Edge Asset Management Inc. boosted its stake in Medtronic PLC (NYSE:MDT) by 0.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,560,427 shares of the medical technology company’s stock after buying an additional 12,258 shares during the period. Medtronic PLC comprises 0.9% of Edge Asset Management Inc.’s investment portfolio, making the stock its 23rd largest position. Edge Asset Management Inc. owned approximately 0.11% of Medtronic PLC worth $125,708,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of MDT. Smith Salley & Associates raised its stake in Medtronic PLC by 2.5% in the first quarter. Smith Salley & Associates now owns 5,853 shares of the medical technology company’s stock valued at $472,000 after buying an additional 141 shares during the period. Atria Investments LLC raised its stake in Medtronic PLC by 39.0% in the first quarter. Atria Investments LLC now owns 9,233 shares of the medical technology company’s stock valued at $744,000 after buying an additional 2,591 shares during the period. Intrust Bank NA raised its stake in Medtronic PLC by 2.6% in the first quarter. Intrust Bank NA now owns 10,688 shares of the medical technology company’s stock valued at $861,000 after buying an additional 272 shares during the period. High Pointe Capital Management LLC purchased a new stake in Medtronic PLC during the first quarter valued at approximately $854,000. Finally, Shine Investment Advisory Services Inc. purchased a new stake in Medtronic PLC during the first quarter valued at approximately $244,000. Institutional investors own 83.54% of the company’s stock.
Shares of Medtronic PLC (NYSE:MDT) opened at 83.41 on Friday. The stock has a market cap of $113.36 billion, a price-to-earnings ratio of 28.86 and a beta of 1.02. Medtronic PLC has a 52-week low of $69.35 and a 52-week high of $89.72. The stock’s 50 day moving average price is $85.48 and its 200-day moving average price is $83.22.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 26th. Investors of record on Friday, July 7th were issued a dividend of $0.46 per share. This is a positive change from Medtronic PLC’s previous quarterly dividend of $0.43. The ex-dividend date was Wednesday, July 5th. This represents a $1.84 annualized dividend and a dividend yield of 2.21%. Medtronic PLC’s payout ratio is presently 63.67%.
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Several research analysts have recently weighed in on MDT shares. CIBC restated a “buy” rating on shares of Medtronic PLC in a report on Friday, May 26th. Needham & Company LLC restated a “buy” rating and set a $95.00 target price (up from $91.00) on shares of Medtronic PLC in a report on Thursday, May 25th. Oppenheimer Holdings, Inc. restated a “buy” rating and set a $93.00 target price (up from $87.00) on shares of Medtronic PLC in a report on Thursday, May 25th. UBS AG restated a “buy” rating and set a $95.00 target price (up from $94.00) on shares of Medtronic PLC in a report on Tuesday, May 30th. Finally, BidaskClub cut Medtronic PLC from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $89.84.
In related news, EVP Bryan C. Hanson sold 12,000 shares of Medtronic PLC stock in a transaction on 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 filing with the SEC, which is available at the SEC website. Also, Director Richard H. Anderson purchased 5,600 shares of the company’s stock in a transaction that occurred on Wednesday, June 21st. The shares were purchased at an average cost of $88.90 per share, for a total transaction of $497,840.00. Following the purchase, the director now directly owns 71,910 shares in the company, valued at $6,392,799. The disclosure for this purchase can be found here. Insiders own 0.25% of the company’s stock.
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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