Fifth Third Bancorp Increases Stake in Medtronic PLC (MDT)

Fifth Third Bancorp grew its position in Medtronic PLC (NYSE:MDT) by 1.4% during the third quarter, HoldingsChannel.com reports. The firm owned 485,589 shares of the medical technology company’s stock after acquiring an additional 6,838 shares during the period. Fifth Third Bancorp’s holdings in Medtronic were worth $47,767,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Chicago Partners Investment Group LLC boosted its stake in shares of Medtronic by 24.4% in the second quarter. Chicago Partners Investment Group LLC now owns 2,699 shares of the medical technology company’s stock worth $231,000 after buying an additional 530 shares during the last quarter. Wesbanco Bank Inc. boosted its stake in shares of Medtronic by 0.5% in the third quarter. Wesbanco Bank Inc. now owns 106,601 shares of the medical technology company’s stock worth $10,486,000 after buying an additional 538 shares during the last quarter. Duncker Streett & Co. Inc. boosted its stake in shares of Medtronic by 3.0% in the third quarter. Duncker Streett & Co. Inc. now owns 18,383 shares of the medical technology company’s stock worth $1,808,000 after buying an additional 544 shares during the last quarter. Telemus Capital LLC boosted its stake in shares of Medtronic by 4.9% in the third quarter. Telemus Capital LLC now owns 11,590 shares of the medical technology company’s stock worth $1,140,000 after buying an additional 544 shares during the last quarter. Finally, Strategic Financial Services Inc boosted its stake in shares of Medtronic by 1.0% in the second quarter. Strategic Financial Services Inc now owns 57,707 shares of the medical technology company’s stock worth $4,940,000 after buying an additional 554 shares during the last quarter. 80.44% of the stock is currently owned by institutional investors and hedge funds.

In other Medtronic news, EVP Geoffrey Martha sold 49,799 shares of the stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $97.93, for a total transaction of $4,876,816.07. Following the transaction, the executive vice president now owns 87,872 shares in the company, valued at $8,605,304.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.28% of the company’s stock.

A number of analysts have recently commented on MDT shares. Argus upped their target price on Medtronic from $95.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, August 27th. SunTrust Banks upped their target price on Medtronic to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 24th. Citigroup upped their target price on Medtronic from $104.00 to $109.00 and gave the stock a “buy” rating in a research note on Friday, August 24th. Bank of America upped their target price on Medtronic from $98.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, August 22nd. Finally, Oppenheimer restated a “buy” rating and issued a $104.00 target price on shares of Medtronic in a research note on Tuesday, August 21st. Seven equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $104.87.

Shares of MDT stock opened at $94.24 on Friday. The company has a market cap of $129.25 billion, a price-to-earnings ratio of 19.76, a price-to-earnings-growth ratio of 2.50 and a beta of 0.96. The company has a current ratio of 2.56, a quick ratio of 2.11 and a debt-to-equity ratio of 0.48. Medtronic PLC has a 12-month low of $76.41 and a 12-month high of $100.15.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 20th. The medical technology company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.07. The company had revenue of $7.48 billion for the quarter, compared to the consensus estimate of $7.35 billion. Medtronic had a return on equity of 13.51% and a net margin of 7.44%. Medtronic’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.07 earnings per share. On average, research analysts predict that Medtronic PLC will post 5.13 EPS for the current year.

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Medtronic Company Profile

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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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