Cornell Pochily Investment Advisors Inc. raised its stake in Medtronic PLC (NYSE:MDT) by 11.1% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 7,773 shares of the medical technology company’s stock after buying an additional 779 shares during the quarter. Cornell Pochily Investment Advisors Inc.’s holdings in Medtronic were worth $757,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of MDT. Actinver Wealth Management Inc. bought a new stake in shares of Medtronic during the fourth quarter valued at about $2,101,000. Rockefeller Capital Management L.P. raised its stake in shares of Medtronic by 0.6% during the first quarter. Rockefeller Capital Management L.P. now owns 1,357,738 shares of the medical technology company’s stock valued at $123,663,000 after purchasing an additional 7,939 shares in the last quarter. Belpointe Asset Management LLC raised its stake in shares of Medtronic by 35.3% during the first quarter. Belpointe Asset Management LLC now owns 4,581 shares of the medical technology company’s stock valued at $417,000 after purchasing an additional 1,196 shares in the last quarter. Chesley Taft & Associates LLC raised its stake in shares of Medtronic by 11.7% during the first quarter. Chesley Taft & Associates LLC now owns 10,029 shares of the medical technology company’s stock valued at $913,000 after purchasing an additional 1,050 shares in the last quarter. Finally, Marshall Wace LLP raised its stake in shares of Medtronic by 204.3% during the first quarter. Marshall Wace LLP now owns 112,270 shares of the medical technology company’s stock valued at $10,226,000 after purchasing an additional 75,372 shares in the last quarter. Institutional investors own 80.65% of the company’s stock.
A number of brokerages recently weighed in on MDT. Cowen restated an “outperform” rating and set a $111.00 price objective (up from $99.00) on shares of Medtronic in a research note on Wednesday. Royal Bank of Canada cut their price objective on shares of Medtronic to $100.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 28th. Zacks Investment Research upgraded shares of Medtronic from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. ValuEngine lowered Medtronic from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Northland Securities reaffirmed a “hold” rating and set a $100.00 target price on shares of Medtronic in a report on Thursday, June 20th. Seven research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $106.41.
Shares of MDT opened at $101.75 on Friday. The business’s 50-day moving average price is $100.44 and its 200 day moving average price is $93.48. The stock has a market capitalization of $137.33 billion, a P/E ratio of 19.49, a P/E/G ratio of 2.62 and a beta of 0.67. Medtronic PLC has a 1-year low of $81.66 and a 1-year high of $103.95. The company has a current ratio of 2.59, a quick ratio of 2.15 and a debt-to-equity ratio of 0.49.
Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.07. The firm had revenue of $8.15 billion for the quarter, compared to analysts’ expectations of $8.12 billion. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. Medtronic’s revenue was up .0% on a year-over-year basis. During the same quarter last year, the business posted $1.42 EPS. On average, research analysts predict that Medtronic PLC will post 5.48 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Monday, July 8th were given a dividend of $0.54 per share. The ex-dividend date was Friday, July 5th. This is a positive change from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 dividend on an annualized basis and a yield of 2.12%. Medtronic’s dividend payout ratio (DPR) is presently 41.38%.
In other Medtronic news, SVP Richard Kuntz sold 3,438 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $101.12, for a total transaction of $347,650.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Bradley E. Lerman sold 6,599 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $102.02, for a total value of $673,229.98. Following the sale, the senior vice president now owns 105,960 shares of the company’s stock, valued at $10,810,039.20. The disclosure for this sale can be found here. Insiders have sold a total of 95,701 shares of company stock valued at $9,318,744 over the last 90 days. Corporate 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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