Traders Sell Medtronic PLC (MDT) on Strength After Analyst Downgrade

Investors sold shares of Medtronic PLC (NYSE:MDT) on strength during trading on Tuesday after BMO Capital Markets lowered their price target on the stock from $92.00 to $87.00. $84.60 million flowed into the stock on the tick-up and $130.23 million flowed out of the stock on the tick-down, for a money net flow of $45.63 million out of the stock. Of all equities tracked, Medtronic PLC had the 0th highest net out-flow for the day. Medtronic PLC traded up $0.36 for the day and closed at $77.29

Several other analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Tuesday, September 12th. Stifel Nicolaus cut their price target on shares of Medtronic PLC from $91.00 to $83.00 and set a “hold” rating for the company in a research report on Monday. Wells Fargo & Company lowered shares of Medtronic PLC from an “outperform” rating to a “market perform” rating and cut their price target for the company from $93.00 to $83.00 in a research report on Monday. BidaskClub lowered shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Finally, Barclays PLC cut their price target on shares of Medtronic PLC from $94.00 to $92.00 and set an “overweight” rating for the company in a research report on Wednesday, August 23rd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $87.79.

In other news, EVP Bryan C. Hanson sold 12,000 shares of the stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Omar Ishrak sold 140,407 shares of the stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the sale, the chief executive officer now owns 668,503 shares of the company’s stock, valued at $54,569,899.89. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Perpetual Ltd raised its stake in Medtronic PLC by 7.7% in the second quarter. Perpetual Ltd now owns 11,245 shares of the medical technology company’s stock worth $998,000 after buying an additional 800 shares in the last quarter. Ardsley Advisory Partners raised its stake in Medtronic PLC by 100.0% in the second quarter. Ardsley Advisory Partners now owns 5,000 shares of the medical technology company’s stock worth $444,000 after buying an additional 2,500 shares in the last quarter. Frontier Investment Mgmt Co. raised its stake in Medtronic PLC by 1.5% in the second quarter. Frontier Investment Mgmt Co. now owns 192,410 shares of the medical technology company’s stock worth $17,076,000 after buying an additional 2,844 shares in the last quarter. Perigon Wealth Management LLC raised its stake in Medtronic PLC by 194.3% in the second quarter. Perigon Wealth Management LLC now owns 2,840 shares of the medical technology company’s stock worth $252,000 after buying an additional 1,875 shares in the last quarter. Finally, Intl Fcstone Inc. bought a new position in Medtronic PLC in the second quarter worth about $935,000. Institutional investors own 80.63% of the company’s stock.

The company has a market capitalization of $104.70 billion, a P/E ratio of 26.01 and a beta of 1.01. The stock has a 50-day moving average price of $79.78 and a 200-day moving average price of $83.30.

Medtronic PLC (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. The company had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.03 EPS. On average, analysts anticipate that Medtronic PLC will post $4.69 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, September 29th will be given a $0.46 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.84 annualized dividend and a yield of 2.38%. Medtronic PLC’s dividend payout ratio (DPR) is 61.95%.

Medtronic PLC announced that its board has initiated a stock repurchase plan on Friday, June 23rd that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the medical technology company to repurchase up to 49% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

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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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