Medtronic plc (NYSE:MDT) Shares Bought by SPC Financial Inc.

SPC Financial Inc. raised its stake in shares of Medtronic plc (NYSE:MDT) by 10.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,220 shares of the medical technology company’s stock after purchasing an additional 860 shares during the period. SPC Financial Inc.’s holdings in Medtronic were worth $803,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC purchased a new position in Medtronic during the fourth quarter valued at $25,000. LifeSteps Financial Inc. purchased a new position in Medtronic during the first quarter valued at $27,000. MeadowBrook Investment Advisors LLC purchased a new position in shares of Medtronic in the fourth quarter worth about $27,000. Financial Gravity Asset Management Inc. lifted its stake in shares of Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after buying an additional 279 shares in the last quarter. Finally, Tributary Capital Management LLC purchased a new position in shares of Medtronic in the first quarter worth about $33,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Up 1.3 %

Shares of MDT traded up $0.99 during trading on Thursday, reaching $78.05. 6,224,569 shares of the company traded hands, compared to its average volume of 6,299,632. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.00. The stock has a market cap of $100.08 billion, a PE ratio of 28.02, a price-to-earnings-growth ratio of 2.24 and a beta of 0.82. The stock has a 50-day simple moving average of $81.33 and a 200-day simple moving average of $83.24. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47.

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

Medtronic Increases Dividend

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

Insider Activity at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the transaction, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MDT. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research note on Wednesday, June 5th. UBS Group raised their price target on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, May 24th. Citigroup decreased their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday. Wells Fargo & Company lifted their target price on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given 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.

Medtronic Company Profile

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.