Stonebridge Capital Advisors LLC grew its stake in Medtronic plc. (NYSE:MDT) by 8.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,044 shares of the medical technology company’s stock after acquiring an additional 650 shares during the quarter. Stonebridge Capital Advisors LLC’s holdings in Medtronic were worth $625,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the company. Sterling Capital Management LLC increased its holdings in shares of Medtronic by 6.8% in the 3rd quarter. Sterling Capital Management LLC now owns 92,415 shares of the medical technology company’s stock valued at $7,187,000 after acquiring an additional 5,887 shares during the period. Afam Capital Inc. increased its holdings in shares of Medtronic by 7.1% in the 3rd quarter. Afam Capital Inc. now owns 21,123 shares of the medical technology company’s stock valued at $1,643,000 after acquiring an additional 1,396 shares during the period. Marco Investment Management LLC increased its holdings in shares of Medtronic by 42.2% in the 3rd quarter. Marco Investment Management LLC now owns 180,556 shares of the medical technology company’s stock valued at $14,042,000 after acquiring an additional 53,611 shares during the period. Griffin Asset Management Inc. increased its holdings in shares of Medtronic by 14.7% in the 3rd quarter. Griffin Asset Management Inc. now owns 30,371 shares of the medical technology company’s stock valued at $2,362,000 after acquiring an additional 3,890 shares during the period. Finally, Piedmont Investment Advisors LLC increased its holdings in shares of Medtronic by 0.9% in the 3rd quarter. Piedmont Investment Advisors LLC now owns 295,805 shares of the medical technology company’s stock valued at $23,005,000 after acquiring an additional 2,682 shares during the period. Institutional investors and hedge funds own 81.72% of the company’s stock.
A number of research analysts have recently issued reports on the company. Jefferies Group reiterated a “buy” rating and issued a $96.00 price target on shares of Medtronic in a report on Thursday, September 28th. SunTrust Banks reiterated a “buy” rating and issued a $96.00 price target on shares of Medtronic in a report on Monday, October 2nd. Stifel Nicolaus cut their price target on Medtronic from $91.00 to $83.00 and set a “hold” rating on the stock in a report on Monday, October 9th. Wells Fargo & Co downgraded Medtronic from an “outperform” rating to a “market perform” rating and cut their price target for the company from $93.00 to $83.00 in a report on Monday, October 9th. Finally, Needham & Company LLC cut their price target on Medtronic from $95.00 to $94.00 and set a “buy” rating on the stock in a report on Tuesday, October 10th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the company. Medtronic presently has an average rating of “Buy” and a consensus price target of $89.65.
Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.08. The business had revenue of $7.05 billion for the quarter, compared to the consensus estimate of $7.05 billion. Medtronic had a return on equity of 12.63% and a net margin of 16.93%. The company’s quarterly revenue was down 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.12 EPS. equities research analysts forecast that Medtronic plc. will post 4.77 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Shareholders of record on Friday, December 29th will be paid a dividend of $0.46 per share. The ex-dividend date is Thursday, December 28th. This represents a $1.84 annualized dividend and a yield of 2.15%. Medtronic’s payout ratio is presently 50.55%.
In other news, VP Richard Kuntz sold 78,526 shares of the business’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $86.21, for a total value of $6,769,726.46. Following the completion of the transaction, the vice president now owns 149,761 shares of the company’s stock, valued at approximately $12,910,895.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Bryan C. Hanson sold 16,000 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $79.02, for a total value of $1,264,320.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 152,684 shares of company stock worth $12,831,076. Company insiders own 0.31% of the company’s stock.
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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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