Beach Investment Counsel Inc. PA Has $16.95 Million Holdings in Medtronic PLC (MDT)

Beach Investment Counsel Inc. PA lowered its stake in Medtronic PLC (NYSE:MDT) by 10.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 172,329 shares of the medical technology company’s stock after selling 19,500 shares during the quarter. Medtronic accounts for approximately 1.7% of Beach Investment Counsel Inc. PA’s portfolio, making the stock its 19th largest position. Beach Investment Counsel Inc. PA’s holdings in Medtronic were worth $16,952,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC increased its stake in shares of Medtronic by 24.4% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 2,699 shares of the medical technology company’s stock valued at $231,000 after acquiring an additional 530 shares in the last quarter. Duncker Streett & Co. Inc. increased its stake in Medtronic by 3.0% during the 3rd quarter. Duncker Streett & Co. Inc. now owns 18,383 shares of the medical technology company’s stock valued at $1,808,000 after purchasing an additional 544 shares in the last quarter. Telemus Capital LLC increased its stake in Medtronic by 4.9% during the 3rd quarter. Telemus Capital LLC now owns 11,590 shares of the medical technology company’s stock valued at $1,140,000 after purchasing an additional 544 shares in the last quarter. Strategic Financial Services Inc increased its stake in Medtronic by 1.0% during the 2nd quarter. Strategic Financial Services Inc now owns 57,707 shares of the medical technology company’s stock valued at $4,940,000 after purchasing an additional 554 shares in the last quarter. Finally, SNS Financial Group LLC increased its stake in Medtronic by 7.1% during the 3rd quarter. SNS Financial Group LLC now owns 8,439 shares of the medical technology company’s stock valued at $830,000 after purchasing an additional 560 shares in the last quarter. Institutional investors own 80.14% of the company’s stock.

MDT opened at $91.42 on Monday. The company has a current ratio of 2.46, a quick ratio of 2.06 and a debt-to-equity ratio of 0.47. The firm has a market cap of $123.46 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 2.43 and a beta of 0.94. Medtronic PLC has a 1 year low of $76.41 and a 1 year high of $100.15.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 21st. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.06. The firm had revenue of $7.38 billion for the quarter, compared to the consensus estimate of $7.24 billion. Medtronic had a net margin of 10.56% and a return on equity of 12.98%. The business’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.12 EPS. On average, analysts expect that Medtronic PLC will post 5.12 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Shareholders of record on Friday, September 28th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend was Thursday, September 27th. Medtronic’s dividend payout ratio is 41.93%.

A number of brokerages have commented on MDT. Needham & Company LLC upgraded shares of Medtronic from a “buy” rating to a “strong-buy” rating and boosted their price target for the company from $103.00 to $119.00 in a research note on Monday, August 13th. Wells Fargo & Co boosted their price target on shares of Medtronic from $95.00 to $101.00 and gave the company a “market perform” rating in a research note on Wednesday, August 22nd. Stifel Nicolaus boosted their price target on shares of Medtronic from $87.00 to $96.00 and gave the company a “hold” rating in a research note on Wednesday, August 22nd. Morgan Stanley boosted their price target on shares of Medtronic from $95.00 to $105.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 22nd. Finally, Argus boosted their price target on shares of Medtronic from $95.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, August 27th. Seven equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $102.58.

In related news, EVP Geoffrey Martha sold 49,799 shares of the business’s stock in a transaction dated Monday, September 24th. The shares were sold at an average price of $97.93, for a total value of $4,876,816.07. Following the transaction, the executive vice president now directly owns 87,872 shares of the company’s stock, valued at approximately $8,605,304.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Richard Kuntz sold 47,176 shares of the business’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 directly owns 152,579 shares in the company, valued at $14,629,274.52. The disclosure for this sale can be found here. Insiders have sold a total of 268,678 shares of company stock worth $25,818,353 over the last ninety days. Insiders own 0.28% of the company’s stock.

Medtronic Profile

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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