Braun Bostich & Associates Inc. Reduces Position in Medtronic PLC (NYSE:MDT)

Braun Bostich & Associates Inc. lowered its position in Medtronic PLC (NYSE:MDT) by 37.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,382 shares of the medical technology company’s stock after selling 2,588 shares during the quarter. Braun Bostich & Associates Inc.’s holdings in Medtronic were worth $399,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc raised its holdings in Medtronic by 1.1% during the third quarter. Vanguard Group Inc now owns 109,447,687 shares of the medical technology company’s stock worth $10,766,369,000 after purchasing an additional 1,199,118 shares in the last quarter. BlackRock Inc. raised its position in shares of Medtronic by 1.5% during the fourth quarter. BlackRock Inc. now owns 98,921,138 shares of the medical technology company’s stock worth $8,997,868,000 after acquiring an additional 1,487,997 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Medtronic by 1.3% during the fourth quarter. Bank of New York Mellon Corp now owns 17,225,948 shares of the medical technology company’s stock worth $1,566,873,000 after acquiring an additional 213,593 shares during the last quarter. Geode Capital Management LLC raised 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 worth $1,515,557,000 after acquiring an additional 1,538,130 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Medtronic by 4.3% during the fourth quarter. Northern Trust Corp now owns 16,526,215 shares of the medical technology company’s stock worth $1,503,225,000 after acquiring an additional 688,537 shares during the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

In other news, EVP Hooman Hakami sold 52,664 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $97.49, for a total value of $5,134,213.36. Following the transaction, the executive vice president now owns 95,337 shares of the company’s stock, valued at $9,294,404.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard H. Anderson bought 10,900 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was purchased at an average cost of $92.40 per share, for a total transaction of $1,007,160.00. Following the transaction, the director now directly owns 89,912 shares of the company’s stock, valued at approximately $8,307,868.80. The disclosure for this purchase can be found here. Insiders sold 81,664 shares of company stock worth $7,896,623 in the last 90 days. Corporate insiders own 0.28% of the company’s stock.

A number of research firms have recently weighed in on MDT. Northland Securities restated a “hold” rating and set a $100.00 target price on shares of Medtronic in a research report on Thursday, June 20th. UBS Group boosted their target price on Medtronic to $112.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Wells Fargo & Co raised Medtronic from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $100.00 to $110.00 in a research note on Tuesday, June 4th. Needham & Company LLC reissued a “buy” rating and issued a $121.00 target price on shares of Medtronic in a research note on Monday, May 27th. Finally, Royal Bank of Canada decreased their target price on Medtronic to $100.00 and set an “outperform” rating for the company in a research note on Tuesday, May 28th. Seven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $105.48.

MDT traded down $0.09 on Friday, hitting $97.39. 5,539,398 shares of the company were exchanged, compared to its average volume of 5,772,259. Medtronic PLC has a 12 month low of $81.66 and a 12 month high of $100.15. The company has a market cap of $131.35 billion, a P/E ratio of 18.66, a PEG ratio of 2.50 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. The company has a fifty day moving average price of $93.94.

Medtronic (NYSE:MDT) last released its earnings results on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.07. The business had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.12 billion. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. Medtronic’s revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.42 earnings per share. On average, equities research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

The firm also recently disclosed 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. This is a positive change from Medtronic’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, July 5th. This represents a $2.16 annualized dividend and a yield of 2.22%. Medtronic’s dividend payout ratio is currently 38.31%.

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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