Shelter Mutual Insurance Co lessened its holdings in Medtronic PLC (NYSE:MDT) by 8.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 82,496 shares of the medical technology company’s stock after selling 7,900 shares during the period. Medtronic accounts for about 2.3% of Shelter Mutual Insurance Co’s investment portfolio, making the stock its 16th biggest holding. Shelter Mutual Insurance Co’s holdings in Medtronic were worth $8,034,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in shares of Medtronic by 7.9% in the 1st quarter. BlackRock Inc. now owns 106,778,084 shares of the medical technology company’s stock valued at $9,725,349,000 after purchasing an additional 7,856,946 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Medtronic by 2.2% in the 1st quarter. Wells Fargo & Company MN now owns 13,714,625 shares of the medical technology company’s stock valued at $1,249,129,000 after purchasing an additional 291,291 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of Medtronic by 35.4% in the 1st quarter. Nordea Investment Management AB now owns 8,622,525 shares of the medical technology company’s stock valued at $785,336,000 after purchasing an additional 2,255,412 shares during the last quarter. Boston Partners lifted its stake in shares of Medtronic by 13.9% in the 1st quarter. Boston Partners now owns 8,405,239 shares of the medical technology company’s stock valued at $765,549,000 after purchasing an additional 1,028,238 shares during the last quarter. Finally, Sanders Capital LLC lifted its stake in shares of Medtronic by 3.3% in the 2nd quarter. Sanders Capital LLC now owns 6,134,485 shares of the medical technology company’s stock valued at $672,922,000 after purchasing an additional 196,300 shares during the last quarter. 80.65% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:MDT traded up $0.69 on Thursday, hitting $101.62. 129,947 shares of the company were exchanged, compared to its average volume of 4,206,267. The firm’s 50 day moving average price is $100.37. Medtronic PLC has a one year low of $81.66 and a one year high of $103.95. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 2.15. The stock has a market capitalization of $135.66 billion, a price-to-earnings ratio of 19.46, a price-to-earnings-growth ratio of 2.59 and a beta of 0.67.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Monday, July 8th were issued a dividend of $0.54 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Friday, July 5th. This represents a $2.16 annualized dividend and a dividend yield of 2.13%. Medtronic’s payout ratio is presently 41.38%.
In other news, SVP Carol A. Surface sold 9,000 shares of Medtronic stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $97.66, for a total transaction of $878,940.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Bradley E. Lerman sold 6,599 shares of Medtronic stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $102.02, for a total transaction of $673,229.98. Following the sale, the senior vice president now owns 105,960 shares in the company, valued at $10,810,039.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,701 shares of company stock worth $9,318,744. Insiders own 0.28% of the company’s stock.
Several research analysts recently commented on MDT shares. Northland Securities reiterated a “hold” rating and issued a $100.00 target price on shares of Medtronic in a report on Thursday, June 20th. UBS Group lifted their target price on shares of Medtronic to $112.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Needham & Company LLC reiterated a “buy” rating on shares of Medtronic in a report on Tuesday, July 23rd. Cowen reiterated an “outperform” rating and issued a $111.00 target price (up previously from $99.00) on shares of Medtronic in a report on Wednesday. Finally, ValuEngine downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Seven analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $106.41.
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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