ARS Investment Partners LLC increased its position in Medtronic PLC (NYSE:MDT) by 1.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 87,188 shares of the medical technology company’s stock after buying an additional 1,091 shares during the period. Medtronic PLC makes up about 1.0% of ARS Investment Partners LLC’s investment portfolio, making the stock its 29th largest position. ARS Investment Partners LLC’s holdings in Medtronic PLC were worth $7,024,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of MDT. Pinnacle Financial Partners Inc. increased its position in shares of Medtronic PLC by 1.1% in the fourth quarter. Pinnacle Financial Partners Inc. now owns 33,439 shares of the medical technology company’s stock worth $2,382,000 after buying an additional 356 shares during the last quarter. Lebenthal Asset Management LLC increased its position in shares of Medtronic PLC by 51.2% in the fourth quarter. Lebenthal Asset Management LLC now owns 25,777 shares of the medical technology company’s stock worth $1,836,000 after buying an additional 8,730 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of Medtronic PLC during the fourth quarter worth approximately $202,568,000. Castleark Management LLC increased its position in shares of Medtronic PLC by 12.3% in the fourth quarter. Castleark Management LLC now owns 583,746 shares of the medical technology company’s stock worth $41,580,000 after buying an additional 64,076 shares during the last quarter. Finally, Independent Advisor Alliance bought a new position in shares of Medtronic PLC during the fourth quarter worth approximately $635,000. Hedge funds and other institutional investors own 83.54% of the company’s stock.
Medtronic PLC (NYSE MDT) traded down 0.31% on Friday, reaching $83.41. The company had a trading volume of 4,440,985 shares. The stock has a market capitalization of $113.36 billion, a price-to-earnings ratio of 28.86 and a beta of 1.02. Medtronic PLC has a 12 month low of $69.35 and a 12 month high of $89.72. The firm has a 50 day moving average price of $85.48 and a 200-day moving average price of $83.22.
Medtronic PLC (NYSE:MDT) last posted its earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.02. The firm 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 company’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.27 earnings per share. Analysts forecast that Medtronic PLC will post $4.80 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were issued a dividend of $0.46 per share. The ex-dividend date was Wednesday, July 5th. This is a positive change from Medtronic PLC’s previous quarterly dividend of $0.43. This represents a $1.84 annualized dividend and a yield of 2.21%. Medtronic PLC’s payout ratio is currently 63.67%.
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A number of research analysts have issued reports on the company. Goldman Sachs Group, Inc. (The) assumed coverage on Medtronic PLC in a research report on Tuesday, May 16th. They set a “neutral” rating and a $87.00 price target for the company. Zacks Investment Research lowered Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Tuesday, May 23rd. Oppenheimer Holdings, Inc. reiterated a “buy” rating and set a $93.00 price target (up previously from $87.00) on shares of Medtronic PLC in a research report on Thursday, May 25th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price target (up previously from $91.00) on shares of Medtronic PLC in a research report on Thursday, May 25th. Finally, CIBC reiterated a “buy” rating on shares of Medtronic PLC in a research report on Friday, May 26th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company. Medtronic PLC has an average rating of “Hold” and a consensus target price of $89.84.
In other Medtronic PLC news, Director Richard H. Anderson bought 5,600 shares of Medtronic PLC stock in a transaction on Wednesday, June 21st. The shares were purchased at an average cost of $88.90 per share, for a total transaction of $497,840.00. Following the completion of the acquisition, the director now owns 71,910 shares in the company, valued at approximately $6,392,799. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Bryan C. Hanson sold 12,000 shares of Medtronic PLC stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $88.57, for a total value of $1,062,840.00. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.
About Medtronic PLC
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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