Share Buyback Program Declared by Medtronic PLC (MDT) Board of Directors
Medtronic PLC (NYSE:MDT) announced that its board has authorized a share buyback plan, which permits the company to buyback $5.00 billion in outstanding shares on Friday, June 23rd, EventVestor reports. This buyback authorization permits the medical technology company to reacquire up to 49% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
MDT has been the topic of several analyst reports. BidaskClub upgraded Medtronic PLC from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 17th. William Blair reiterated an “outperform” rating on shares of Medtronic PLC in a report on Thursday, July 6th. Wells Fargo & Company reiterated an “outperform” rating on shares of Medtronic PLC in a report on Wednesday, July 12th. Oppenheimer Holdings, Inc. reiterated a “buy” rating on shares of Medtronic PLC in a report on Tuesday, July 18th. Finally, Deutsche Bank AG set a $96.00 price objective on Medtronic PLC and gave the stock a “buy” rating in a report on Monday, July 31st. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $88.98.
Medtronic PLC (MDT) traded up 1.49% during mid-day trading on Thursday, reaching $79.80. The company’s stock had a trading volume of 1,860,998 shares. The firm’s 50 day moving average is $80.40 and its 200-day moving average is $83.36. The stock has a market cap of $108.10 billion, a P/E ratio of 26.86 and a beta of 1.01. Medtronic PLC has a one year low of $69.35 and a one year high of $89.72.
Medtronic PLC (NYSE:MDT) last issued its earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.04. The business had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period last year, the company posted $1.03 earnings per share. Equities analysts expect that Medtronic PLC will post $4.77 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, September 29th will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Thursday, September 28th. Medtronic PLC’s dividend payout ratio (DPR) is presently 61.95%.
In other news, EVP Bryan C. Hanson sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Omar Ishrak sold 140,407 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the transaction, the chief executive officer now directly owns 668,503 shares in the company, valued at $54,569,899.89. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.
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Medtronic PLC Company Profile
Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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