Medtronic plc (NYSE:MDT) Shares Purchased by Advisory Services Network LLC

Advisory Services Network LLC raised its stake in Medtronic plc (NYSE:MDT) by 9.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 68,628 shares of the medical technology company’s stock after buying an additional 5,718 shares during the quarter. Advisory Services Network LLC’s holdings in Medtronic were worth $5,654,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Fortitude Family Office LLC purchased a new stake in Medtronic during the 4th quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. lifted its stake in Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 236,064 shares during the last quarter. MeadowBrook Investment Advisors LLC acquired a new position in Medtronic during the 4th quarter worth approximately $27,000. Financial Gravity Asset Management Inc. increased its position in shares of Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after purchasing an additional 279 shares during the last quarter. Finally, Hartford Financial Management Inc. raised its holdings in shares of Medtronic by 52.1% in the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock valued at $39,000 after purchasing an additional 164 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.30% of the stock is owned by insiders.

Medtronic Stock Performance

NYSE MDT traded up $0.91 during trading on Friday, reaching $82.29. The company’s stock had a trading volume of 8,732,273 shares, compared to its average volume of 5,738,687. The business’s fifty day moving average price is $82.81 and its 200-day moving average price is $82.68. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.00. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.71 and a current ratio of 2.03. The firm has a market cap of $109.27 billion, a price-to-earnings ratio of 29.92, a P/E/G ratio of 2.65 and a beta of 0.78.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. During the same quarter in the previous year, the firm posted $1.57 EPS. The firm’s revenue for the quarter was up .5% on a year-over-year basis. As a group, analysts anticipate that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a $0.70 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Friday, June 28th. Medtronic’s payout ratio is currently 100.36%.

Analyst Upgrades and Downgrades

MDT has been the topic of several recent analyst reports. Mizuho increased their target price on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Friday. Wells Fargo & Company increased their price target on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday. Oppenheimer raised their price objective on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $94.45.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.