A stronger than expected earnings report from Medtronic brought about a flurry of activity on the stock market, The Cerbat Gem reports.
Here's what you should know.
1. Medtronic beat its earnings per share estimate of $1.01 by $0.02, according to its Aug. 25 earnings report. The firm earned $7.2 billion during the quarter, beating estimates by $30 million. However revenue was down 1 percent on a year-over-year basis.
Current estimates predict Medtronic will have a $4.65 earnings per share at the close of the fiscal year.
2. The report sparked a flurry of activity. Jones Collombin Investment Counsel sold 10.9 percent over 17,815 shares during the second quarter. Medtronic is the 12th largest holding in the investment counsel's portfolio.
Johnson Investment Counsel, KCM Investment Advisors, Clinton Group, Santa Fe Partners and Strategic Financial Services all increased their holdings.
3. In investment reports, 20 have given Medtronic a buy rating while six have issued a hold rating.
4. Medtronic's Director Shirley Jackson and Executive Vice President Bryan Hanson each sold shares — 2,104 and 15,000 respectively. Ms. Jackson holds 34,503 shares of the company's stock and Mr. Hanson holds 108,717 shares.
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