Lincoln Capital Corp acquired a new stake in Medtronic PLC (NYSE:MDT) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 4,868 shares of the medical technology company’s stock, valued at approximately $529,000.
Several other large investors also recently added to or reduced their stakes in the business. Principle Wealth Partners LLC acquired a new position in shares of Medtronic in the third quarter valued at $213,000. Watch Point Trust Co grew its stake in shares of Medtronic by 4.0% in the third quarter. Watch Point Trust Co now owns 32,638 shares of the medical technology company’s stock valued at $3,545,000 after acquiring an additional 1,257 shares in the last quarter. Doliver Advisors LP grew its stake in shares of Medtronic by 2.2% in the third quarter. Doliver Advisors LP now owns 4,705 shares of the medical technology company’s stock valued at $509,000 after acquiring an additional 100 shares in the last quarter. Lakeview Capital Partners LLC grew its stake in shares of Medtronic by 3.2% in the third quarter. Lakeview Capital Partners LLC now owns 5,402 shares of the medical technology company’s stock valued at $587,000 after acquiring an additional 166 shares in the last quarter. Finally, Private Ocean LLC grew its stake in shares of Medtronic by 188.5% in the third quarter. Private Ocean LLC now owns 225 shares of the medical technology company’s stock valued at $25,000 after acquiring an additional 147 shares in the last quarter. Hedge funds and other institutional investors own 81.18% of the company’s stock.
Several equities analysts recently commented on the stock. Royal Bank of Canada set a $110.00 price target on shares of Medtronic and gave the company a “buy” rating in a research note on Friday, August 16th. Morgan Stanley upped their price target on shares of Medtronic from $105.00 to $111.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 21st. Deutsche Bank upped their price target on shares of Medtronic from $100.00 to $111.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Cowen restated an “outperform” rating and issued a $111.00 price target (up from $99.00) on shares of Medtronic in a research note on Wednesday, August 14th. Finally, ValuEngine downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $114.33.
Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.08. The firm had revenue of $7.49 billion during the quarter, compared to analysts’ expectations of $7.40 billion. Medtronic had a net margin of 14.41% and a return on equity of 14.36%. The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.17 earnings per share. On average, sell-side analysts forecast that Medtronic PLC will post 5.56 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Friday, September 27th were issued a $0.54 dividend. The ex-dividend date was Thursday, September 26th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.02%. Medtronic’s dividend payout ratio (DPR) is currently 41.38%.
In other news, EVP Robert John White sold 52,165 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $109.33, for a total value of $5,703,199.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Richard Kuntz sold 21,425 shares of the stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $107.51, for a total transaction of $2,303,401.75. Following the completion of the transaction, the senior vice president now directly owns 78,916 shares of the company’s stock, valued at approximately $8,484,259.16. The disclosure for this sale can be found here. Insiders sold 156,467 shares of company stock valued at $16,900,132 in the last three months. Company 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.
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