Seven Eight Capital LP Purchases Shares of 83,641 Medtronic PLC (MDT)

Seven Eight Capital LP purchased a new position in shares of Medtronic PLC (NYSE:MDT) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 83,641 shares of the medical technology company’s stock, valued at approximately $8,228,000.

Other hedge funds have also modified their holdings of the company. Chicago Partners Investment Group LLC grew its holdings in shares of Medtronic by 24.4% during the second quarter. Chicago Partners Investment Group LLC now owns 2,699 shares of the medical technology company’s stock valued at $231,000 after buying an additional 530 shares during the last quarter. Strategic Financial Services Inc grew its holdings in shares of Medtronic by 1.0% during the second quarter. Strategic Financial Services Inc now owns 57,707 shares of the medical technology company’s stock valued at $4,940,000 after buying an additional 554 shares during the last quarter. D.B. Root & Company LLC grew its holdings in shares of Medtronic by 4.4% during the second quarter. D.B. Root & Company LLC now owns 13,515 shares of the medical technology company’s stock valued at $1,157,000 after buying an additional 564 shares during the last quarter. Somerset Trust Co grew its holdings in shares of Medtronic by 1.1% during the third quarter. Somerset Trust Co now owns 53,711 shares of the medical technology company’s stock valued at $5,283,000 after buying an additional 565 shares during the last quarter. Finally, Berkshire Asset Management LLC PA grew its holdings in shares of Medtronic by 0.7% during the third quarter. Berkshire Asset Management LLC PA now owns 83,618 shares of the medical technology company’s stock valued at $8,226,000 after buying an additional 597 shares during the last quarter. 80.08% of the stock is currently owned by institutional investors and hedge funds.

A number of equities research analysts have recently weighed in on the stock. Royal Bank of Canada boosted their price objective on shares of Medtronic to $109.00 and gave the company an “outperform” rating in a report on Wednesday, October 3rd. Oppenheimer reissued a “buy” rating on shares of Medtronic in a report on Friday, September 21st. Argus boosted their price objective on shares of Medtronic from $108.00 to $120.00 and gave the company a “buy” rating in a report on Monday, October 8th. ValuEngine raised shares of Medtronic from a “hold” rating to a “buy” rating in a report on Friday, September 7th. Finally, Zacks Investment Research raised shares of Medtronic from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. Eight analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $102.08.

In other Medtronic news, EVP Michael J. Coyle sold 145,544 shares of the company’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $95.50, for a total value of $13,899,452.00. Following the completion of the transaction, the executive vice president now owns 190,680 shares in the company, valued at $18,209,940. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Richard Kuntz sold 47,176 shares of the company’s stock in a transaction dated Tuesday, August 28th. The stock was sold at an average price of $95.88, for a total transaction of $4,523,234.88. Following the completion of the transaction, the senior vice president now owns 152,579 shares of the company’s stock, valued at approximately $14,629,274.52. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 268,678 shares of company stock worth $25,818,353. 0.28% of the stock is owned by corporate insiders.

NYSE:MDT opened at $95.92 on Friday. Medtronic PLC has a one year low of $76.41 and a one year high of $100.15. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.06 and a current ratio of 2.46. The firm has a market capitalization of $131.39 billion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 2.58 and a beta of 0.92.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 21st. The medical technology company reported $1.17 EPS for the quarter, beating the consensus estimate of $1.11 by $0.06. Medtronic had a net margin of 10.56% and a return on equity of 12.98%. The company had revenue of $7.38 billion for the quarter, compared to analyst estimates of $7.24 billion. During the same period in the prior year, the company earned $1.12 earnings per share. The firm’s revenue was down .1% on a year-over-year basis. Sell-side analysts anticipate that Medtronic PLC will post 5.12 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 19th. Shareholders of record on Friday, September 28th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.09%. The ex-dividend date is Thursday, September 27th. Medtronic’s payout ratio is 41.93%.

About Medtronic

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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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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