Mackenzie Financial Corp grew its stake in shares of Medtronic plc (NYSE:MDT) by 8.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,529,173 shares of the medical technology company’s stock after purchasing an additional 204,641 shares during the quarter. Mackenzie Financial Corp owned 0.19% of Medtronic worth $313,946,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in MDT. Solstein Capital LLC bought a new stake in Medtronic in the first quarter valued at about $33,000. Altshuler Shaham Ltd acquired a new position in shares of Medtronic during the first quarter worth approximately $34,000. Corbenic Partners LLC lifted its position in Medtronic by 264.2% in the second quarter. Corbenic Partners LLC now owns 295 shares of the medical technology company’s stock worth $37,000 after purchasing an additional 214 shares during the period. Aspire Private Capital LLC lifted its position in Medtronic by 1,316.7% in the first quarter. Aspire Private Capital LLC now owns 340 shares of the medical technology company’s stock worth $40,000 after purchasing an additional 316 shares during the period. Finally, Newfound Research LLC acquired a new stake in Medtronic in the second quarter worth approximately $43,000. Institutional investors and hedge funds own 79.59% of the company’s stock.
In other Medtronic news, SVP Bradley E. Lerman sold 50,775 shares of Medtronic stock in a transaction on Tuesday, August 31st. The shares were sold at an average price of $134.17, for a total value of $6,812,481.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Geoffrey Martha sold 11,500 shares of the business’s stock in a transaction dated Monday, June 28th. The stock was sold at an average price of $125.29, for a total transaction of $1,440,835.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 106,275 shares of company stock worth $14,126,268. Insiders own 0.47% of the company’s stock.
Medtronic (NYSE:MDT) last issued its quarterly earnings results on Monday, August 23rd. The medical technology company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.09. The business had revenue of $7.99 billion during the quarter, compared to analyst estimates of $7.88 billion. Medtronic had a net margin of 12.29% and a return on equity of 13.85%. Medtronic’s revenue for the quarter was up 22.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.62 earnings per share. On average, analysts forecast that Medtronic plc will post 5.7 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Friday, September 24th will be paid a $0.63 dividend. The ex-dividend date is Thursday, September 23rd. This represents a $2.52 dividend on an annualized basis and a yield of 1.94%.
MDT has been the topic of several recent analyst reports. Piper Sandler reissued an “overweight” rating and set a $152.00 target price (up from $140.00) on shares of Medtronic in a research note on Tuesday, August 24th. Truist Securities increased their target price on shares of Medtronic from $138.00 to $148.00 and gave the stock a “buy” rating in a research report on Wednesday, August 25th. Stifel Nicolaus increased their target price on shares of Medtronic from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, August 25th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Medtronic from $134.00 to $149.00 and gave the company a “buy” rating in a research note on Friday, May 28th. Finally, Argus increased their target price on shares of Medtronic from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, August 27th. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic presently has a consensus rating of “Buy” and an average price target of $144.18.
Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group.
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