Van ECK Associates Corp grew its stake in shares of Medtronic plc. (NYSE:MDT) by 118.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 383,152 shares of the medical technology company’s stock after acquiring an additional 207,584 shares during the quarter. Van ECK Associates Corp’s holdings in Medtronic were worth $29,798,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of MDT. Parkside Financial Bank & Trust grew its holdings in shares of Medtronic by 22.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock worth $102,000 after purchasing an additional 210 shares during the period. BDO Wealth Advisors LLC purchased a new stake in shares of Medtronic during the 2nd quarter worth about $103,000. Motco grew its holdings in shares of Medtronic by 8.7% during the 2nd quarter. Motco now owns 1,239 shares of the medical technology company’s stock worth $110,000 after purchasing an additional 99 shares during the period. Quadrant Capital Group LLC grew its holdings in shares of Medtronic by 21.5% during the 2nd quarter. Quadrant Capital Group LLC now owns 1,639 shares of the medical technology company’s stock worth $114,000 after purchasing an additional 290 shares during the period. Finally, Blue Chip Partners Inc. purchased a new stake in shares of Medtronic during the 3rd quarter worth about $118,000. 81.72% of the stock is owned by institutional investors.
Medtronic plc. (NYSE MDT) opened at $85.73 on Friday. Medtronic plc. has a 52-week low of $73.59 and a 52-week high of $89.72. The stock has a market capitalization of $115,710.00, a P/E ratio of 23.55, a price-to-earnings-growth ratio of 2.35 and a beta of 0.99. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.40 and a quick ratio of 2.05.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 19th. Shareholders of record on Friday, December 29th will be given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date is Thursday, December 28th. Medtronic’s payout ratio is 50.55%.
A number of analysts have recently issued reports on MDT shares. Needham & Company LLC reiterated a “buy” rating and set a $94.00 target price on shares of Medtronic in a report on Thursday, November 9th. SunTrust Banks set a $92.00 target price on Medtronic and gave the stock a “buy” rating in a report on Sunday, November 19th. Royal Bank of Canada decreased their price target on Medtronic from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Monday, October 9th. Evercore ISI began coverage on Medtronic in a report on Wednesday, January 3rd. They issued an “outperform” rating and a $92.50 price target for the company. Finally, BMO Capital Markets restated an “outperform” rating and issued a $89.00 price target (down previously from $92.00) on shares of Medtronic in a report on Tuesday, October 10th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have given a buy rating to the stock. Medtronic has a consensus rating of “Buy” and a consensus target price of $89.65.
In related news, EVP Bryan C. Hanson sold 16,000 shares of the company’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $78.03, for a total transaction of $1,248,480.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Richard Kuntz sold 78,526 shares of the company’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $86.21, for a total value of $6,769,726.46. Following the sale, the vice president now directly owns 149,761 shares in the company, valued at $12,910,895.81. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 152,684 shares of company stock worth $12,831,076. 0.31% of the stock is currently owned by corporate insiders.
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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