Investors Buy Medtronic PLC (MDT) on Weakness

Investors bought shares of Medtronic PLC (NYSE:MDT) on weakness during trading hours on Wednesday. $95.04 million flowed into the stock on the tick-up and $55.16 million flowed out of the stock on the tick-down, for a money net flow of $39.88 million into the stock. Of all companies tracked, Medtronic PLC had the 16th highest net in-flow for the day. Medtronic PLC traded down ($0.32) for the day and closed at $83.20

A number of brokerages have recently issued reports on MDT. William Blair restated an “outperform” rating on shares of Medtronic PLC in a research report on Thursday, July 6th. BidaskClub upgraded shares of Medtronic PLC from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Wells Fargo & Company restated an “outperform” rating on shares of Medtronic PLC in a research report on Wednesday, July 12th. Oppenheimer Holdings, Inc. restated a “buy” rating on shares of Medtronic PLC in a research report on Tuesday, July 18th. Finally, Needham & Company LLC restated a “buy” rating and set a $95.00 target price (up from $91.00) on shares of Medtronic PLC in a research report on Thursday, May 25th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have issued a buy rating to the company. Medtronic PLC presently has an average rating of “Hold” and a consensus target price of $89.84.

The company has a 50-day moving average of $86.18 and a 200-day moving average of $82.87. The company has a market cap of $113.76 billion, a PE ratio of 28.97 and a beta of 1.02.

Medtronic PLC (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 25th. The medical technology company reported $1.33 EPS for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.02. The business had revenue of $7.92 billion for the quarter, compared to analyst estimates of $7.86 billion. Medtronic PLC had a return on equity of 12.72% and a net margin of 13.56%. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.27 EPS. On average, equities research analysts predict that Medtronic PLC will post $4.81 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were issued a dividend of $0.46 per share. This is a positive change from Medtronic PLC’s previous quarterly dividend of $0.43. The ex-dividend date was Wednesday, July 5th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.20%. Medtronic PLC’s dividend payout ratio is currently 63.67%.

In other Medtronic PLC news, EVP Bryan C. Hanson sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $88.57, for a total value of $1,062,840.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard H. Anderson bought 5,600 shares of the stock in a transaction on Wednesday, June 21st. The stock was acquired at an average cost of $88.90 per share, for a total transaction of $497,840.00. Following the acquisition, the director now directly owns 71,910 shares in the company, valued at $6,392,799. The disclosure for this purchase can be found here. Corporate insiders own 0.25% of the company’s stock.

Several hedge funds have recently made changes to their positions in MDT. Parkside Financial Bank & Trust increased its stake in shares of Medtronic PLC by 22.4% in the second quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock worth $102,000 after buying an additional 210 shares in the last quarter. BDO Wealth Advisors LLC purchased a new stake in shares of Medtronic PLC during the second quarter worth approximately $103,000. Motco increased its stake in shares of Medtronic PLC by 8.7% in the second quarter. Motco now owns 1,239 shares of the medical technology company’s stock worth $110,000 after buying an additional 99 shares in the last quarter. Farmers National Bank purchased a new stake in shares of Medtronic PLC during the first quarter worth approximately $121,000. Finally, Norway Savings Bank increased its stake in shares of Medtronic PLC by 2.7% in the second quarter. Norway Savings Bank now owns 1,427 shares of the medical technology company’s stock worth $127,000 after buying an additional 38 shares in the last quarter. Institutional investors own 83.36% 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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