Medtronic PLC (NYSE:MDT) – Analysts at Wedbush cut their Q2 2018 EPS estimates for Medtronic PLC in a note issued to investors on Tuesday. Wedbush analyst Levy. T now anticipates that the medical technology company will earn $0.89 per share for the quarter, down from their prior estimate of $1.05.
A number of other research firms also recently commented on MDT. BidaskClub upgraded Medtronic PLC from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 17th. Zacks Investment Research downgraded Medtronic PLC from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Royal Bank Of Canada dropped their price objective on Medtronic PLC from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Monday. Jefferies Group LLC reiterated a “buy” rating and issued a $103.00 price objective on shares of Medtronic PLC in a report on Thursday, August 3rd. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $89.00 price objective (down previously from $92.00) on shares of Medtronic PLC in a report on Tuesday. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Medtronic PLC has an average rating of “Hold” and an average target price of $87.88.
Several hedge funds have recently added to or reduced their stakes in MDT. Waldron LP bought a new position in shares of Medtronic PLC in the first quarter valued at approximately $512,000. Boston Partners grew its holdings in shares of Medtronic PLC by 2.9% in the first quarter. Boston Partners now owns 1,327,553 shares of the medical technology company’s stock valued at $106,947,000 after acquiring an additional 37,028 shares in the last quarter. HPM Partners LLC bought a new position in shares of Medtronic PLC in the first quarter valued at approximately $1,352,000. Princeton Alpha Management LP bought a new position in shares of Medtronic PLC in the first quarter valued at approximately $557,000. Finally, Pinnacle Financial Partners Inc. grew its holdings in shares of Medtronic PLC by 7.4% in the first quarter. Pinnacle Financial Partners Inc. now owns 35,915 shares of the medical technology company’s stock valued at $2,893,000 after acquiring an additional 2,476 shares in the last quarter. 80.63% of the stock is owned by institutional investors.
In other news, 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 value of $1,062,840.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Omar Ishrak sold 140,407 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $81.63, for a total value of $11,461,423.41. Following the completion of the transaction, the chief executive officer now directly owns 668,503 shares of the company’s stock, valued at $54,569,899.89. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, September 29th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Thursday, September 28th. Medtronic PLC’s dividend payout ratio is presently 61.95%.
Medtronic PLC declared that its board has initiated a stock repurchase plan on Friday, June 23rd that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the medical technology company to repurchase up to 49% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
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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