Medtronic PLC (MDT) Stake Boosted by Stevens Capital Management LP

Stevens Capital Management LP lifted its position in shares of Medtronic PLC (NYSE:MDT) by 540.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,578 shares of the medical technology company’s stock after purchasing an additional 62,092 shares during the quarter. Stevens Capital Management LP’s holdings in Medtronic were worth $5,722,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Parkside Financial Bank & Trust lifted its position in Medtronic by 22.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock valued at $102,000 after acquiring an additional 210 shares in the last quarter. BDO Wealth Advisors LLC bought a new stake in Medtronic in the 2nd quarter valued at $103,000. Motco lifted its position in Medtronic by 8.7% in the 2nd quarter. Motco now owns 1,239 shares of the medical technology company’s stock valued at $110,000 after acquiring an additional 99 shares in the last quarter. Farmers National Bank bought a new stake in Medtronic in the 1st quarter valued at $121,000. Finally, Israel Discount Bank of New York bought a new stake in Medtronic in the 1st quarter valued at $117,000. 81.86% of the stock is currently owned by institutional investors.

In other news, CEO Omar Ishrak sold 140,407 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the transaction, the chief executive officer now directly owns 668,503 shares in the company, valued at approximately $54,569,899.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bryan C. Hanson sold 16,000 shares of the business’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $78.03, for a total transaction of $1,248,480.00. The disclosure for this sale can be found here. Insiders have sold a total of 172,407 shares of company stock worth $13,974,223 over the last 90 days. 0.31% of the stock is owned by company insiders.

Several research firms recently commented on MDT. Argus raised shares of Medtronic from a “hold” rating to a “buy” rating and boosted their price objective for the company from $81.27 to $95.00 in a research report on Tuesday. They noted that the move was a valuation call. BMO Capital Markets boosted their price objective on shares of Medtronic to $94.00 and gave the company an “outperform” rating in a research report on Tuesday. Jefferies Group reaffirmed a “buy” rating and issued a $99.00 price objective on shares of Medtronic in a research report on Thursday, November 23rd. Zacks Investment Research raised shares of Medtronic from a “sell” rating to a “hold” rating in a research report on Thursday, November 23rd. Finally, Northland Securities reaffirmed a “hold” rating and issued a $80.00 price objective on shares of Medtronic in a research report on Wednesday, November 22nd. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fourteen have issued a buy rating to the stock. Medtronic has a consensus rating of “Hold” and an average price target of $88.57.

Medtronic PLC (MDT) traded down $0.20 during trading on Wednesday, hitting $81.80. 463,549 shares of the stock traded hands, compared to its average volume of 4,952,854. The firm has a market cap of $109,998.77, a price-to-earnings ratio of 17.51, a PEG ratio of 2.24 and a beta of 1.00. Medtronic PLC has a one year low of $69.35 and a one year high of $89.72. The company has a quick ratio of 2.05, a current ratio of 2.40 and a debt-to-equity ratio of 0.50.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.08. The company had revenue of $7.05 billion for the quarter, compared to analyst estimates of $7.05 billion. Medtronic had a net margin of 16.93% and a return on equity of 12.63%. Medtronic’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.12 EPS. sell-side analysts anticipate that Medtronic PLC will post 4.77 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, December 29th will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.84 annualized dividend and a dividend yield of 2.25%. Medtronic’s dividend payout ratio is presently 50.41%.

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About Medtronic

Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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