Marco Investment Management LLC Raises Stock Holdings in Medtronic PLC (NYSE:MDT)

Marco Investment Management LLC lifted its holdings in shares of Medtronic PLC (NYSE:MDT) by 0.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 96,922 shares of the medical technology company’s stock after purchasing an additional 500 shares during the quarter. Medtronic accounts for approximately 1.7% of Marco Investment Management LLC’s portfolio, making the stock its 18th largest position. Marco Investment Management LLC’s holdings in Medtronic were worth $9,439,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MDT. Cornerstone Advisors Inc. lifted its position in Medtronic by 8.1% in the second quarter. Cornerstone Advisors Inc. now owns 1,621 shares of the medical technology company’s stock valued at $158,000 after purchasing an additional 122 shares during the last quarter. Patriot Financial Group Insurance Agency LLC lifted its position in Medtronic by 3.1% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 4,129 shares of the medical technology company’s stock valued at $376,000 after purchasing an additional 126 shares during the last quarter. Hanson & Doremus Investment Management lifted its position in Medtronic by 0.9% in the first quarter. Hanson & Doremus Investment Management now owns 14,416 shares of the medical technology company’s stock valued at $1,313,000 after purchasing an additional 128 shares during the last quarter. Parkside Financial Bank & Trust lifted its position in Medtronic by 9.8% in the first quarter. Parkside Financial Bank & Trust now owns 1,432 shares of the medical technology company’s stock valued at $131,000 after purchasing an additional 128 shares during the last quarter. Finally, PFG Advisors lifted its position in Medtronic by 2.3% in the second quarter. PFG Advisors now owns 5,859 shares of the medical technology company’s stock valued at $601,000 after purchasing an additional 130 shares during the last quarter. 80.62% of the stock is owned by institutional investors.

Shares of NYSE MDT traded down $1.01 during trading on Friday, reaching $106.82. The company had a trading volume of 1,533,559 shares, compared to its average volume of 4,713,718. Medtronic PLC has a 12-month low of $81.66 and a 12-month high of $109.70. The stock has a market cap of $143.38 billion, a PE ratio of 20.46, a P/E/G ratio of 2.69 and a beta of 0.67. The business’s 50-day moving average is $101.49 and its 200 day moving average is $93.96. The company has a quick ratio of 2.15, a current ratio of 2.67 and a debt-to-equity ratio of 0.49.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.18 by $0.08. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The company had revenue of $7.49 billion for the quarter, compared to analysts’ expectations of $7.40 billion. During the same period last year, the firm posted $1.17 earnings per share. Medtronic’s revenue was up 1.5% compared to the same quarter last year. On average, analysts anticipate that Medtronic PLC will post 5.56 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 8th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, July 5th. This is a boost from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 annualized dividend and a dividend yield of 2.02%. Medtronic’s dividend payout ratio (DPR) is 41.38%.

In related news, EVP Hoedt Rob Ten sold 9,000 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $91.88, for a total transaction of $826,920.00. Following the sale, the executive vice president now directly owns 58,785 shares of the company’s stock, valued at $5,401,165.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Hooman Hakami sold 52,664 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $97.49, for a total value of $5,134,213.36. Following the sale, the executive vice president now directly owns 95,337 shares in the company, valued at $9,294,404.13. The disclosure for this sale can be found here. Insiders have sold 95,701 shares of company stock worth $9,318,744 over the last ninety days. 0.28% of the stock is currently owned by insiders.

MDT has been the subject of a number of recent analyst reports. Oppenheimer upped their target price on Medtronic from $110.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday. Northland Securities restated a “hold” rating and set a $100.00 target price on shares of Medtronic in a report on Wednesday. Cowen restated an “outperform” rating and set a $111.00 target price (up previously from $99.00) on shares of Medtronic in a report on Wednesday, August 14th. Royal Bank of Canada set a $110.00 target price on Medtronic and gave the company a “buy” rating in a report on Friday, August 16th. Finally, Stifel Nicolaus upped their target price on Medtronic from $95.00 to $112.00 and gave the company a “hold” rating in a report on Wednesday. Six research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $113.38.

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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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