Essex Savings Bank Purchases 206 Shares of Medtronic PLC (NYSE:MDT)

Essex Savings Bank raised its position in shares of Medtronic PLC (NYSE:MDT) by 5.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,280 shares of the medical technology company’s stock after acquiring an additional 206 shares during the period. Essex Savings Bank’s holdings in Medtronic were worth $392,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in MDT. Evolution Wealth Advisors LLC boosted its holdings in Medtronic by 403.7% during the second quarter. Evolution Wealth Advisors LLC now owns 272 shares of the medical technology company’s stock valued at $25,000 after acquiring an additional 218 shares during the period. Price Wealth LLC raised its position in shares of Medtronic by 73.2% during the second quarter. Price Wealth LLC now owns 291 shares of the medical technology company’s stock valued at $27,000 after buying an additional 123 shares during the last quarter. Balentine LLC acquired a new position in shares of Medtronic during the first quarter valued at about $33,000. Reilly Financial Advisors LLC raised its position in shares of Medtronic by 79.4% during the first quarter. Reilly Financial Advisors LLC now owns 375 shares of the medical technology company’s stock valued at $34,000 after buying an additional 166 shares during the last quarter. Finally, Lion Street Advisors LLC acquired a new position in shares of Medtronic during the first quarter valued at about $36,000. Institutional investors own 81.01% of the company’s stock.

Shares of NYSE MDT traded up $0.01 during mid-day trading on Friday, hitting $96.48. 5,154,028 shares of the stock were exchanged, compared to its average volume of 4,376,060. Medtronic PLC has a twelve month low of $72.13 and a twelve month high of $122.15. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.72 and a current ratio of 2.13. The stock’s fifty day simple moving average is $93.73 and its two-hundred day simple moving average is $99.84. The company has a market cap of $129.41 billion, a P/E ratio of 27.18, a PEG ratio of 3.65 and a beta of 0.67.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Thursday, May 21st. The medical technology company reported $0.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.28 by ($0.70). Medtronic had a net margin of 16.56% and a return on equity of 12.17%. The company had revenue of $6 billion for the quarter, compared to the consensus estimate of $6.10 billion. During the same period last year, the company earned $1.54 earnings per share. Medtronic’s revenue for the quarter was down 26.4% compared to the same quarter last year. As a group, equities research analysts predict that Medtronic PLC will post 3.41 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were paid a dividend of $0.58 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.54. This represents a $2.32 annualized dividend and a dividend yield of 2.40%. The ex-dividend date was Thursday, June 25th. Medtronic’s dividend payout ratio is 50.54%.

MDT has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Medtronic from $128.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Wells Fargo & Co cut their price objective on shares of Medtronic from $130.00 to $108.00 and set an “overweight” rating for the company in a research report on Wednesday, April 22nd. SVB Leerink upped their price objective on shares of Medtronic from $100.00 to $105.00 and gave the company a “market perform” rating in a research report on Tuesday, April 28th. SunTrust Banks cut their price objective on shares of Medtronic from $130.00 to $105.00 in a research report on Wednesday, May 27th. Finally, Jefferies Financial Group increased their price target on shares of Medtronic from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 22nd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. Medtronic currently has a consensus rating of “Buy” and an average price target of $113.55.

In other news, SVP Carol A. Surface sold 2,000 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $97.72, for a total transaction of $195,440.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.28% of the stock is owned by corporate insiders.

About Medtronic

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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