Miller Howard Investments Inc. NY lifted its position in Medtronic plc (NYSE:MDT - Free Report) by 20.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 764,254 shares of the medical technology company's stock after buying an additional 127,280 shares during the quarter. Medtronic comprises approximately 2.0% of Miller Howard Investments Inc. NY's holdings, making the stock its 15th biggest position. Miller Howard Investments Inc. NY owned approximately 0.06% of Medtronic worth $60,154,000 as of its most recent filing with the Securities and Exchange Commission.
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Other hedge funds and other institutional investors have also made changes to their positions in the company. Boyar Asset Management Inc. grew its holdings in Medtronic by 2.6% during the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company's stock worth $383,000 after buying an additional 120 shares in the last quarter. Hall Laurie J Trustee grew its holdings in Medtronic by 0.3% during the first quarter. Hall Laurie J Trustee now owns 44,015 shares of the medical technology company's stock worth $3,835,000 after buying an additional 125 shares in the last quarter. Quent Capital LLC grew its holdings in Medtronic by 8.0% during the first quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company's stock worth $146,000 after buying an additional 125 shares in the last quarter. Abbrea Capital LLC grew its holdings in Medtronic by 2.5% during the first quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company's stock worth $446,000 after buying an additional 125 shares in the last quarter. Finally, Waterway Wealth Management LLC grew its holdings in Medtronic by 4.8% during the second quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company's stock worth $217,000 after buying an additional 126 shares in the last quarter. 82.06% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on the company. Robert W. Baird upped their price objective on Medtronic from $82.00 to $90.00 and gave the company a "neutral" rating in a research note on Wednesday, August 21st. UBS Group upgraded Medtronic from a "sell" rating to a "neutral" rating and upped their price objective for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Stifel Nicolaus upped their price objective on Medtronic from $85.00 to $87.00 and gave the company a "hold" rating in a research note on Wednesday, August 21st. Barclays upped their price objective on Medtronic from $104.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday, August 22nd. Finally, Royal Bank of Canada restated a "sector perform" rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $92.92.
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Read Our Latest Stock Report on Medtronic
Insider Buying and Selling at Medtronic
In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the firm's stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the sale, the chief executive officer now owns 143,348 shares of the company's stock, valued at approximately $12,008,261.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company's stock.
Medtronic Price Performance
- Medical Technology Stock Benefits from Rising Acute Care Demand
MDT traded down $0.47 during trading on Wednesday, reaching $88.33. 4,111,173 shares of the company were exchanged, compared to its average volume of 6,286,365. The company's 50-day moving average is $80.85 and its two-hundred day moving average is $82.33. The company has a market cap of $113.26 billion, a price-to-earnings ratio of 32.12, a P/E/G ratio of 2.35 and a beta of 0.82. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $90.13.
Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to analysts' expectations of $7.90 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm's quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.20 EPS. Research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.
Medtronic Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. Medtronic's payout ratio is currently 101.82%.
About Medtronic
(Free Report)
Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.
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