Rockland Trust Co. Raises Stake in Medtronic PLC (NYSE:MDT)

Rockland Trust Co. grew its stake in shares of Medtronic PLC (NYSE:MDT) by 18.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,892 shares of the medical technology company’s stock after purchasing an additional 1,210 shares during the quarter. Rockland Trust Co.’s holdings in Medtronic were worth $844,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Nachman Norwood & Parrott Inc raised its holdings in shares of Medtronic by 1.9% in the third quarter. Nachman Norwood & Parrott Inc now owns 5,400 shares of the medical technology company’s stock valued at $587,000 after acquiring an additional 99 shares in the last quarter. Folger Nolan Fleming Douglas Capital Management Inc. raised its holdings in Medtronic by 2.1% in the second quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 4,782 shares of the medical technology company’s stock worth $466,000 after purchasing an additional 100 shares in the last quarter. Pekin Hardy Strauss Inc. raised its holdings in Medtronic by 1.5% in the second quarter. Pekin Hardy Strauss Inc. now owns 6,773 shares of the medical technology company’s stock worth $660,000 after purchasing an additional 100 shares in the last quarter. Affiance Financial LLC raised its holdings in Medtronic by 1.3% in the third quarter. Affiance Financial LLC now owns 8,074 shares of the medical technology company’s stock worth $877,000 after purchasing an additional 102 shares in the last quarter. Finally, Cornerstone Advisors Inc. raised its holdings in Medtronic by 8.1% in the second quarter. Cornerstone Advisors Inc. now owns 1,621 shares of the medical technology company’s stock worth $158,000 after purchasing an additional 122 shares in the last quarter. 81.03% of the stock is owned by hedge funds and other institutional investors.

A number of equities analysts have commented on the stock. BTIG Research boosted their target price on shares of Medtronic to $120.00 and gave the stock a “buy” rating in a report on Wednesday, August 21st. Barclays boosted their target price on shares of Medtronic from $110.00 to $117.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Needham & Company LLC reiterated a “buy” rating and issued a $133.00 target price on shares of Medtronic in a report on Wednesday, August 28th. Oppenheimer boosted their target price on shares of Medtronic from $110.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. Finally, Royal Bank of Canada set a $110.00 target price on shares of Medtronic and gave the stock a “buy” rating in a report on Friday, August 16th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Medtronic currently has an average rating of “Buy” and an average price target of $113.84.

In related news, SVP Richard Kuntz sold 3,438 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $101.12, for a total value of $347,650.56. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Hooman Hakami sold 82,877 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $107.31, for a total value of $8,893,530.87. Following the completion of the sale, the executive vice president now owns 30,761 shares in the company, valued at approximately $3,300,962.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 118,339 shares of company stock worth $12,619,053. 0.28% of the stock is owned by insiders.

Shares of NYSE MDT opened at $107.58 on Friday. The business’s 50 day moving average price is $108.20 and its 200 day moving average price is $98.07. The firm has a market cap of $143.22 billion, a P/E ratio of 20.61, a P/E/G ratio of 2.62 and a beta of 0.64. Medtronic PLC has a 52 week low of $81.66 and a 52 week high of $112.05. The company has a quick ratio of 2.20, a current ratio of 2.67 and a debt-to-equity ratio of 0.49.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.18 by $0.08. The firm had revenue of $7.49 billion for the quarter, compared to analyst estimates of $7.40 billion. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. Medtronic’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.17 earnings per share. As a group, research analysts expect that Medtronic PLC will post 5.56 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Friday, September 27th will be given a $0.54 dividend. The ex-dividend date is Thursday, September 26th. This represents a $2.16 dividend on an annualized basis and a yield of 2.01%. Medtronic’s dividend payout ratio is currently 41.38%.

Medtronic 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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