Miles Capital Inc. grew its holdings in shares of Medtronic PLC (NYSE:MDT) by 5.8% in the second quarter, according to its most recent filing with the SEC. The firm owned 2,781 shares of the medical technology company’s stock after acquiring an additional 152 shares during the quarter. Miles Capital Inc.’s holdings in Medtronic were worth $271,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Hayden Royal LLC acquired a new position in Medtronic during the 2nd quarter worth $275,000. Rockefeller Capital Management L.P. lifted its holdings in shares of Medtronic by 0.6% in 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 buying an additional 7,939 shares during the period. Cim LLC lifted its holdings in shares of Medtronic by 12.9% in the second quarter. Cim LLC now owns 4,189 shares of the medical technology company’s stock valued at $408,000 after buying an additional 480 shares during the period. Concentric Wealth Management LLC lifted its holdings in shares of Medtronic by 3.1% in the second quarter. Concentric Wealth Management LLC now owns 19,536 shares of the medical technology company’s stock valued at $1,903,000 after buying an additional 595 shares during the period. Finally, Belpointe Asset Management LLC lifted its holdings in shares of Medtronic by 35.3% in the first quarter. Belpointe Asset Management LLC now owns 4,581 shares of the medical technology company’s stock valued at $417,000 after buying an additional 1,196 shares during the period. Institutional investors own 81.19% of the company’s stock.
Shares of NYSE MDT traded down $1.07 during mid-day trading on Friday, hitting $109.31. 298,720 shares of the company traded hands, compared to its average volume of 4,687,985. Medtronic PLC has a 1 year low of $81.66 and a 1 year high of $111.24. The stock has a market capitalization of $144.20 billion, a price-to-earnings ratio of 21.06, a PEG ratio of 2.64 and a beta of 0.65. The company has a quick ratio of 2.20, a current ratio of 2.67 and a debt-to-equity ratio of 0.49. The business has a 50 day moving average of $104.67 and a two-hundred day moving average of $95.67.
Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.08. The firm had revenue of $7.49 billion for the quarter, compared to analyst estimates of $7.40 billion. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. Medtronic’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.17 earnings per share. As a group, research analysts anticipate that Medtronic PLC will post 5.56 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Friday, September 27th will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Thursday, September 26th. Medtronic’s payout ratio is 41.38%.
In other Medtronic news, EVP Hooman Hakami sold 82,877 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $107.31, for a total value of $8,893,530.87. Following the transaction, the executive vice president now directly owns 30,761 shares of the company’s stock, valued at approximately $3,300,962.91. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Richard Kuntz sold 3,438 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $101.12, for a total value of $347,650.56. The disclosure for this sale can be found here. Insiders have sold 105,914 shares of company stock worth $11,194,591 over the last three months. 0.28% of the stock is owned by insiders.
Several analysts have recently weighed in on MDT shares. Oppenheimer upped their price objective on Medtronic from $110.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, August 21st. Stifel Nicolaus upped their price objective on Medtronic from $95.00 to $112.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. BMO Capital Markets upped their price objective on Medtronic from $107.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, August 21st. Bank of America set a $118.00 price objective on Medtronic and gave the company a “buy” rating in a report on Wednesday, August 21st. Finally, Deutsche Bank upped their price objective on Medtronic from $100.00 to $111.00 and gave the company a “buy” rating in a report on Monday, August 19th. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $114.15.
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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