Fort Pitt Capital Group LLC increased its stake in Medtronic PLC (NYSE:MDT) by 15.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 426,315 shares of the medical technology company’s stock after buying an additional 58,559 shares during the period. Medtronic accounts for about 2.8% of Fort Pitt Capital Group LLC’s portfolio, making the stock its 15th largest position. Fort Pitt Capital Group LLC’s holdings in Medtronic were worth $33,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Parkside Financial Bank & Trust increased its position in Medtronic by 22.4% during the 2nd 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 position in Medtronic during the 2nd quarter valued at about $103,000. Motco increased its position in Medtronic by 8.7% during the 2nd 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. Quadrant Capital Group LLC increased its position in Medtronic by 21.5% during the 2nd quarter. Quadrant Capital Group LLC now owns 1,639 shares of the medical technology company’s stock valued at $114,000 after purchasing an additional 290 shares during the period. Finally, Israel Discount Bank of New York purchased a new position in Medtronic during the 1st quarter valued at about $117,000. 81.85% of the stock is currently owned by institutional investors.
A number of research analysts have commented on the stock. Jefferies Group reissued a “buy” rating and set a $96.00 target price on shares of Medtronic in a research report on Thursday, September 28th. SunTrust Banks reissued a “buy” rating and set a $96.00 target price on shares of Medtronic in a research report on Monday, October 2nd. Zacks Investment Research downgraded shares of Medtronic from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. Cowen set a $95.00 target price on shares of Medtronic and gave the company a “buy” rating in a research report on Tuesday, August 22nd. Finally, Stifel Nicolaus cut their target price on shares of Medtronic from $91.00 to $83.00 and set a “hold” rating on the stock in a research report on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $88.02.
Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.08. Medtronic had a net margin of 16.93% and a return on equity of 12.63%. The firm had revenue of $7.05 billion for the quarter, compared to the consensus estimate of $7.05 billion. During the same quarter in the previous year, the firm earned $1.12 EPS. The company’s quarterly revenue was down 4.0% compared to the same quarter last year. equities research analysts expect that Medtronic PLC will post 4.77 earnings per share for the current fiscal year.
In related news, CEO Omar Ishrak sold 140,407 shares of Medtronic stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 668,503 shares in the company, valued at approximately $54,569,899.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bryan C. Hanson sold 16,000 shares of Medtronic stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $79.02, for a total transaction of $1,264,320.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 172,407 shares of company stock worth $13,974,223. Insiders own 0.31% of the company’s stock.
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Medtronic Company Profile
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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