Glenview Trust Co Reduces Position in Medtronic PLC (MDT)

Glenview Trust Co reduced its position in shares of Medtronic PLC (NYSE:MDT) by 1.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,774 shares of the medical technology company’s stock after selling 1,041 shares during the period. Glenview Trust Co’s holdings in Medtronic PLC were worth $5,305,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of MDT. Parkside Financial Bank & Trust grew its stake in Medtronic PLC by 22.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock worth $102,000 after buying an additional 210 shares during the last quarter. BDO Wealth Advisors LLC bought a new position in Medtronic PLC during the 2nd quarter worth $103,000. Motco grew its stake in Medtronic PLC by 8.7% during the 2nd quarter. Motco now owns 1,239 shares of the medical technology company’s stock worth $110,000 after buying an additional 99 shares during the last quarter. Israel Discount Bank of New York bought a new position in Medtronic PLC during the 1st quarter worth $117,000. Finally, Birch Hill Investment Advisors LLC bought a new position in Medtronic PLC during the 1st quarter worth $120,000. 81.37% of the stock is currently owned by institutional investors and hedge funds.

Shares of Medtronic PLC (NYSE:MDT) opened at $79.33 on Monday. Medtronic PLC has a fifty-two week low of $69.35 and a fifty-two week high of $89.72. The company has a market capitalization of $107,459.70, a price-to-earnings ratio of 16.92, a PEG ratio of 2.19 and a beta of 1.00. The company has a current ratio of 1.64, a quick ratio of 1.40 and a debt-to-equity ratio of 0.51.

Medtronic PLC (NYSE:MDT) last announced its earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The business had revenue of $7.39 billion during the quarter, compared to the consensus estimate of $7.44 billion. During the same period in the prior year, the business posted $1.03 earnings per share. Medtronic PLC’s revenue was up 3.1% compared to the same quarter last year. sell-side analysts anticipate that Medtronic PLC will post 4.66 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, October 20th. Stockholders of record on Friday, September 29th were issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 2.32%. The ex-dividend date was Thursday, September 28th. Medtronic PLC’s dividend payout ratio is 61.95%.

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In related news, CEO Omar Ishrak sold 140,407 shares of the stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $81.63, for a total value of $11,461,423.41. Following the completion of the sale, the chief executive officer now directly owns 668,503 shares of the company’s stock, valued at approximately $54,569,899.89. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Bryan C. Hanson sold 16,000 shares of the stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $78.03, for a total value of $1,248,480.00. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

A number of brokerages recently commented on MDT. SunTrust Banks, Inc. restated a “buy” rating and set a $96.00 price objective on shares of Medtronic PLC in a research note on Monday, October 2nd. BidaskClub raised Medtronic PLC from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. Jefferies Group LLC reissued a “buy” rating and issued a $96.00 price target on shares of Medtronic PLC in a research note on Thursday, September 28th. Needham & Company LLC reissued a “buy” rating and issued a $94.00 price target on shares of Medtronic PLC in a research note on Thursday. Finally, Zacks Investment Research cut Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $87.88.

About Medtronic PLC

Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic PLC (NYSE:MDT)

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