. This is an increase from Medtronic PLC’s previous quarterly dividend of $0.43. The ex-dividend date was Wednesday, July 5th. Medtronic PLC’s dividend payout ratio is presently 63.67%.
A number of research firms recently commented on MDT. William Blair restated an “outperform” rating on shares of Medtronic PLC in a report on Thursday, July 6th. BidaskClub raised Medtronic PLC from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Wells Fargo & Company reaffirmed an “outperform” rating on shares of Medtronic PLC in a research report on Wednesday, July 12th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating on shares of Medtronic PLC in a research report on Tuesday, July 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 target price (up previously from $91.00) on shares of Medtronic PLC in a research report on Thursday, May 25th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $89.84.
In other news, EVP Bryan C. Hanson sold 12,000 shares of the company’s stock in a transaction on Monday, July 17th. The stock was sold at an average price of $88.57, for a total transaction of $1,062,840.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard H. Anderson bought 5,600 shares of the business’s stock in a transaction dated Wednesday, June 21st. The shares were bought at an average price of $88.90 per share, with a total value of $497,840.00. Following the completion of the transaction, the director now owns 71,910 shares in the company, valued at approximately $6,392,799. The disclosure for this purchase 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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