Medtronic PLC (MDT) Stake Boosted by Rench Wealth Management Inc.

Rench Wealth Management Inc. grew its holdings in Medtronic PLC (NYSE:MDT) by 1.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 32,147 shares of the medical technology company’s stock after purchasing an additional 433 shares during the period. Medtronic makes up about 2.1% of Rench Wealth Management Inc.’s portfolio, making the stock its 22nd biggest position. Rench Wealth Management Inc.’s holdings in Medtronic were worth $2,924,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Hedeker Wealth LLC boosted its stake in shares of Medtronic by 0.6% during the fourth quarter. Hedeker Wealth LLC now owns 21,039 shares of the medical technology company’s stock valued at $1,913,000 after purchasing an additional 124 shares in the last quarter. Hanson McClain Inc. raised its position in Medtronic by 1.7% in the 4th quarter. Hanson McClain Inc. now owns 7,321 shares of the medical technology company’s stock valued at $666,000 after purchasing an additional 125 shares during the last quarter. Cornerstone Advisors Inc. raised its position in Medtronic by 12.2% in the 3rd quarter. Cornerstone Advisors Inc. now owns 1,165 shares of the medical technology company’s stock valued at $115,000 after purchasing an additional 127 shares during the last quarter. Abbrea Capital LLC raised its position in Medtronic by 3.0% in the 4th quarter. Abbrea Capital LLC now owns 4,384 shares of the medical technology company’s stock valued at $401,000 after purchasing an additional 128 shares during the last quarter. Finally, Indiana Trust & Investment Management CO raised its position in 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 valued at $566,000 after purchasing an additional 136 shares during the last quarter. Institutional investors own 80.59% of the company’s stock.

A number of equities analysts have commented on MDT shares. UBS Group initiated coverage on shares of Medtronic in a research report on Wednesday, November 28th. They set a “buy” rating and a $112.00 price objective for the company. Oppenheimer reaffirmed a “buy” rating and set a $104.00 price target on shares of Medtronic in a research note on Tuesday, November 20th. Deutsche Bank started coverage on shares of Medtronic in a report on Wednesday, January 2nd. They issued a “buy” rating and a $99.00 price target on the stock. BTIG Research raised shares of Medtronic from a “neutral” rating to a “buy” rating and set a $100.00 price objective for the company in a report on Tuesday, January 15th. Finally, Barclays reissued a “buy” rating and set a $104.00 price target on shares of Medtronic in a report on Wednesday, February 20th. Ten research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Medtronic presently has an average rating of “Buy” and an average price target of $103.43.

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

NYSE:MDT opened at $92.66 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.92 and a current ratio of 2.36. Medtronic PLC has a fifty-two week low of $76.41 and a fifty-two week high of $100.15. The stock has a market cap of $123.24 billion, a price-to-earnings ratio of 19.43, a price-to-earnings-growth ratio of 2.39 and a beta of 0.82.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 19th. The medical technology company reported $1.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.05. Medtronic had a return on equity of 13.85% and a net margin of 16.10%. The company had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.53 billion. During the same quarter in the previous year, the business posted $1.17 EPS. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. As a group, equities analysts forecast that Medtronic PLC will post 5.15 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, March 21st. This represents a $2.00 annualized dividend and a dividend yield of 2.16%. Medtronic’s payout ratio is 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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