Ipswich Investment Management Co. Inc. Invests $290,000 in Medtronic PLC (NYSE:MDT)

Ipswich Investment Management Co. Inc. purchased a new position in Medtronic PLC (NYSE:MDT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 3,272 shares of the medical technology company’s stock, valued at approximately $290,000.

Several other institutional investors also recently modified their holdings of MDT. SOL Capital Management CO increased its position in shares of Medtronic PLC by 4.6% in the first quarter. SOL Capital Management CO now owns 5,587 shares of the medical technology company’s stock worth $450,000 after buying an additional 244 shares during the period. Legacy Private Trust Co. increased its position in shares of Medtronic PLC by 143.5% in the first quarter. Legacy Private Trust Co. now owns 9,060 shares of the medical technology company’s stock worth $730,000 after buying an additional 5,340 shares during the period. Bank of Montreal Can increased its position in shares of Medtronic PLC by 5.9% in the first quarter. Bank of Montreal Can now owns 1,681,513 shares of the medical technology company’s stock worth $135,461,000 after buying an additional 93,480 shares during the period. Gradient Investments LLC increased its position in shares of Medtronic PLC by 10,787.0% in the first quarter. Gradient Investments LLC now owns 74,576 shares of the medical technology company’s stock worth $6,008,000 after buying an additional 73,891 shares during the period. Finally, Regentatlantic Capital LLC increased its position in shares of Medtronic PLC by 28.7% in the first quarter. Regentatlantic Capital LLC now owns 7,133 shares of the medical technology company’s stock worth $575,000 after buying an additional 1,590 shares during the period. 83.36% of the stock is currently owned by institutional investors.

Medtronic PLC (NYSE:MDT) traded up 0.81% on Friday, hitting $83.71. 4,302,167 shares of the company traded hands. The firm has a market capitalization of $113.76 billion, a PE ratio of 28.97 and a beta of 1.02. The firm’s 50 day moving average price is $86.18 and its 200 day moving average price is $82.87. Medtronic PLC has a 1-year low of $69.35 and a 1-year high of $89.72.

Medtronic PLC (NYSE:MDT) last released its earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.31 by $0.02. The firm had revenue of $7.92 billion for the quarter, compared to the consensus estimate of $7.86 billion. Medtronic PLC had a return on equity of 12.72% and a net margin of 13.56%. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.27 EPS. Equities research analysts predict that Medtronic PLC will post $4.81 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were given a dividend of $0.46 per share. The ex-dividend date of this dividend was Wednesday, July 5th. This represents a $1.84 annualized dividend and a dividend yield of 2.20%. This is an increase from Medtronic PLC’s previous quarterly dividend of $0.43. Medtronic PLC’s payout ratio is currently 63.67%.

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A number of equities analysts recently weighed in on MDT shares. Royal Bank Of Canada reissued a “buy” rating and issued a $85.00 price target on shares of Medtronic PLC in a report on Tuesday, April 18th. Oppenheimer Holdings, Inc. reissued a “buy” rating on shares of Medtronic PLC in a report on Tuesday, April 18th. Evercore ISI boosted their price target on shares of Medtronic PLC from $88.00 to $88.50 and gave the stock an “outperform” rating in a report on Wednesday, April 19th. Northland Securities reissued a “hold” rating and issued a $80.00 price target on shares of Medtronic PLC in a report on Thursday, April 20th. Finally, Goldman Sachs Group, Inc. (The) initiated coverage on shares of Medtronic PLC in a report on Tuesday, May 16th. They issued a “neutral” rating and a $87.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $89.84.

In other news, EVP Bryan C. Hanson sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $88.57, for a total transaction of $1,062,840.00. The transaction was disclosed in a filing with the SEC, 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 cost of $88.90 per share, for a total transaction of $497,840.00. Following the transaction, 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. Insiders own 0.25% of the company’s stock.

Medtronic PLC Company 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 PLC (NYSE:MDT)

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