Fort Pitt Capital Group LLC Raises Holdings in Medtronic plc. (NYSE:MDT)

Fort Pitt Capital Group LLC boosted its holdings in shares of Medtronic plc. (NYSE:MDT) by 15.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 426,315 shares of the medical technology company’s stock after acquiring an additional 58,559 shares during the period. Medtronic comprises about 2.8% of Fort Pitt Capital Group LLC’s portfolio, making the stock its 15th largest position. Fort Pitt Capital Group LLC’s holdings in Medtronic were worth $33,154,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MDT. Vanguard Group Inc. raised its position in shares of Medtronic by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 104,776,036 shares of the medical technology company’s stock valued at $9,298,872,000 after purchasing an additional 2,454,380 shares during the last quarter. BlackRock Inc. raised its position in Medtronic by 2.8% during the 2nd quarter. BlackRock Inc. now owns 89,512,229 shares of the medical technology company’s stock worth $7,944,210,000 after buying an additional 2,476,853 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Medtronic by 3.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 58,646,070 shares of the medical technology company’s stock worth $4,724,526,000 after buying an additional 1,729,715 shares during the last quarter. Lazard Asset Management LLC raised its position in Medtronic by 43.8% during the 2nd quarter. Lazard Asset Management LLC now owns 19,669,866 shares of the medical technology company’s stock worth $1,745,699,000 after buying an additional 5,991,094 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Medtronic by 7.3% during the 1st quarter. Geode Capital Management LLC now owns 13,308,812 shares of the medical technology company’s stock worth $1,070,622,000 after buying an additional 906,581 shares during the last quarter. Institutional investors and hedge funds own 81.72% of the company’s stock.

In other Medtronic news, EVP Bryan C. Hanson sold 16,000 shares of the business’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $78.03, for a total transaction of $1,248,480.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 48,000 shares of company stock worth $3,837,920 over the last quarter. Insiders own 0.31% of the company’s stock.

A number of equities analysts have issued reports on MDT shares. Zacks Investment Research raised shares of Medtronic from a “sell” rating to a “hold” rating in a research report on Wednesday, September 6th. Jefferies Group reaffirmed a “buy” rating and set a $96.00 price objective on shares of Medtronic in a research note on Thursday, September 28th. SunTrust Banks reaffirmed a “buy” rating and set a $96.00 price objective on shares of Medtronic in a research note on Monday, October 2nd. Wells Fargo & Co cut shares of Medtronic from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $93.00 to $83.00 in a research note on Monday, October 9th. Finally, Royal Bank of Canada dropped their price objective on shares of Medtronic from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Monday, October 9th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fourteen have given a buy rating to the company. Medtronic presently has a consensus rating of “Hold” and an average target price of $88.57.

Shares of Medtronic plc. (NYSE MDT) traded down $0.59 on Friday, reaching $80.75. 3,259,884 shares of the company traded hands, compared to its average volume of 4,558,942. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.05 and a current ratio of 2.40. The stock has a market cap of $110,093.52, a price-to-earnings ratio of 22.12, a P/E/G ratio of 2.25 and a beta of 1.00. Medtronic plc. has a 12-month low of $69.35 and a 12-month high of $89.72.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share (EPS) for the quarter, topping the Zacks’ 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%. The business’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.12 earnings per share. research analysts anticipate that Medtronic plc. will post 4.77 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Shareholders 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 dividend on an annualized basis and a yield of 2.28%. Medtronic’s dividend payout ratio (DPR) is presently 50.41%.

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Medtronic Profile

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.

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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