Tocqueville Asset Management L.P. continued to hold its stake in Medtronic PLC (NYSE:MDT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,856 shares of the medical technology company’s stock at the end of the second quarter. Tocqueville Asset Management L.P.’s holdings in Medtronic PLC were worth $254,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Parkside Financial Bank & Trust lifted its holdings in shares of Medtronic PLC by 22.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock worth $102,000 after purchasing an additional 210 shares in the last quarter. Farmers National Bank bought a new position in shares of Medtronic PLC in the 1st quarter worth $121,000. Norway Savings Bank lifted its holdings in shares of Medtronic PLC by 2.7% in the 2nd quarter. Norway Savings Bank now owns 1,427 shares of the medical technology company’s stock worth $127,000 after purchasing an additional 38 shares in the last quarter. Israel Discount Bank of New York bought a new position in shares of Medtronic PLC in the 1st quarter worth $117,000. Finally, Birch Hill Investment Advisors LLC bought a new position in shares of Medtronic PLC in the 1st quarter worth $120,000. Institutional investors own 80.63% of the company’s stock.
In related news, CEO Omar Ishrak sold 140,407 shares of the company’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the completion of the sale, the chief executive officer now owns 668,503 shares in the company, valued at $54,569,899.89. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Bryan C. Hanson sold 12,000 shares of the company’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $88.57, for a total value of $1,062,840.00. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.
A number of equities analysts recently issued reports on the company. BMO Capital Markets reiterated a “buy” rating and issued a $89.00 target price (down from $92.00) on shares of Medtronic PLC in a report on Tuesday. Needham & Company LLC cut their target price on Medtronic PLC from $95.00 to $94.00 and set a “buy” rating on the stock in a report on Tuesday. Leerink Swann reiterated a “market perform” rating and issued a $85.00 target price (down from $88.00) on shares of Medtronic PLC in a report on Monday. Stifel Nicolaus cut their target price on Medtronic PLC from $91.00 to $83.00 and set a “hold” rating on the stock in a report on Monday. Finally, Royal Bank Of Canada cut their target price on Medtronic PLC from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Monday. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company. Medtronic PLC currently has a consensus rating of “Hold” and an average price target of $87.88.
Medtronic PLC (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The firm had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.44 billion. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The company’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 earnings per share.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date is Thursday, September 28th. Medtronic PLC’s payout ratio is currently 61.95%.
Medtronic PLC announced that its board has approved a share repurchase plan on Friday, June 23rd that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the medical technology company to reacquire up to 49% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are 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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