Marietta Wealth Management LLC grew its stake in shares of Medtronic PLC (NYSE:MDT) by 7.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 27,183 shares of the medical technology company’s stock after purchasing an additional 1,959 shares during the quarter. Marietta Wealth Management LLC’s holdings in Medtronic were worth $2,476,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the company. Haverford Financial Services Inc. boosted its position in Medtronic by 0.5% in the first quarter. Haverford Financial Services Inc. now owns 49,190 shares of the medical technology company’s stock worth $4,480,000 after purchasing an additional 234 shares during the last quarter. Haverford Trust Co. increased its position in shares of Medtronic by 1.9% during the 1st quarter. Haverford Trust Co. now owns 726,287 shares of the medical technology company’s stock valued at $66,150,000 after purchasing an additional 13,703 shares during the last quarter. Crawford Investment Counsel Inc. increased its position in shares of Medtronic by 1.4% during the 1st quarter. Crawford Investment Counsel Inc. now owns 726,437 shares of the medical technology company’s stock valued at $66,164,000 after purchasing an additional 10,059 shares during the last quarter. Synovus Financial Corp increased its position in shares of Medtronic by 3.0% during the 1st quarter. Synovus Financial Corp now owns 29,117 shares of the medical technology company’s stock valued at $2,643,000 after purchasing an additional 855 shares during the last quarter. Finally, Wesbanco Bank Inc. increased its position in shares of Medtronic by 3.0% during the 1st quarter. Wesbanco Bank Inc. now owns 104,348 shares of the medical technology company’s stock valued at $9,504,000 after purchasing an additional 3,040 shares during the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Hooman Hakami sold 52,664 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $97.49, for a total value of $5,134,213.36. Following the transaction, the executive vice president now owns 95,337 shares in the company, valued at approximately $9,294,404.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Hoedt Rob Ten sold 9,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $91.88, for a total value of $826,920.00. Following the transaction, the executive vice president now owns 58,785 shares in the company, valued at approximately $5,401,165.80. The disclosure for this sale can be found here. Insiders sold 81,664 shares of company stock valued at $7,896,623 over the last ninety days. Insiders own 0.28% of the company’s stock.
Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.07. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. The company had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.12 billion. During the same quarter last year, the firm earned $1.42 earnings per share. The firm’s quarterly revenue was up .0% compared to the same quarter last year. As a group, equities research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Monday, July 8th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Friday, July 5th. This is a boost from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.22%. Medtronic’s payout ratio is presently 38.31%.
Several equities analysts have recently weighed in on the company. Northland Securities reissued a “hold” rating and set a $100.00 target price on shares of Medtronic in a research report on Thursday, June 20th. UBS Group upped their target price on Medtronic to $112.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Wells Fargo & Co upgraded Medtronic from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $100.00 to $110.00 in a report on Tuesday, June 4th. Needham & Company LLC restated a “buy” rating and set a $121.00 price objective on shares of Medtronic in a research note on Monday, May 27th. Finally, Royal Bank of Canada decreased their price objective on Medtronic to $100.00 and set an “outperform” rating for the company in a research note on Tuesday, May 28th. Seven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Medtronic presently has a consensus rating of “Buy” and a consensus target price of $105.48.
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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