Quadrant Capital Group LLC cut its position in Medtronic PLC (NYSE:MDT) by 34.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,614 shares of the medical technology company’s stock after selling 1,347 shares during the quarter. Quadrant Capital Group LLC’s holdings in Medtronic were worth $240,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Cordasco Financial Network bought a new stake in Medtronic in the 1st quarter valued at $27,000. Spectrum Management Group Inc. boosted its holdings in Medtronic by 353.8% in the 1st quarter. Spectrum Management Group Inc. now owns 413 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 322 shares during the period. Mackey Komara & Dankovich LLC bought a new stake in Medtronic in the 1st quarter valued at $38,000. Motco boosted its holdings in Medtronic by 159.3% in the 1st quarter. Motco now owns 516 shares of the medical technology company’s stock valued at $47,000 after purchasing an additional 317 shares during the period. Finally, Stuart Chaussee & Associates Inc. bought a new stake in Medtronic in the 1st quarter valued at $48,000. Institutional investors and hedge funds own 80.08% of the company’s stock.
Shares of Medtronic stock traded down $2.03 during mid-day trading on Monday, reaching $100.30. 1,153,349 shares of the stock were exchanged, compared to its average volume of 3,972,484. The company has a market capitalization of $137.24 billion, a P/E ratio of 19.21, a price-to-earnings-growth ratio of 2.62 and a beta of 0.67. The company has a current ratio of 2.59, a quick ratio of 2.15 and a debt-to-equity ratio of 0.49. The company has a 50-day simple moving average of $99.63. Medtronic PLC has a fifty-two week low of $81.66 and a fifty-two week high of $103.95.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Monday, July 8th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend was Friday, July 5th. This is a boost from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s dividend payout ratio (DPR) is presently 41.38%.
In other news, Director Richard H. Anderson acquired 10,900 shares of Medtronic stock in a transaction that occurred on Friday, May 24th. The shares were acquired at an average price of $92.40 per share, with a total value of $1,007,160.00. Following the purchase, the director now directly owns 89,912 shares of the company’s stock, valued at $8,307,868.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Hooman Hakami sold 52,664 shares of Medtronic stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $97.49, for a total transaction of $5,134,213.36. Following the transaction, the executive vice president now directly owns 95,337 shares in the company, valued at approximately $9,294,404.13. The disclosure for this sale can be found here. Insiders sold a total of 91,701 shares of company stock valued at $8,917,504 in the last 90 days. Corporate insiders own 0.28% of the company’s stock.
A number of analysts have weighed in on MDT shares. ValuEngine downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a report on Thursday. Zacks Investment Research raised shares of Medtronic from a “sell” rating to a “hold” rating in a report on Monday, May 20th. Wells Fargo & Co upgraded shares of Medtronic from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $100.00 to $110.00 in a research report on Tuesday, June 4th. Royal Bank of Canada dropped their target price on shares of Medtronic to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, May 28th. Finally, Oppenheimer set a $110.00 target price on shares of Medtronic and gave the stock a “buy” rating in a research report on Monday, July 15th. Seven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Medtronic currently has an average rating of “Buy” and a consensus target price of $106.05.
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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