Huntington National Bank Increases Holdings in Medtronic PLC (NYSE:MDT)
Huntington National Bank lifted its position in shares of Medtronic PLC (NYSE:MDT) by 3.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 75,205 shares of the medical technology company’s stock after buying an additional 2,624 shares during the period. Huntington National Bank’s holdings in Medtronic were worth $6,896,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State Street Corp lifted its position in Medtronic by 0.8% in the 1st quarter. State Street Corp now owns 58,302,592 shares of the medical technology company’s stock worth $5,288,879,000 after buying an additional 439,413 shares in the last quarter. Geode Capital Management LLC grew its holdings in Medtronic by 3.2% during the 1st quarter. Geode Capital Management LLC now owns 20,327,125 shares of the medical technology company’s stock valued at $1,829,814,000 after buying an additional 639,833 shares in the last quarter. Franklin Resources Inc. grew its holdings in Medtronic by 1.2% during the 1st quarter. Franklin Resources Inc. now owns 18,470,184 shares of the medical technology company’s stock valued at $1,665,646,000 after buying an additional 227,972 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Medtronic by 6.3% during the 1st quarter. Bank of New York Mellon Corp now owns 17,477,255 shares of the medical technology company’s stock valued at $1,576,100,000 after buying an additional 1,035,437 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in Medtronic by 1.4% during the 1st quarter. Wells Fargo & Company MN now owns 14,226,986 shares of the medical technology company’s stock valued at $1,282,989,000 after buying an additional 199,714 shares in the last quarter. 81.01% of the stock is currently owned by institutional investors.
Several research firms have weighed in on MDT. DZ Bank cut Medtronic from a “buy” rating to a “hold” rating and set a $92.00 price target for the company. in a report on Thursday, May 14th. JPMorgan Chase & Co. dropped their target price on Medtronic from $128.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Zacks Investment Research cut Medtronic from a “hold” rating to a “strong sell” rating and set a $84.00 target price for the company. in a report on Wednesday. Wells Fargo & Co dropped their target price on Medtronic from $130.00 to $108.00 and set an “overweight” rating for the company in a report on Wednesday, April 22nd. Finally, Credit Suisse Group reiterated a “buy” rating and issued a $117.00 target price on shares of Medtronic in a report on Thursday, July 2nd. Three research analysts have rated the stock with a sell rating, six have given a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $113.55.
Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 21st. The medical technology company reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.70). Medtronic had a return on equity of 12.17% and a net margin of 16.56%. The firm had revenue of $6 billion during the quarter, compared to analyst estimates of $6.10 billion. During the same quarter in the prior year, the firm earned $1.54 EPS. The business’s quarterly revenue was down 26.4% compared to the same quarter last year. Sell-side analysts predict that Medtronic PLC will post 3.41 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were issued a $0.58 dividend. The ex-dividend date of this dividend was Thursday, June 25th. This represents a $2.32 dividend on an annualized basis and a yield of 2.40%. This is a positive change from Medtronic’s previous quarterly dividend of $0.54. Medtronic’s payout ratio is currently 50.54%.
In other Medtronic news, SVP Carol A. Surface sold 2,000 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $97.72, for a total value of $195,440.00. The sale was disclosed in a document filed with the SEC, which is available at this link. 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.
Further Reading: What is a stock split?
Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.