Mcrae Capital Management Inc. raised its position in shares of Medtronic PLC (NYSE:MDT) by 3.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 113,794 shares of the medical technology company’s stock after buying an additional 3,855 shares during the period. Medtronic PLC accounts for 3.8% of Mcrae Capital Management Inc.’s portfolio, making the stock its 6th largest position. Mcrae Capital Management Inc.’s holdings in Medtronic PLC were worth $9,167,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Jackson Grant Investment Advisers Inc. increased its position in Medtronic PLC by 0.3% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 2,920 shares of the medical technology company’s stock worth $235,000 after buying an additional 9 shares during the period. Hudock Capital Group LLC increased its position in Medtronic PLC by 0.6% in the first quarter. Hudock Capital Group LLC now owns 2,184 shares of the medical technology company’s stock worth $175,000 after buying an additional 12 shares during the period. Delta Asset Management LLC TN increased its position in Medtronic PLC by 0.4% in the first quarter. Delta Asset Management LLC TN now owns 3,713 shares of the medical technology company’s stock worth $299,000 after buying an additional 13 shares during the period. Bollard Group LLC increased its position in Medtronic PLC by 0.4% in the first quarter. Bollard Group LLC now owns 3,637 shares of the medical technology company’s stock worth $293,000 after buying an additional 14 shares during the period. Finally, Tarbox Group Inc. increased its position in Medtronic PLC by 0.4% in the first quarter. Tarbox Group Inc. now owns 5,180 shares of the medical technology company’s stock worth $417,000 after buying an additional 20 shares during the period. 83.11% of the stock is owned by institutional investors and hedge funds.
Shares of Medtronic PLC (NYSE:MDT) opened at 85.67 on Friday. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72. The firm has a 50-day moving average of $87.57 and a 200 day moving average of $81.81. The firm has a market cap of $116.43 billion, a PE ratio of 29.64 and a beta of 1.04.
Medtronic PLC (NYSE:MDT) last posted its earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.02. The company had revenue of $7.92 billion during the quarter, compared to analysts’ expectations of $7.86 billion. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. Medtronic PLC’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.27 EPS. Equities research analysts predict that Medtronic PLC will post $4.95 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date is Wednesday, July 5th. This is a boost from Medtronic PLC’s previous quarterly dividend of $0.43. Medtronic PLC’s dividend payout ratio (DPR) is currently 63.67%.
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A number of research analysts recently weighed in on the stock. UBS AG reaffirmed a “buy” rating and issued a $95.00 target price (up previously from $94.00) on shares of Medtronic PLC in a research report on Tuesday, May 30th. Barclays PLC reaffirmed an “overweight” rating and issued a $94.00 target price (up previously from $92.00) on shares of Medtronic PLC in a research report on Sunday, May 28th. CIBC reaffirmed a “buy” rating on shares of Medtronic PLC in a research report on Friday, May 26th. Cowen and Company reissued an “outperform” rating and issued a $95.00 price objective (up previously from $86.00) on shares of Medtronic PLC in a research report on Sunday, May 28th. Finally, BMO Capital Markets lifted their price objective on shares of Medtronic PLC from $87.00 to $94.00 and gave the company an “outperform” rating in a research report on Tuesday, May 30th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Medtronic PLC currently has an average rating of “Buy” and an average price target of $89.16.
In other news, EVP Bryan C. Hanson sold 12,000 shares of the firm’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard H. Anderson bought 5,600 shares of the business’s stock in a transaction dated Wednesday, June 21st. The shares were bought at an average price of $88.90 per share, with a total value of $497,840.00. Following the purchase, the director now owns 71,910 shares in the company, valued at approximately $6,392,799. The disclosure for this purchase can be found here. Company insiders own 0.25% of the company’s stock.
About Medtronic PLC
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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