Traders Buy Shares of Medtronic (MDT) on Weakness

Traders bought shares of Medtronic plc. (NYSE:MDT) on weakness during trading hours on Tuesday. $122.76 million flowed into the stock on the tick-up and $62.07 million flowed out of the stock on the tick-down, for a money net flow of $60.69 million into the stock. Of all equities tracked, Medtronic had the 30th highest net in-flow for the day. Medtronic traded down ($0.13) for the day and closed at $85.32

MDT has been the topic of a number of recent research reports. Jefferies Group reissued a “buy” rating and issued a $96.00 target price on shares of Medtronic in a report on Thursday, September 28th. SunTrust Banks reissued a “buy” rating and issued a $96.00 target price on shares of Medtronic in a report on Monday, October 2nd. Wells Fargo & Co cut shares of Medtronic from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $93.00 to $83.00 in a report on Monday, October 9th. Royal Bank of Canada cut their target price on shares of Medtronic from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Monday, October 9th. Finally, Stifel Nicolaus cut their price target on Medtronic from $91.00 to $83.00 and set a “hold” rating on the stock in a report on Monday, October 9th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $89.65.

The stock has a market capitalization of $115,480.00, a price-to-earnings ratio of 23.66, a price-to-earnings-growth ratio of 2.35 and a beta of 0.99. The company has a current ratio of 2.40, a quick ratio of 2.05 and a debt-to-equity ratio of 0.50.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 21st. The medical technology company reported $1.07 EPS for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.08. Medtronic had a net margin of 16.93% and a return on equity of 12.63%. The business had revenue of $7.05 billion for the quarter, compared to analyst estimates of $7.05 billion. During the same quarter last year, the business earned $1.12 earnings per share. The business’s revenue for the quarter was down 4.0% on a year-over-year basis. sell-side analysts expect that Medtronic plc. will post 4.77 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 19th. Investors of record on Friday, December 29th will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.14%. Medtronic’s dividend payout ratio is presently 50.55%.

In related news, EVP Hooman Hakami sold 26,158 shares of the firm’s stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $85.00, for a total transaction of $2,223,430.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Richard Kuntz sold 78,526 shares of the firm’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 transaction of $6,769,726.46. Following the transaction, the vice president now owns 149,761 shares in the company, valued at approximately $12,910,895.81. The disclosure for this sale can be found here. Insiders have sold 136,684 shares of company stock worth $11,582,596 in the last quarter. Company insiders own 0.31% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of MDT. Vanguard Group Inc. grew its position in Medtronic by 2.4% in the second quarter. Vanguard Group Inc. now owns 104,776,036 shares of the medical technology company’s stock worth $9,298,872,000 after buying an additional 2,454,380 shares during the last quarter. BlackRock Inc. grew its position in Medtronic by 2.8% in the second quarter. BlackRock Inc. now owns 89,512,229 shares of the medical technology company’s stock worth $7,944,210,000 after buying an additional 2,476,853 shares during the last quarter. Artisan Partners Limited Partnership grew its position in Medtronic by 1.1% in the third quarter. Artisan Partners Limited Partnership now owns 23,853,034 shares of the medical technology company’s stock worth $1,855,050,000 after buying an additional 269,814 shares during the last quarter. Lazard Asset Management LLC grew its position in Medtronic by 43.8% in the second quarter. Lazard Asset Management LLC now owns 19,669,866 shares of the medical technology company’s stock worth $1,745,699,000 after buying an additional 5,991,094 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in Medtronic by 1.4% in the third quarter. Wells Fargo & Company MN now owns 12,378,331 shares of the medical technology company’s stock worth $962,664,000 after buying an additional 165,149 shares during the last quarter. Institutional investors and hedge funds own 81.75% of the company’s stock.

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About Medtronic

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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