Moors & Cabot Inc. grew its position in shares of Medtronic plc. (NYSE:MDT) by 10.2% during the third quarter, HoldingsChannel.com reports. The fund owned 47,640 shares of the medical technology company’s stock after purchasing an additional 4,413 shares during the period. Moors & Cabot Inc.’s holdings in Medtronic were worth $3,721,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of the business. Hudock Capital Group LLC grew its stake in shares of Medtronic by 0.5% in the 2nd quarter. Hudock Capital Group LLC now owns 2,195 shares of the medical technology company’s stock worth $194,000 after buying an additional 11 shares during the last quarter. IFC Holdings Incorporated FL grew its stake in shares of Medtronic by 0.3% in the 2nd quarter. IFC Holdings Incorporated FL now owns 5,673 shares of the medical technology company’s stock worth $501,000 after buying an additional 17 shares during the last quarter. Arcus Capital Partners LLC grew its stake in shares of Medtronic by 0.8% in the 2nd quarter. Arcus Capital Partners LLC now owns 3,249 shares of the medical technology company’s stock worth $288,000 after buying an additional 25 shares during the last quarter. Hanson McClain Inc. grew its stake in shares of Medtronic by 0.5% in the 2nd quarter. Hanson McClain Inc. now owns 7,281 shares of the medical technology company’s stock worth $646,000 after buying an additional 35 shares during the last quarter. Finally, Fiera Capital Corp grew its stake in shares of Medtronic by 0.5% in the 2nd quarter. Fiera Capital Corp now owns 6,832 shares of the medical technology company’s stock worth $606,000 after buying an additional 37 shares during the last quarter. Hedge funds and other institutional investors own 81.72% of the company’s stock.
MDT has been the topic of several recent research reports. Needham & Company LLC restated a “buy” rating and issued a $94.00 price target on shares of Medtronic in a research note on Thursday, November 9th. SunTrust Banks set a $92.00 price target on Medtronic and gave the stock a “buy” rating in a research note on Sunday, November 19th. Royal Bank of Canada cut their price target on Medtronic from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Monday, October 9th. Evercore ISI initiated coverage on Medtronic in a research note on Wednesday, January 3rd. They issued an “outperform” rating and a $92.50 price target on the stock. Finally, BMO Capital Markets restated an “outperform” rating and issued a $89.00 price target (down previously from $92.00) on shares of Medtronic in a research note on Tuesday, October 10th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $89.65.
Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 21st. The medical technology company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.99 by $0.08. Medtronic had a return on equity of 12.63% and a net margin of 16.93%. The business had revenue of $7.05 billion for the quarter, compared to the consensus estimate of $7.05 billion. During the same period last year, the business posted $1.12 EPS. The company’s revenue was down 4.0% compared to the same quarter last year. equities research analysts anticipate 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 issued a dividend of $0.46 per share. The ex-dividend date is Thursday, December 28th. This represents a $1.84 annualized dividend and a dividend yield of 2.15%. Medtronic’s payout ratio is 50.41%.
In other news, VP Richard Kuntz sold 78,526 shares of the stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $86.21, for a total transaction of $6,769,726.46. Following the transaction, the vice president now directly owns 149,761 shares of the company’s stock, valued at approximately $12,910,895.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Bryan C. Hanson sold 16,000 shares of the stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $79.02, for a total value of $1,264,320.00. The disclosure for this sale can be found here. Insiders have sold a total of 152,684 shares of company stock worth $12,831,076 over the last three months. Insiders own 0.31% of the company’s stock.
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Medtronic 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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