American National Bank trimmed its holdings in Medtronic PLC (NYSE:MDT) by 2.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,254 shares of the medical technology company’s stock after selling 1,724 shares during the quarter. Medtronic comprises about 1.8% of American National Bank’s investment portfolio, making the stock its 23rd biggest holding. American National Bank’s holdings in Medtronic were worth $5,576,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the stock. Toth Financial Advisory Corp boosted its holdings in shares of Medtronic by 6.4% in the second quarter. Toth Financial Advisory Corp now owns 57,555 shares of the medical technology company’s stock worth $5,605,000 after buying an additional 3,468 shares during the last quarter. Verity & Verity LLC raised its stake in Medtronic by 76.4% during the 2nd quarter. Verity & Verity LLC now owns 29,724 shares of the medical technology company’s stock worth $2,895,000 after acquiring an additional 12,870 shares during the period. Foster & Motley Inc. raised its stake in Medtronic by 115.1% during the 2nd quarter. Foster & Motley Inc. now owns 11,775 shares of the medical technology company’s stock worth $1,147,000 after acquiring an additional 6,301 shares during the period. Beach Investment Management LLC. raised its stake in Medtronic by 12.8% during the 2nd quarter. Beach Investment Management LLC. now owns 13,550 shares of the medical technology company’s stock worth $1,320,000 after acquiring an additional 1,540 shares during the period. Finally, Courier Capital LLC raised its stake in Medtronic by 64.0% during the 2nd quarter. Courier Capital LLC now owns 31,239 shares of the medical technology company’s stock worth $3,042,000 after acquiring an additional 12,186 shares during the period. Institutional investors own 80.65% of the company’s stock.
In other news, SVP Bradley E. Lerman sold 6,599 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $102.02, for a total transaction of $673,229.98. Following the transaction, the senior vice president now owns 105,960 shares in the company, valued at $10,810,039.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Carol A. Surface sold 9,000 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $97.66, for a total transaction of $878,940.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,701 shares of company stock worth $9,318,744. Corporate insiders own 0.28% of the company’s stock.
Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 23rd. The medical technology company reported $1.54 EPS for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.07. The business had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.12 billion. Medtronic had a net margin of 15.15% and a return on equity of 14.16%. The firm’s revenue was up .0% on a year-over-year basis. During the same period in the previous year, the company posted $1.42 earnings per share. On average, analysts expect that Medtronic PLC will post 5.47 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Monday, July 8th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, July 5th. This represents a $2.16 annualized dividend and a dividend yield of 2.10%. This is an increase from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s dividend payout ratio is 41.38%.
A number of equities research analysts have commented on the stock. Northland Securities restated a “hold” rating and set a $100.00 target price on shares of Medtronic in a research note on Thursday, June 20th. Oppenheimer set a $110.00 price objective on shares of Medtronic and gave the company a “buy” rating in a research report on Monday, July 15th. Wells Fargo & Co upgraded shares of Medtronic from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $100.00 to $110.00 in a research report on Tuesday, June 4th. UBS Group boosted their price target on shares of Medtronic to $112.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Finally, Royal Bank of Canada lifted their price objective on shares of Medtronic to $110.00 and gave the stock an “outperform” rating in a research note on Friday. Seven research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $106.86.
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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