Bank of Nova Scotia Trust Co. bought a new position in Medtronic plc. (NYSE:MDT) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 39,704 shares of the medical technology company’s stock, valued at approximately $3,088,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of MDT. Catawba Capital Management VA increased its position in Medtronic by 5.2% in the second quarter. Catawba Capital Management VA now owns 14,668 shares of the medical technology company’s stock worth $1,302,000 after buying an additional 726 shares during the period. Bremer Trust National Association grew its stake in shares of Medtronic by 9.3% in the second quarter. Bremer Trust National Association now owns 4,490 shares of the medical technology company’s stock worth $398,000 after purchasing an additional 382 shares in the last quarter. Independence Advisors LLC bought a new position in shares of Medtronic in the second quarter worth $297,000. Stillwater Capital Advisors LLC grew its stake in shares of Medtronic by 1.9% in the second quarter. Stillwater Capital Advisors LLC now owns 118,051 shares of the medical technology company’s stock worth $10,477,000 after purchasing an additional 2,162 shares in the last quarter. Finally, Factory Mutual Insurance Co. grew its stake in shares of Medtronic by 3.9% in the second quarter. Factory Mutual Insurance Co. now owns 1,068,720 shares of the medical technology company’s stock worth $94,850,000 after purchasing an additional 40,000 shares in the last quarter. 81.72% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Bryan C. Hanson sold 16,000 shares of the firm’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $79.02, for a total transaction of $1,264,320.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Hooman Hakami sold 26,158 shares of the firm’s stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $85.00, for a total value of $2,223,430.00. The disclosure for this sale can be found here. Insiders have sold a total of 74,158 shares of company stock valued at $6,061,350 over the last ninety days. Company insiders own 0.31% of the company’s stock.
Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.08. The firm had revenue of $7.05 billion during the quarter, compared to the consensus estimate of $7.05 billion. Medtronic had a return on equity of 12.63% and a net margin of 16.93%. The business’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.12 EPS. analysts predict that Medtronic plc. will post 4.77 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, December 29th will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend is Thursday, December 28th. Medtronic’s dividend payout ratio (DPR) is presently 50.55%.
Several research analysts have recently issued reports on the company. Evercore ISI assumed coverage on Medtronic in a research note on Wednesday, January 3rd. They issued an “outperform” rating and a $92.50 price target for the company. Bank of America raised Medtronic from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 2nd. Oppenheimer reissued a “buy” rating on shares of Medtronic in a research note on Thursday, December 21st. Argus raised Medtronic from a “hold” rating to a “buy” rating and increased their price target for the stock from $81.27 to $95.00 in a research note on Tuesday, December 12th. They noted that the move was a valuation call. Finally, BMO Capital Markets increased their price target on Medtronic to $94.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 12th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $89.65.
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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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