Lowe Brockenbrough & Co. Inc. Increases Stake in Medtronic PLC (NYSE:MDT)

Lowe Brockenbrough & Co. Inc. grew its stake in Medtronic PLC (NYSE:MDT) by 0.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 28,725 shares of the medical technology company’s stock after buying an additional 145 shares during the quarter. Lowe Brockenbrough & Co. Inc.’s holdings in Medtronic were worth $2,798,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in MDT. BlackRock Inc. increased its position in Medtronic by 7.9% during the first quarter. BlackRock Inc. now owns 106,778,084 shares of the medical technology company’s stock worth $9,725,349,000 after buying an additional 7,856,946 shares during the period. Nordea Investment Management AB increased its position in Medtronic by 35.4% during the first quarter. Nordea Investment Management AB now owns 8,622,525 shares of the medical technology company’s stock worth $785,336,000 after buying an additional 2,255,412 shares during the period. Renaissance Technologies LLC acquired a new position in Medtronic during the second quarter worth approximately $214,895,000. Thoroughbred Financial Services LLC increased its holdings in shares of Medtronic by 10,079.7% in the second quarter. Thoroughbred Financial Services LLC now owns 1,044,944 shares of the medical technology company’s stock valued at $104,494,000 after purchasing an additional 1,034,679 shares during the period. Finally, Boston Partners increased its holdings in shares of Medtronic by 13.9% in the first quarter. Boston Partners now owns 8,405,239 shares of the medical technology company’s stock valued at $765,549,000 after purchasing an additional 1,028,238 shares during the period. Institutional investors and hedge funds own 80.62% of the company’s stock.

In related news, SVP Richard Kuntz sold 3,438 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $101.12, for a total value of $347,650.56. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Bradley E. Lerman sold 6,599 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $102.02, for a total value of $673,229.98. Following the completion of the sale, the senior vice president now owns 105,960 shares in the company, valued at $10,810,039.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 75,701 shares of company stock worth $7,435,274. 0.28% of the stock is currently owned by company insiders.

Medtronic stock traded up $0.97 during trading on Friday, hitting $108.69. The company’s stock had a trading volume of 4,484,855 shares, compared to its average volume of 5,366,794. The stock has a market capitalization of $144.44 billion, a price-to-earnings ratio of 20.82, a P/E/G ratio of 2.65 and a beta of 0.65. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.20 and a current ratio of 2.67. The stock’s fifty day moving average is $103.82 and its 200 day moving average is $95.20. Medtronic PLC has a 1-year low of $81.66 and a 1-year high of $109.70.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.08. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The business had revenue of $7.49 billion during the quarter, compared to analyst estimates of $7.40 billion. During the same quarter last year, the firm earned $1.17 earnings per share. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. On average, research analysts anticipate that Medtronic PLC will post 5.56 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Thursday, September 26th. Medtronic’s dividend payout ratio is presently 41.38%.

A number of research analysts have recently issued reports on MDT shares. Raymond James boosted their target price on Medtronic from $105.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, August 21st. Oppenheimer boosted their target price on Medtronic from $110.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, August 21st. Stifel Nicolaus boosted their target price on Medtronic from $95.00 to $112.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Bank of America set a $118.00 target price on Medtronic and gave the company a “buy” rating in a report on Wednesday, August 21st. Finally, Wells Fargo & Co lifted their price target on Medtronic from $110.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $114.15.

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.

See Also: Net Asset Value

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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