Los Angeles Capital Management & Equity Research Inc. decreased its stake in Medtronic PLC (NYSE:MDT) by 15.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,619 shares of the medical technology company’s stock after selling 14,688 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Medtronic PLC were worth $6,575,000 as of its most recent filing with the SEC.
Several other large investors have also recently bought and sold shares of MDT. Wells Fargo & Company MN raised its stake in Medtronic PLC by 18.9% in the first quarter. Wells Fargo & Company MN now owns 11,932,572 shares of the medical technology company’s stock valued at $961,288,000 after buying an additional 1,895,386 shares during the last quarter. Dodge & Cox purchased a new stake in Medtronic PLC during the fourth quarter valued at about $761,351,000. Norges Bank purchased a new stake in Medtronic PLC during the fourth quarter valued at about $757,324,000. Swiss National Bank raised its stake in Medtronic PLC by 24.8% in the first quarter. Swiss National Bank now owns 5,459,663 shares of the medical technology company’s stock valued at $439,830,000 after buying an additional 1,085,400 shares during the last quarter. Finally, Aristotle Capital Management LLC raised its stake in Medtronic PLC by 3.4% in the fourth quarter. Aristotle Capital Management LLC now owns 3,974,566 shares of the medical technology company’s stock valued at $283,108,000 after buying an additional 132,114 shares during the last quarter. 83.54% of the stock is currently owned by institutional investors and hedge funds.
Medtronic PLC (MDT) traded down 0.31% during mid-day trading on Friday, reaching $83.41. 4,440,985 shares of the company traded hands. The stock has a 50-day moving average of $85.48 and a 200 day moving average of $83.22. The stock has a market capitalization of $113.36 billion, a PE 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.
Medtronic PLC (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.31 by $0.02. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. The firm had revenue of $7.92 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same quarter in the prior year, the business posted $1.27 earnings per share. Medtronic PLC’s revenue for the quarter was up 4.6% compared to the same quarter last year. Equities research analysts expect that Medtronic PLC will post $4.80 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Investors of record on Friday, July 7th were given 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 of this dividend was Wednesday, July 5th. This represents a $1.84 annualized dividend and a yield of 2.21%. Medtronic PLC’s dividend payout ratio is 63.67%.
A number of research analysts recently weighed in on the stock. BidaskClub raised shares of Medtronic PLC from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. Cowen and Company reaffirmed an “outperform” rating and issued a $95.00 price target (up from $86.00) on shares of Medtronic PLC in a research note on Sunday, May 28th. CIBC reaffirmed a “buy” rating on shares of Medtronic PLC in a research note on Friday, May 26th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $103.00 price target on shares of Medtronic PLC in a research note on Thursday, August 3rd. Finally, Goldman Sachs Group, Inc. (The) assumed coverage on shares of Medtronic PLC in a research note on Tuesday, May 16th. They issued a “neutral” rating and a $87.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $89.84.
In related news, Director Richard H. Anderson purchased 5,600 shares of the company’s stock in a transaction that occurred on Wednesday, June 21st. The stock was purchased at an average price of $88.90 per share, with a total value of $497,840.00. Following the completion of the transaction, the director now owns 71,910 shares of the company’s stock, valued at approximately $6,392,799. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Bryan C. Hanson sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $88.57, for a total transaction of $1,062,840.00. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.
About Medtronic PLC
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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