Sprucegrove Investment Management Ltd. lessened its position in Medtronic PLC (NYSE:MDT) by 20.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 161,022 shares of the medical technology company’s stock after selling 42,500 shares during the quarter. Medtronic PLC comprises about 0.9% of Sprucegrove Investment Management Ltd.’s investment portfolio, making the stock its 28th biggest position. Sprucegrove Investment Management Ltd.’s holdings in Medtronic PLC were worth $14,291,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Medtronic PLC by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 104,776,036 shares of the medical technology company’s stock worth $9,298,872,000 after acquiring an additional 2,454,380 shares during the period. BlackRock Inc. raised its holdings in Medtronic PLC by 2.8% in the 2nd quarter. BlackRock Inc. now owns 89,512,229 shares of the medical technology company’s stock worth $7,944,210,000 after acquiring an additional 2,476,853 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Medtronic PLC by 3.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 58,646,070 shares of the medical technology company’s stock worth $4,724,526,000 after acquiring an additional 1,729,715 shares during the period. Lazard Asset Management LLC raised its holdings in Medtronic PLC by 43.8% in the 2nd quarter. Lazard Asset Management LLC now owns 19,669,866 shares of the medical technology company’s stock worth $1,745,699,000 after acquiring an additional 5,991,094 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Medtronic PLC by 7.3% in the 1st quarter. Geode Capital Management LLC now owns 13,308,812 shares of the medical technology company’s stock worth $1,070,622,000 after acquiring an additional 906,581 shares during the period. Hedge funds and other institutional investors own 81.37% of the company’s stock.
In related news, EVP Bryan C. Hanson sold 16,000 shares of the business’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $78.03, for a total transaction of $1,248,480.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Omar Ishrak sold 140,407 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the sale, the chief executive officer now directly owns 668,503 shares of the company’s stock, valued at $54,569,899.89. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.
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Medtronic PLC (NYSE:MDT) opened at $79.20 on Tuesday. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72. The stock has a market cap of $107,459.70, a P/E ratio of 16.92, a PEG ratio of 2.19 and a beta of 1.00. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.40 and a current ratio of 1.64.
Medtronic PLC (NYSE:MDT) last announced its earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.04. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The company had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.44 billion. During the same period in the prior year, the business earned $1.03 earnings per share. Medtronic PLC’s quarterly revenue was up 3.1% on a year-over-year basis. research analysts anticipate that Medtronic PLC will post 4.66 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, October 20th. Stockholders of record on Friday, September 29th were given a dividend of $0.46 per share. The ex-dividend date was Thursday, September 28th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.32%. Medtronic PLC’s payout ratio is 61.95%.
Several research analysts have recently issued reports on MDT shares. Jefferies Group LLC dropped their price objective on shares of Medtronic PLC from $103.00 to $96.00 and set a “buy” rating on the stock in a report on Wednesday, August 23rd. Deutsche Bank AG set a $96.00 price objective on shares of Medtronic PLC and gave the stock a “buy” rating in a report on Monday, July 31st. BidaskClub downgraded shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Oppenheimer Holdings, Inc. restated a “buy” rating on shares of Medtronic PLC in a report on Tuesday, July 18th. Finally, Cowen and Company set a $95.00 price objective on shares of Medtronic PLC and gave the stock a “buy” rating in a report on Tuesday, August 22nd. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $87.88.
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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