Traders Buy Shares of Medtronic PLC (MDT) on Weakness

Investors purchased shares of Medtronic PLC (NYSE:MDT) on weakness during trading hours on Monday. $116.04 million flowed into the stock on the tick-up and $74.89 million flowed out of the stock on the tick-down, for a money net flow of $41.15 million into the stock. Of all equities tracked, Medtronic PLC had the 18th highest net in-flow for the day. Medtronic PLC traded down ($0.77) for the day and closed at $80.53

A number of research analysts have weighed in on the stock. William Blair reiterated an “outperform” rating on shares of Medtronic PLC in a research note on Thursday, July 6th. Wells Fargo & Company reiterated an “outperform” rating on shares of Medtronic PLC in a research note on Wednesday, July 12th. Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of Medtronic PLC in a research note on Tuesday, July 18th. BidaskClub cut shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Finally, Zacks Investment Research cut shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $87.88.

The company has a market cap of $109.09 billion, a PE ratio of 27.11 and a beta of 1.01. The company has a 50-day moving average price of $79.32 and a 200 day moving average price of $83.14.

Medtronic PLC (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. The firm had revenue of $7.39 billion for the quarter, compared to analysts’ expectations of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.03 earnings per share. On average, equities research analysts expect that Medtronic PLC will post $4.63 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 20th. Stockholders of record on Friday, September 29th were given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend was Thursday, September 28th. Medtronic PLC’s payout ratio is currently 61.95%.

In other news, EVP Bryan C. Hanson sold 16,000 shares of Medtronic PLC stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $78.03, for a total transaction of $1,248,480.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Omar Ishrak sold 140,407 shares of Medtronic PLC stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the sale, the chief executive officer now owns 668,503 shares in the company, valued at approximately $54,569,899.89. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in MDT. BlackRock Inc. increased its position in Medtronic PLC by 2,513.4% in the first quarter. BlackRock Inc. now owns 87,035,376 shares of the medical technology company’s stock worth $7,011,571,000 after purchasing an additional 83,705,052 shares during the last quarter. Lazard Asset Management LLC increased its position in Medtronic PLC by 1,061.4% in the first quarter. Lazard Asset Management LLC now owns 13,678,772 shares of the medical technology company’s stock worth $1,101,960,000 after purchasing an additional 12,500,992 shares during the last quarter. Vanguard Group Inc. increased its position in Medtronic PLC by 4.5% in the first quarter. Vanguard Group Inc. now owns 102,321,656 shares of the medical technology company’s stock worth $8,243,034,000 after purchasing an additional 4,412,536 shares during the last quarter. Alliancebernstein L.P. increased its position in Medtronic PLC by 135.5% in the second quarter. Alliancebernstein L.P. now owns 6,070,160 shares of the medical technology company’s stock worth $538,727,000 after purchasing an additional 3,493,058 shares during the last quarter. Finally, Sanders Capital LLC increased its position in Medtronic PLC by 43.7% in the second quarter. Sanders Capital LLC now owns 6,670,948 shares of the medical technology company’s stock worth $651,800,000 after purchasing an additional 2,027,147 shares during the last quarter. Institutional investors own 80.81% of the company’s stock.

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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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