Park Place Capital Corp Sells 557 Shares of Medtronic plc (NYSE:MDT)

Park Place Capital Corp lessened its holdings in Medtronic plc (NYSE:MDT) by 17.6% during the second quarter, HoldingsChannel reports. The firm owned 2,603 shares of the medical technology company’s stock after selling 557 shares during the quarter. Park Place Capital Corp’s holdings in Medtronic were worth $205,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of MDT. Norges Bank acquired a new stake in shares of Medtronic in the 4th quarter valued at $1,229,726,000. First Eagle Investment Management LLC boosted its holdings in shares of Medtronic by 54.5% in the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock valued at $775,169,000 after purchasing an additional 3,320,800 shares in the last quarter. M&G Plc acquired a new stake in shares of Medtronic in the 1st quarter valued at $259,160,000. Capital Research Global Investors boosted its holdings in shares of Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after purchasing an additional 2,044,109 shares in the last quarter. Finally, Pzena Investment Management LLC boosted its holdings in shares of Medtronic by 30.9% in the 4th quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock valued at $617,896,000 after purchasing an additional 1,769,985 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Wells Fargo & Company raised their target price on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, July 17th. The Goldman Sachs Group began coverage on Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective on the stock. Finally, Citigroup cut their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Medtronic currently has an average rating of “Hold” and an average price target of $90.90.

Medtronic Trading Down 0.7 %

Shares of MDT stock traded down $0.55 during mid-day trading on Monday, hitting $80.96. The company’s stock had a trading volume of 3,862,447 shares, compared to its average volume of 6,295,944. The company’s fifty day simple moving average is $80.04 and its 200-day simple moving average is $82.62. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $89.18. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The company has a market cap of $103.81 billion, a PE ratio of 29.49, a P/E/G ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the previous year, the company posted $1.57 EPS. As a group, equities research analysts expect that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were issued a dividend of $0.70 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date was Friday, June 28th. Medtronic’s payout ratio is currently 101.82%.

Insiders Place Their Bets

In other news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

About Medtronic

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.