Medtronic PLC (MDT) Stake Increased by Clearbridge Investments LLC

Clearbridge Investments LLC boosted its stake in Medtronic PLC (NYSE:MDT) by 3.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,775,394 shares of the medical technology company’s stock after buying an additional 231,568 shares during the period. Clearbridge Investments LLC owned approximately 0.57% of Medtronic PLC worth $626,386,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Israel Discount Bank of New York bought a new position in Medtronic PLC during the first quarter valued at $117,000. Birch Hill Investment Advisors LLC bought a new position in Medtronic PLC during the first quarter valued at $120,000. Farmers National Bank bought a new position in Medtronic PLC during the first quarter valued at $121,000. Proficio Capital Partners LLC raised its position in Medtronic PLC by 33.3% in the first quarter. Proficio Capital Partners LLC now owns 1,811 shares of the medical technology company’s stock valued at $153,000 after buying an additional 452 shares during the last quarter. Finally, Harbour Capital Advisors LLC bought a new position in Medtronic PLC during the first quarter valued at $154,000. Hedge funds and other institutional investors own 83.54% of the company’s stock.

Shares of Medtronic PLC (NYSE MDT) traded down 0.08% during midday trading on Friday, hitting $83.60. 1,672,397 shares of the stock were exchanged. Medtronic PLC has a 52-week low of $69.35 and a 52-week high of $89.72. The firm’s 50 day moving average price is $85.63 and its 200-day moving average price is $83.16. The stock has a market cap of $113.61 billion, a P/E ratio of 28.93 and a beta of 1.02.

Medtronic PLC (NYSE:MDT) last announced its quarterly earnings data on Thursday, May 25th. The medical technology company reported $1.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.02. The company had revenue of $7.92 billion during the quarter, compared to the consensus estimate of $7.86 billion. Medtronic PLC had a return on equity of 12.72% and a net margin of 13.56%. The firm’s revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.27 EPS. On average, equities research analysts expect that Medtronic PLC will post $4.80 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Investors of record on Friday, July 7th were paid a dividend of $0.46 per share. The ex-dividend date was Wednesday, July 5th. This is an increase from Medtronic PLC’s previous quarterly dividend of $0.43. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.20%. Medtronic PLC’s payout ratio is 63.67%.

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Several equities analysts recently weighed in on the stock. Morgan Stanley increased their price target on shares of Medtronic PLC from $84.00 to $86.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 30th. Stifel Nicolaus restated a “hold” rating and set a $91.00 price target (up previously from $84.00) on shares of Medtronic PLC in a research report on Sunday, May 28th. William Blair restated an “outperform” rating on shares of Medtronic PLC in a research report on Thursday, July 6th. Evercore ISI restated an “outperform” rating and set a $91.00 price target (up previously from $88.50) on shares of Medtronic PLC in a research report on Sunday, May 28th. Finally, Needham & Company LLC restated a “buy” rating and set a $95.00 price target (up previously from $91.00) on shares of Medtronic PLC in a research report on Thursday, May 25th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $89.84.

In related news, Director Richard H. Anderson acquired 5,600 shares of the business’s stock in a transaction that occurred on Wednesday, June 21st. The stock was bought at an average cost of $88.90 per share, for a total transaction of $497,840.00. Following the purchase, the director now owns 71,910 shares in the company, valued at approximately $6,392,799. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Bryan C. Hanson sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $88.57, for a total value of $1,062,840.00. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

About Medtronic PLC

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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Institutional Ownership by Quarter for Medtronic PLC (NYSE:MDT)

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