Galibier Capital Management Ltd. acquired a new position in shares of Medtronic PLC (NYSE:MDT) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 114,304 shares of the medical technology company’s stock, valued at approximately $11,132,000. Medtronic makes up approximately 5.1% of Galibier Capital Management Ltd.’s holdings, making the stock its 9th largest holding.
Several other large investors have also recently bought and sold shares of the stock. BlackRock Inc. grew its holdings in shares of Medtronic by 7.9% during the first quarter. BlackRock Inc. now owns 106,778,084 shares of the medical technology company’s stock worth $9,725,349,000 after buying an additional 7,856,946 shares in the last quarter. Wells Fargo & Company MN grew its stake in Medtronic by 2.2% in the first quarter. Wells Fargo & Company MN now owns 13,714,625 shares of the medical technology company’s stock valued at $1,249,129,000 after purchasing an additional 291,291 shares in the last quarter. Nordea Investment Management AB grew its stake in Medtronic by 35.4% in the first quarter. Nordea Investment Management AB now owns 8,622,525 shares of the medical technology company’s stock valued at $785,336,000 after purchasing an additional 2,255,412 shares in the last quarter. Boston Partners grew its stake in Medtronic by 13.9% in the first quarter. Boston Partners now owns 8,405,239 shares of the medical technology company’s stock valued at $765,549,000 after purchasing an additional 1,028,238 shares in the last quarter. Finally, Sanders Capital LLC grew its stake in Medtronic by 3.3% in the second quarter. Sanders Capital LLC now owns 6,134,485 shares of the medical technology company’s stock valued at $672,922,000 after purchasing an additional 196,300 shares in the last quarter. Institutional investors and hedge funds own 80.65% of the company’s stock.
MDT has been the subject of a number of analyst reports. Northland Securities restated a “hold” rating and issued a $100.00 price target on shares of Medtronic in a research note on Thursday, June 20th. Barclays raised their price target on Medtronic from $104.00 to $110.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Wells Fargo & Co upgraded Medtronic from a “market perform” rating to an “outperform” rating and raised their price target for the company from $100.00 to $110.00 in a research note on Tuesday, June 4th. Zacks Investment Research upgraded Medtronic from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Finally, ValuEngine downgraded Medtronic from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Seven equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $106.86.
Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.54 EPS for the quarter, topping the Thomson Reuters’ 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 the consensus estimate of $8.12 billion. During the same period in the previous year, the company posted $1.42 EPS. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. On average, equities research analysts anticipate that Medtronic PLC will post 5.47 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 8th were issued a dividend of $0.54 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 annualized dividend and a yield of 2.10%. The ex-dividend date was Friday, July 5th. Medtronic’s dividend payout ratio (DPR) is presently 41.38%.
In related news, SVP Richard Kuntz sold 3,438 shares of Medtronic stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $101.12, for a total transaction of $347,650.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard H. Anderson purchased 10,900 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average cost of $92.40 per share, with a total value of $1,007,160.00. Following the completion of the acquisition, the director now owns 89,912 shares in the company, valued at approximately $8,307,868.80. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 95,701 shares of company stock valued at $9,318,744. 0.28% of the stock is currently owned by insiders.
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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