Progressive Investment Management Corp Has $2.54 Million Stake in Medtronic plc. (MDT)

Progressive Investment Management Corp grew its position in Medtronic plc. (NYSE:MDT) by 2.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,416 shares of the medical technology company’s stock after purchasing an additional 705 shares during the period. Progressive Investment Management Corp’s holdings in Medtronic were worth $2,537,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Janus Henderson Group PLC bought a new position in Medtronic during the third quarter valued at about $579,952,000. Lazard Asset Management LLC grew its position in Medtronic by 43.8% during the second quarter. Lazard Asset Management LLC now owns 19,669,866 shares of the medical technology company’s stock valued at $1,745,699,000 after buying an additional 5,991,094 shares during the period. Alliancebernstein L.P. grew its position in Medtronic by 135.5% during the second quarter. Alliancebernstein L.P. now owns 6,070,160 shares of the medical technology company’s stock valued at $538,727,000 after buying an additional 3,493,058 shares during the period. BlackRock Inc. grew its position in Medtronic by 2.8% during the second quarter. BlackRock Inc. now owns 89,512,229 shares of the medical technology company’s stock valued at $7,944,210,000 after buying an additional 2,476,853 shares during the period. Finally, Vanguard Group Inc. grew its position in Medtronic by 2.4% during the second quarter. Vanguard Group Inc. now owns 104,776,036 shares of the medical technology company’s stock valued at $9,298,872,000 after buying an additional 2,454,380 shares during the period. Institutional investors own 81.75% of the company’s stock.

In other Medtronic news, EVP Bryan C. Hanson sold 16,000 shares of the stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $79.02, for a total transaction of $1,264,320.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Richard Kuntz sold 78,526 shares of the stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $86.21, for a total transaction of $6,769,726.46. Following the transaction, the vice president now owns 149,761 shares of the company’s stock, valued at approximately $12,910,895.81. The disclosure for this sale can be found here. Insiders have sold 136,684 shares of company stock valued at $11,582,596 in the last quarter. Company insiders own 0.31% of the company’s stock.

MDT has been the subject of several research reports. Jefferies Group restated a “buy” rating and set a $96.00 price target on shares of Medtronic in a research report on Thursday, September 28th. SunTrust Banks restated a “buy” rating and set a $96.00 price target on shares of Medtronic in a research report on Monday, October 2nd. Wells Fargo & Co lowered shares of Medtronic from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $93.00 to $83.00 in a research report on Monday, October 9th. Royal Bank of Canada reduced their price target on shares of Medtronic from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Monday, October 9th. Finally, Stifel Nicolaus reduced their price target on shares of Medtronic from $91.00 to $83.00 and set a “hold” rating for the company in a research report on Monday, October 9th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $89.65.

Medtronic plc. (MDT) opened at $85.45 on Monday. The company has a current ratio of 2.40, a quick ratio of 2.05 and a debt-to-equity ratio of 0.50. The firm has a market cap of $115,656.39, a PE ratio of 23.41, a price-to-earnings-growth ratio of 2.35 and a beta of 1.00. Medtronic plc. has a 1 year low of $73.59 and a 1 year high of $89.72.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.08. The firm had revenue of $7.05 billion during the quarter, compared to analyst estimates of $7.05 billion. Medtronic had a net margin of 16.93% and a return on equity of 12.63%. The company’s quarterly revenue was down 4.0% on a year-over-year basis. During the same quarter last year, the business earned $1.12 earnings per share. sell-side analysts expect that Medtronic plc. will post 4.77 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 19th. Shareholders of record on Friday, December 29th will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.84 dividend on an annualized basis and a yield of 2.15%. Medtronic’s dividend payout ratio is presently 50.41%.

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Medtronic 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.

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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