Private Advisor Group LLC lowered its position in Medtronic PLC (NYSE:MDT) by 9.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 26,711 shares of the medical technology company’s stock after selling 2,864 shares during the period. Private Advisor Group LLC’s holdings in Medtronic were worth $2,601,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Krane Funds Advisors LLC purchased a new stake in shares of Medtronic in the 2nd quarter worth approximately $25,000. Redhawk Wealth Advisors Inc. purchased a new stake in shares of Medtronic in the 2nd quarter worth approximately $34,000. Rocky Mountain Advisers LLC grew its stake in shares of Medtronic by 100.0% in the 2nd quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock worth $39,000 after buying an additional 200 shares during the last quarter. Stuart Chaussee & Associates Inc. purchased a new stake in shares of Medtronic in the 1st quarter worth approximately $48,000. Finally, Ruggie Capital Group purchased a new stake in shares of Medtronic in the 2nd quarter worth approximately $52,000. 81.03% of the stock is owned by hedge funds and other institutional investors.
MDT has been the topic of several recent research reports. Raymond James upped their price target on Medtronic from $105.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 21st. Northland Securities restated a “hold” rating and issued a $100.00 price target on shares of Medtronic in a research note on Wednesday, August 21st. BMO Capital Markets upped their price target on Medtronic from $107.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 21st. ValuEngine downgraded Medtronic from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Deutsche Bank upped their price target on Medtronic from $100.00 to $111.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $114.15.
Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.18 by $0.08. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The business had revenue of $7.49 billion for the quarter, compared to the consensus estimate of $7.40 billion. During the same period last year, the business posted $1.17 EPS. The company’s revenue was up 1.5% compared to the same quarter last year. On average, equities analysts expect that Medtronic PLC will post 5.56 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $2.16 annualized dividend and a yield of 1.95%. Medtronic’s dividend payout ratio is 41.38%.
In other news, SVP Bradley E. Lerman sold 4,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $100.31, for a total transaction of $401,240.00. Following the transaction, the senior vice president now directly owns 52,906 shares of the company’s stock, valued at approximately $5,307,000.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Richard Kuntz sold 3,438 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $101.12, for a total value of $347,650.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 96,914 shares of company stock worth $10,315,651. Company insiders own 0.28% of the company’s stock.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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