CI Investments Inc. Increases Position in Medtronic PLC (MDT)

CI Investments Inc. lifted its position in Medtronic PLC (NYSE:MDT) by 5.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 921,000 shares of the medical technology company’s stock after purchasing an additional 50,300 shares during the period. CI Investments Inc. owned 0.07% of Medtronic PLC worth $81,739,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Parkside Financial Bank & Trust boosted its holdings in shares of Medtronic PLC by 22.4% in the second quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock valued at $102,000 after purchasing an additional 210 shares during the period. BDO Wealth Advisors LLC purchased a new stake in shares of Medtronic PLC in the second quarter valued at approximately $103,000. Motco boosted its holdings in shares of Medtronic PLC by 8.7% in the second quarter. Motco now owns 1,239 shares of the medical technology company’s stock valued at $110,000 after purchasing an additional 99 shares during the period. Farmers National Bank purchased a new stake in shares of Medtronic PLC in the first quarter valued at approximately $121,000. Finally, Norway Savings Bank boosted its holdings in shares of Medtronic PLC by 2.7% in the second quarter. Norway Savings Bank now owns 1,427 shares of the medical technology company’s stock valued at $127,000 after purchasing an additional 38 shares during the period. Hedge funds and other institutional investors own 80.81% of the company’s stock.

In other Medtronic PLC news, CEO Omar Ishrak sold 140,407 shares of Medtronic PLC stock in a transaction on Friday, September 15th. The shares were sold at an average price of $81.63, for a total value of $11,461,423.41. Following the transaction, the chief executive officer now directly owns 668,503 shares in the company, valued at $54,569,899.89. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Bryan C. Hanson sold 16,000 shares of Medtronic PLC stock in a transaction on Monday, October 16th. The shares were sold at an average price of $78.03, for a total transaction of $1,248,480.00. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.

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MDT has been the subject of a number of recent research reports. BidaskClub downgraded shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Saturday, August 26th. Zacks Investment Research downgraded shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Royal Bank Of Canada reduced their price objective on shares of Medtronic PLC from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Monday, October 9th. Jefferies Group LLC reissued a “buy” rating and issued a $103.00 price objective on shares of Medtronic PLC in a research note on Thursday, August 3rd. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $89.00 price objective (down previously from $92.00) on shares of Medtronic PLC in a research note on Tuesday, October 10th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $87.88.

Shares of Medtronic PLC (MDT) opened at 80.53 on Tuesday. The stock has a market capitalization of $109.09 billion, a price-to-earnings ratio of 27.11 and a beta of 1.01. Medtronic PLC has a one year low of $69.35 and a one year high of $89.72. The stock’s 50 day moving average is $79.32 and its 200-day moving average is $83.14.

Medtronic PLC (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.04. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The firm had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.44 billion. During the same period last year, the business earned $1.03 EPS. Medtronic PLC’s revenue for the quarter was up 3.1% compared to the same quarter last year. On average, equities research analysts predict that Medtronic PLC will post $4.63 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, October 20th. Investors of record on Friday, September 29th were paid a dividend of $0.46 per share. The ex-dividend date was Thursday, September 28th. This represents a $1.84 annualized dividend and a yield of 2.28%. Medtronic PLC’s dividend payout ratio is currently 61.95%.

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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