Commonwealth Equity Services LLC Acquires 22,669 Shares of Medtronic PLC (NYSE:MDT)

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Commonwealth Equity Services LLC lifted its position in shares of Medtronic PLC (NYSE:MDT) by 10.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 248,830 shares of the medical technology company’s stock after acquiring an additional 22,669 shares during the period. Commonwealth Equity Services LLC’s holdings in Medtronic were worth $24,233,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. increased its position in Medtronic by 7.9% during the first quarter. BlackRock Inc. now owns 106,778,084 shares of the medical technology company’s stock worth $9,725,349,000 after purchasing an additional 7,856,946 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Medtronic by 10.2% during the fourth quarter. Geode Capital Management LLC now owns 16,690,207 shares of the medical technology company’s stock valued at $1,515,557,000 after purchasing an additional 1,538,130 shares during the period. Wells Fargo & Company MN increased its position in shares of Medtronic by 2.2% during the first quarter. Wells Fargo & Company MN now owns 13,714,625 shares of the medical technology company’s stock valued at $1,249,129,000 after purchasing an additional 291,291 shares during the period. Norges Bank bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $1,120,279,000. Finally, American Century Companies Inc. boosted its stake in Medtronic by 23.0% in the 4th quarter. American Century Companies Inc. now owns 9,746,733 shares of the medical technology company’s stock valued at $886,563,000 after buying an additional 1,821,093 shares in the last quarter. 79.99% of the stock is owned by institutional investors.

MDT traded up $0.26 during trading on Tuesday, reaching $101.50. The stock had a trading volume of 131,759 shares, compared to its average volume of 3,982,729. The stock has a market capitalization of $135.19 billion, a PE ratio of 19.42, a PEG ratio of 2.58 and a beta of 0.68. The company has a current ratio of 2.59, a quick ratio of 2.15 and a debt-to-equity ratio of 0.49. Medtronic PLC has a one year low of $81.66 and a one year high of $102.74. The firm’s 50-day moving average is $98.33.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.07. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. The firm had revenue of $8.15 billion for the quarter, compared to analysts’ expectations of $8.12 billion. During the same quarter last year, the business posted $1.42 EPS. Medtronic’s revenue was up .0% on a year-over-year basis. On average, analysts forecast that Medtronic PLC will post 5.47 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Monday, July 8th will be paid a $0.54 dividend. The ex-dividend date is Friday, July 5th. This represents a $2.16 annualized dividend and a yield of 2.13%. This is a boost from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s payout ratio is presently 41.38%.

A number of equities analysts have commented on the company. Needham & Company LLC reissued a “buy” rating on shares of Medtronic in a research note on Tuesday. UBS Group decreased their target price on Broadcom from $325.00 to $310.00 and set a “buy” rating for the company in a research report on Friday, June 14th. Barclays set a $5.00 price objective on Amneal Pharmaceuticals and gave the stock a “hold” rating in a report on Thursday, July 11th. Wells Fargo & Co raised Medtronic from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $100.00 to $110.00 in a report on Tuesday, June 4th. Finally, Oppenheimer set a $110.00 target price on Medtronic and gave the stock a “buy” rating in a research note on Monday, July 15th. Six equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $106.05.

In related news, Director Richard H. Anderson acquired 10,900 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were acquired at an average cost of $92.40 per share, with a total value of $1,007,160.00. Following the completion of the acquisition, the director now directly owns 89,912 shares in the company, valued at approximately $8,307,868.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Carol A. Surface sold 9,000 shares of the stock in a transaction on Monday, June 17th. The shares were sold at an average price of $97.66, for a total transaction of $878,940.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 81,664 shares of company stock worth $7,896,623. Corporate insiders own 0.28% of the company’s stock.

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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