Medtronic PLC (MDT) Shares Sold by Cim LLC
Cim LLC lessened its holdings in Medtronic PLC (NYSE:MDT) by 1.8% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,771 shares of the medical technology company’s stock after selling 50 shares during the period. Cim LLC’s holdings in Medtronic PLC were worth $246,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Waldron LP purchased a new position in Medtronic PLC in the first quarter valued at approximately $512,000. Lincoln National Corp purchased a new position in Medtronic PLC in the first quarter valued at approximately $269,000. Karp Capital Management Corp purchased a new position in Medtronic PLC in the first quarter valued at approximately $27,848,000. First Foundation Advisors lifted its stake in Medtronic PLC by 9.1% in the first quarter. First Foundation Advisors now owns 331,721 shares of the medical technology company’s stock valued at $26,723,000 after purchasing an additional 27,639 shares during the last quarter. Finally, Smith Salley & Associates lifted its stake in Medtronic PLC by 2.5% in the first quarter. Smith Salley & Associates now owns 5,853 shares of the medical technology company’s stock valued at $472,000 after purchasing an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 80.75% of the company’s stock.
In other Medtronic PLC news, CEO Omar Ishrak sold 140,407 shares of Medtronic PLC stock in a transaction on Friday, September 15th. The shares were sold at an average price of $81.63, for a total value of $11,461,423.41. Following the sale, the chief executive officer now directly owns 668,503 shares in the company, valued at approximately $54,569,899.89. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Bryan C. Hanson sold 16,000 shares of Medtronic PLC stock in a transaction 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 disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.
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Medtronic PLC (MDT) opened at 79.02 on Tuesday. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72. The company has a market cap of $107.04 billion, a PE ratio of 26.60 and a beta of 1.01. The stock has a 50 day moving average of $79.34 and a 200 day moving average of $83.14.
Medtronic PLC (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The company had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. Medtronic PLC’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.03 EPS. Equities analysts expect that Medtronic PLC will post $4.63 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 20th. Shareholders of record on Friday, September 29th were issued a $0.46 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.84 dividend on an annualized basis and a yield of 2.33%. Medtronic PLC’s dividend payout ratio is currently 61.95%.
MDT has been the topic of several research analyst reports. Zacks Investment Research downgraded Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Wells Fargo & Company downgraded Medtronic PLC from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $93.00 to $83.00 in a research note on Monday, October 9th. Stifel Nicolaus dropped their price objective on Medtronic PLC from $91.00 to $83.00 and set a “hold” rating on the stock in a research note on Monday, October 9th. Leerink Swann reiterated a “market perform” rating and issued a $85.00 price objective (down previously from $88.00) on shares of Medtronic PLC in a research note on Monday, October 9th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $92.00 price objective (down previously from $94.00) on shares of Medtronic PLC in a research note on Wednesday, August 23rd. Three analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company’s stock. Medtronic PLC currently has an average rating of “Hold” and an average price target of $87.88.
Medtronic PLC 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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