Welch & Forbes LLC Has $14.19 Million Stock Position in Medtronic PLC (NYSE:MDT)

Welch & Forbes LLC boosted its position in shares of Medtronic PLC (NYSE:MDT) by 9.7% in the second quarter, Holdings Channel.com reports. The firm owned 145,657 shares of the medical technology company’s stock after purchasing an additional 12,880 shares during the period. Welch & Forbes LLC’s holdings in Medtronic were worth $14,185,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. Cordasco Financial Network acquired a new stake in shares of Medtronic in the first quarter worth about $27,000. Pin Oak Investment Advisors Inc. lifted its position in shares of Medtronic by 158.0% in the fourth quarter. Pin Oak Investment Advisors Inc. now owns 369 shares of the medical technology company’s stock worth $34,000 after buying an additional 226 shares during the last quarter. Spectrum Management Group Inc. lifted its position in shares of Medtronic by 353.8% in the first quarter. Spectrum Management Group Inc. now owns 413 shares of the medical technology company’s stock worth $38,000 after buying an additional 322 shares during the last quarter. Mackey Komara & Dankovich LLC acquired a new stake in shares of Medtronic in the first quarter worth about $38,000. Finally, Motco lifted its position in shares of Medtronic by 159.3% in the first quarter. Motco now owns 516 shares of the medical technology company’s stock worth $47,000 after buying an additional 317 shares during the last quarter. 80.00% of the stock is owned by hedge funds and other institutional investors.

In related news, SVP Richard Kuntz sold 3,438 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $101.12, for a total transaction of $347,650.56. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Carol A. Surface sold 9,000 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $97.66, for a total value of $878,940.00. The disclosure for this sale can be found here. Insiders sold 85,102 shares of company stock worth $8,244,274 over the last quarter. 0.28% of the stock is currently owned by corporate insiders.

Shares of Medtronic stock traded down $0.30 during trading on Wednesday, reaching $103.45. The company’s stock had a trading volume of 119,586 shares, compared to its average volume of 3,511,845. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.15 and a current ratio of 2.59. The stock has a fifty day moving average price of $99.32. The company has a market cap of $138.97 billion, a price-to-earnings ratio of 19.80, a price-to-earnings-growth ratio of 2.63 and a beta of 0.68. Medtronic PLC has a one year low of $81.66 and a one year high of $103.87.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.07. The business had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.12 billion. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. The firm’s revenue for the quarter was up .0% on a year-over-year basis. During the same period in the previous year, the company posted $1.42 earnings per share. On average, equities research analysts anticipate that Medtronic PLC will post 5.47 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Monday, July 8th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, July 5th. This is a positive change from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.09%. Medtronic’s payout ratio is presently 41.38%.

MDT has been the subject of a number of analyst reports. Wells Fargo & Co raised Medtronic from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $100.00 to $110.00 in a research report on Tuesday, June 4th. ValuEngine cut Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Royal Bank of Canada reduced their price target on Medtronic to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, May 28th. Barclays set a $5.00 price target on Amneal Pharmaceuticals and gave the stock a “hold” rating in a research report on Thursday, July 11th. Finally, Northland Securities initiated coverage on THUNDER BRDG AC/SH SH in a research report on Thursday, June 20th. They issued an “outperform” rating for the company. Six investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Medtronic presently has a consensus rating of “Buy” and an average target price of $106.05.

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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