Broderick Brian C Has $3.01 Million Stock Position in Medtronic plc (NYSE:MDT)

Broderick Brian C lifted its stake in shares of Medtronic plc (NYSE:MDT) by 3.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 34,528 shares of the medical technology company’s stock after purchasing an additional 1,120 shares during the quarter. Broderick Brian C’s holdings in Medtronic were worth $3,009,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its stake in Medtronic by 3.5% in the first quarter. Bank of New York Mellon Corp now owns 21,817,063 shares of the medical technology company’s stock valued at $1,901,357,000 after buying an additional 727,931 shares in the last quarter. Norges Bank acquired a new stake in Medtronic in the fourth quarter valued at about $1,229,726,000. Sanders Capital LLC boosted its stake in Medtronic by 2.8% in the fourth quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock valued at $1,040,802,000 after buying an additional 346,641 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Medtronic by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock valued at $893,352,000 after buying an additional 101,111 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Medtronic by 6.7% in the third quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock valued at $806,883,000 after buying an additional 649,367 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Up 1.3 %

Shares of MDT traded up $0.99 during mid-day trading on Thursday, reaching $78.05. 6,224,569 shares of the company were exchanged, compared to its average volume of 6,299,632. The stock has a market capitalization of $100.08 billion, a PE ratio of 28.38, a PEG ratio of 2.24 and a beta of 0.82. The business has a 50 day simple moving average of $81.28 and a two-hundred day simple moving average of $83.20. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.00.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The business had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the previous year, the company posted $1.57 earnings per share. On average, analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.70 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date is Friday, June 28th. Medtronic’s payout ratio is presently 101.82%.

Insiders Place Their Bets

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MDT shares. UBS Group raised their price objective on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research note on Friday, May 24th. Wells Fargo & Company increased their target price on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, June 5th. Finally, Citigroup dropped their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $91.09.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.