Watch Point Trust Co Has $3.06 Million Stock Position in Medtronic PLC (NYSE:MDT)

Watch Point Trust Co raised its position in shares of Medtronic PLC (NYSE:MDT) by 16.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,381 shares of the medical technology company’s stock after purchasing an additional 4,405 shares during the period. Watch Point Trust Co’s holdings in Medtronic were worth $3,056,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in MDT. Spectrum Management Group Inc. raised its position in Medtronic by 353.8% during the first quarter. Spectrum Management Group Inc. now owns 413 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 322 shares in the last quarter. Mackey Komara & Dankovich LLC acquired a new position in Medtronic during the first quarter valued at approximately $38,000. Rocky Mountain Advisers LLC raised its position in Medtronic by 100.0% during the second quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock valued at $39,000 after purchasing an additional 200 shares in the last quarter. Motco grew its stake in shares of Medtronic by 159.3% during 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. Finally, Stuart Chaussee & Associates Inc. bought a new stake in shares of Medtronic during the first quarter worth $48,000. Institutional investors and hedge funds own 80.65% of the company’s stock.

Shares of Medtronic stock traded up $0.91 during trading on Thursday, hitting $101.84. The company’s stock had a trading volume of 125,724 shares, compared to its average volume of 4,206,267. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.15 and a current ratio of 2.59. Medtronic PLC has a 52 week low of $81.66 and a 52 week high of $103.95. The stock has a market capitalization of $135.66 billion, a PE ratio of 19.46, a price-to-earnings-growth ratio of 2.59 and a beta of 0.67. The firm’s 50-day moving average is $100.37.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.07. Medtronic had a net margin of 15.15% and a return on equity of 14.16%. The company had revenue of $8.15 billion for the quarter, compared to analysts’ expectations of $8.12 billion. During the same quarter in the previous year, the firm posted $1.42 earnings per share. Medtronic’s revenue for the quarter was up .0% on a year-over-year basis. Analysts predict that Medtronic PLC will post 5.48 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 8th were paid a $0.54 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Friday, July 5th. This represents a $2.16 annualized dividend and a dividend yield of 2.12%. Medtronic’s payout ratio is currently 41.38%.

A number of analysts have weighed in on MDT shares. Wells Fargo & Co raised shares of Medtronic from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $100.00 to $110.00 in a research note on Tuesday, June 4th. UBS Group boosted their target price on shares of Medtronic to $112.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Barclays boosted their target price on shares of Medtronic from $104.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Cowen reaffirmed an “outperform” rating and set a $111.00 target price (up previously from $99.00) on shares of Medtronic in a research note on Wednesday. Finally, Royal Bank of Canada decreased their target price on shares of Medtronic to $100.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 28th. Seven research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $106.41.

In other Medtronic news, SVP Richard Kuntz sold 3,438 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $101.12, for a total transaction of $347,650.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Bradley E. Lerman sold 4,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $100.31, for a total transaction of $401,240.00. Following the sale, the senior vice president now directly owns 52,906 shares in the company, valued at approximately $5,307,000.86. The disclosure for this sale can be found here. In the last three months, insiders sold 95,701 shares of company stock worth $9,318,744. 0.28% of the stock is currently owned by insiders.

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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