Naples Global Advisors LLC Boosts Stake in Medtronic PLC (MDT)

Naples Global Advisors LLC increased its stake in Medtronic PLC (NYSE:MDT) by 8.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 32,193 shares of the medical technology company’s stock after acquiring an additional 2,584 shares during the quarter. Naples Global Advisors LLC’s holdings in Medtronic were worth $2,731,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Hedeker Wealth LLC grew its holdings in shares of Medtronic by 0.6% in the 4th quarter. Hedeker Wealth LLC now owns 21,039 shares of the medical technology company’s stock worth $1,913,000 after acquiring an additional 124 shares during the last quarter. Cornerstone Advisors Inc. grew its holdings in shares of Medtronic by 12.2% in the 3rd quarter. Cornerstone Advisors Inc. now owns 1,165 shares of the medical technology company’s stock worth $115,000 after acquiring an additional 127 shares during the last quarter. Indiana Trust & Investment Management CO grew its holdings in shares of Medtronic by 2.2% in the 4th quarter. Indiana Trust & Investment Management CO now owns 6,228 shares of the medical technology company’s stock worth $566,000 after acquiring an additional 136 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Medtronic by 11.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,304 shares of the medical technology company’s stock valued at $119,000 after buying an additional 139 shares in the last quarter. Finally, Bank of Stockton grew its holdings in shares of Medtronic by 2.1% during the fourth quarter. Bank of Stockton now owns 7,263 shares of the medical technology company’s stock valued at $660,000 after buying an additional 147 shares in the last quarter. Institutional investors and hedge funds own 80.61% of the company’s stock.

In other news, CFO Karen L. Parkhill bought 3,000 shares of the stock in a transaction on Wednesday, January 9th. The shares were purchased at an average price of $83.87 per share, for a total transaction of $251,610.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Omar Ishrak purchased 12,000 shares of Medtronic stock in a transaction on Wednesday, January 9th. The stock was bought at an average cost of $84.05 per share, with a total value of $1,008,600.00. The disclosure for this purchase can be found here. Insiders own 0.28% of the company’s stock.

A number of research analysts have recently weighed in on MDT shares. Citigroup downgraded Medtronic from a “buy” rating to a “neutral” rating and lowered their price target for the company from $109.00 to $96.00 in a report on Wednesday, January 2nd. ValuEngine downgraded Medtronic from a “buy” rating to a “hold” rating in a report on Monday, January 7th. JPMorgan Chase & Co. upgraded Medtronic from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $100.00 to $109.00 in a report on Wednesday, December 19th. Morgan Stanley lifted their price target on Medtronic from $98.00 to $102.00 and gave the company an “equal weight” rating in a report on Wednesday, January 2nd. Finally, Deutsche Bank started coverage on Medtronic in a report on Wednesday, January 2nd. They set a “buy” rating and a $99.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $104.09.

Shares of NYSE MDT opened at $89.01 on Friday. 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 one year low of $76.41 and a one year high of $100.15. The stock has a market capitalization of $119.40 billion, a price-to-earnings ratio of 17.85, a PEG ratio of 2.36 and a beta of 0.82.

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

The company also recently announced a quarterly dividend, which was paid on Friday, January 18th. Shareholders of record on Friday, December 28th were paid a $0.50 dividend. The ex-dividend date was Thursday, December 27th. This represents a $2.00 dividend on an annualized basis and a yield of 2.25%. Medtronic’s dividend payout ratio (DPR) is currently 41.93%.

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About Medtronic

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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