Eastern Bank Acquires New Position in Medtronic PLC (MDT)

Eastern Bank acquired a new position in Medtronic PLC (NYSE:MDT) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,054 shares of the medical technology company’s stock, valued at approximately $202,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Chicago Partners Investment Group LLC grew its stake in Medtronic by 24.4% during the second quarter. Chicago Partners Investment Group LLC now owns 2,699 shares of the medical technology company’s stock valued at $231,000 after acquiring an additional 530 shares in the last quarter. Strategic Financial Services Inc grew its stake in Medtronic by 1.0% during the second quarter. Strategic Financial Services Inc now owns 57,707 shares of the medical technology company’s stock valued at $4,940,000 after acquiring an additional 554 shares in the last quarter. D.B. Root & Company LLC grew its stake in shares of Medtronic by 4.4% in the 2nd quarter. D.B. Root & Company LLC now owns 13,515 shares of the medical technology company’s stock worth $1,157,000 after buying an additional 564 shares in the last quarter. Somerset Trust Co grew its stake in shares of Medtronic by 1.1% in the 3rd quarter. Somerset Trust Co now owns 53,711 shares of the medical technology company’s stock worth $5,283,000 after buying an additional 565 shares in the last quarter. Finally, Berkshire Asset Management LLC PA grew its stake in shares of Medtronic by 0.7% in the 3rd quarter. Berkshire Asset Management LLC PA now owns 83,618 shares of the medical technology company’s stock worth $8,226,000 after buying an additional 597 shares in the last quarter. 79.90% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have commented on MDT. Barclays began coverage on shares of Medtronic in a research note on Monday. They issued an “overweight” rating and a $113.00 price objective for the company. Argus lifted their price objective on shares of Medtronic from $108.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, October 8th. Royal Bank of Canada lifted their price objective on shares of Medtronic to $109.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 3rd. Oppenheimer reissued a “buy” rating on shares of Medtronic in a research note on Friday, September 21st. Finally, ValuEngine raised shares of Medtronic from a “hold” rating to a “buy” rating in a research note on Friday, September 7th. Eight analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Medtronic currently has a consensus rating of “Buy” and a consensus target price of $102.08.

Medtronic stock opened at $96.55 on Wednesday. The stock has a market capitalization of $132.85 billion, a PE ratio of 20.24, a PEG ratio of 2.61 and a beta of 0.92. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.46 and a quick ratio of 2.06. Medtronic PLC has a 12-month low of $76.41 and a 12-month high of $100.15.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 21st. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.06. The firm had revenue of $7.38 billion during the quarter, compared to analyst estimates of $7.24 billion. Medtronic had a net margin of 10.56% and a return on equity of 12.98%. The business’s revenue was down .1% on a year-over-year basis. During the same quarter last year, the business earned $1.12 EPS. Research analysts forecast that Medtronic PLC will post 5.12 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 19th. Stockholders of record on Friday, September 28th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $2.00 annualized dividend and a dividend yield of 2.07%. Medtronic’s dividend payout ratio (DPR) is presently 41.93%.

In other news, EVP Hooman Hakami sold 26,159 shares of the firm’s stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $96.29, for a total value of $2,518,850.11. Following the completion of the sale, the executive vice president now owns 63,046 shares in the company, valued at approximately $6,070,699.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Geoffrey Martha sold 49,799 shares of the firm’s stock in a transaction dated Monday, September 24th. The stock was sold at an average price of $97.93, for a total transaction of $4,876,816.07. Following the completion of the sale, the executive vice president now owns 87,872 shares of the company’s stock, valued at approximately $8,605,304.96. The disclosure for this sale can be found here. Insiders sold a total of 268,678 shares of company stock valued at $25,818,353 in the last 90 days. Company insiders own 0.28% of the company’s stock.

Medtronic Company 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.

Further Reading: Buyback For Investors Defined

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply