Merit Financial Group LLC bought a new stake in shares of Medtronic plc. (NYSE:MDT) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,752 shares of the medical technology company’s stock, valued at approximately $302,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Janus Henderson Group PLC bought a new position in Medtronic during the 3rd quarter valued at about $579,952,000. Lazard Asset Management LLC grew its holdings in Medtronic by 43.8% during the 2nd quarter. Lazard Asset Management LLC now owns 19,669,866 shares of the medical technology company’s stock valued at $1,745,699,000 after purchasing an additional 5,991,094 shares during the last quarter. BlackRock Inc. grew its holdings in Medtronic by 6.4% during the 4th quarter. BlackRock Inc. now owns 94,595,580 shares of the medical technology company’s stock valued at $7,638,592,000 after purchasing an additional 5,688,180 shares during the last quarter. Vanguard Group Inc. grew its stake in Medtronic by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 104,776,036 shares of the medical technology company’s stock worth $9,298,872,000 after acquiring an additional 2,454,380 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in Medtronic by 35.0% in the 3rd quarter. American Century Companies Inc. now owns 9,082,452 shares of the medical technology company’s stock worth $706,342,000 after acquiring an additional 2,354,467 shares in the last quarter. Hedge funds and other institutional investors own 80.79% of the company’s stock.
In related news, Director James T. Lenehan sold 1,306 shares of the stock in a transaction that occurred on Tuesday, March 13th. The shares were sold at an average price of $83.56, for a total transaction of $109,129.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Richard Kuntz sold 78,526 shares of the 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 sale, the vice president now directly owns 149,761 shares of the company’s stock, valued at approximately $12,910,895.81. The disclosure for this sale can be found here. Insiders have sold 146,469 shares of company stock valued at $12,341,174 in the last three months. 0.31% of the stock is currently owned by corporate insiders.
Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.01. Medtronic had a net margin of 9.44% and a return on equity of 12.65%. The firm had revenue of $7.37 billion for the quarter, compared to the consensus estimate of $7.20 billion. During the same period last year, the firm earned $1.12 earnings per share. The company’s quarterly revenue was up 1.2% on a year-over-year basis. equities research analysts expect that Medtronic plc. will post 4.75 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 23rd will be given a dividend of $0.46 per share. The ex-dividend date is Thursday, March 22nd. This represents a $1.84 dividend on an annualized basis and a yield of 2.24%. Medtronic’s payout ratio is 90.20%.
MDT has been the topic of a number of research analyst reports. SunTrust Banks set a $92.00 target price on shares of Medtronic and gave the stock a “buy” rating in a research note on Sunday, November 19th. Evercore ISI initiated coverage on shares of Medtronic in a research note on Wednesday, January 3rd. They issued an “outperform” rating and a $92.50 target price on the stock. Citigroup restated a “buy” rating and issued a $93.00 target price (down from $100.00) on shares of Medtronic in a research note on Thursday, February 22nd. Oppenheimer restated a “buy” rating on shares of Medtronic in a research note on Thursday, December 21st. Finally, BMO Capital Markets upped their target price on shares of Medtronic to $94.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 12th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company’s stock. Medtronic presently has an average rating of “Buy” and an average price target of $91.50.
Medtronic 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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