Cornerstone Wealth Management LLC raised its stake in Medtronic plc (NYSE:MDT) by 10.5% during the third quarter, HoldingsChannel.com reports. The fund owned 4,698 shares of the medical technology company’s stock after acquiring an additional 447 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Medtronic were worth $488,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the business. Butensky & Cohen Financial Security Inc. grew its position in Medtronic by 3.5% in the third quarter. Butensky & Cohen Financial Security Inc. now owns 26,522 shares of the medical technology company’s stock valued at $2,756,000 after acquiring an additional 904 shares during the period. JGP Wealth Management LLC grew its position in Medtronic by 6.5% in the third quarter. JGP Wealth Management LLC now owns 56,427 shares of the medical technology company’s stock valued at $5,962,000 after acquiring an additional 3,431 shares during the period. Miramar Capital LLC grew its position in Medtronic by 1.4% in the third quarter. Miramar Capital LLC now owns 48,158 shares of the medical technology company’s stock valued at $5,252,000 after acquiring an additional 669 shares during the period. WoodTrust Financial Corp bought a new stake in Medtronic in the third quarter valued at $229,000. Finally, Perkins Coie Trust Co grew its position in Medtronic by 3.0% in the third quarter. Perkins Coie Trust Co now owns 32,979 shares of the medical technology company’s stock valued at $3,427,000 after acquiring an additional 968 shares during the period. Hedge funds and other institutional investors own 79.90% of the company’s stock.
MDT has been the topic of a number of analyst reports. Needham & Company LLC upped their price target on Medtronic from $113.00 to $124.00 and gave the company a “buy” rating in a research report on Tuesday, August 25th. Citigroup increased their target price on Medtronic from $108.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, August 26th. Zacks Investment Research cut Medtronic from a “hold” rating to a “strong sell” rating and set a $84.00 target price on the stock. in a report on Wednesday, July 29th. Credit Suisse Group increased their target price on Medtronic from $117.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, August 26th. Finally, Oppenheimer restated a “buy” rating and set a $112.00 target price on shares of Medtronic in a report on Tuesday, August 25th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $116.07.
NYSE:MDT opened at $107.56 on Thursday. Medtronic plc has a 1-year low of $72.13 and a 1-year high of $122.15. The business’s 50-day moving average price is $105.54 and its two-hundred day moving average price is $98.41. The company has a current ratio of 1.87, a quick ratio of 1.53 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $144.58 billion, a price-to-earnings ratio of 32.89, a PEG ratio of 3.34 and a beta of 0.67.
Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 25th. The medical technology company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.41. Medtronic had a return on equity of 10.47% and a net margin of 15.80%. The firm had revenue of $6.51 billion for the quarter, compared to analyst estimates of $5.48 billion. During the same quarter in the prior year, the firm posted $1.26 earnings per share. The company’s quarterly revenue was down 13.2% on a year-over-year basis. Sell-side analysts predict that Medtronic plc will post 3.94 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, September 25th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Thursday, September 24th. Medtronic’s payout ratio is 50.54%.
In other news, SVP Bradley E. Lerman sold 20,714 shares of the firm’s stock in a transaction dated Thursday, October 8th. The stock was sold at an average price of $110.00, for a total transaction of $2,278,540.00. Following the sale, the senior vice president now owns 74,242 shares of the company’s stock, valued at $8,166,620. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Karen L. Parkhill sold 702 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $107.78, for a total value of $75,661.56. Following the sale, the chief financial officer now directly owns 87,366 shares in the company, valued at approximately $9,416,307.48. The disclosure for this sale can be found here. Insiders sold 41,326 shares of company stock worth $4,441,498 in the last three months. Insiders own 0.52% of the company’s stock.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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