Summitry LLC Purchases 10,217 Shares of Medtronic plc (NYSE:MDT)

Summitry LLC boosted its position in shares of Medtronic plc (NYSE:MDT) by 3.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 315,011 shares of the medical technology company’s stock after buying an additional 10,217 shares during the period. Medtronic makes up about 2.4% of Summitry LLC’s portfolio, making the stock its 22nd biggest holding. Summitry LLC’s holdings in Medtronic were worth $37,212,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MDT. Norges Bank bought a new stake in shares of Medtronic in the 4th quarter valued at approximately $1,733,123,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Medtronic by 16.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 20,540,276 shares of the medical technology company’s stock valued at $2,406,046,000 after purchasing an additional 2,880,467 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in shares of Medtronic by 25.0% in the 4th quarter. Nuveen Asset Management LLC now owns 9,536,420 shares of the medical technology company’s stock valued at $1,117,096,000 after purchasing an additional 1,909,418 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Medtronic by 8.4% in the 4th quarter. Bank of New York Mellon Corp now owns 19,625,466 shares of the medical technology company’s stock valued at $2,298,927,000 after purchasing an additional 1,527,582 shares during the last quarter. Finally, Morgan Stanley lifted its stake in shares of Medtronic by 11.8% in the 4th quarter. Morgan Stanley now owns 11,560,485 shares of the medical technology company’s stock valued at $1,354,194,000 after purchasing an additional 1,221,333 shares during the last quarter. 79.93% of the stock is owned by institutional investors.

MDT has been the topic of several recent analyst reports. Stifel Nicolaus increased their price target on Medtronic from $132.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, February 24th. Cowen increased their price target on Medtronic from $120.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, February 24th. SVB Leerink increased their price target on Medtronic from $129.00 to $138.00 and gave the stock a “market perform” rating in a report on Friday, May 28th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their price target on Medtronic from $133.00 to $143.00 and gave the stock a “buy” rating in a report on Friday, May 28th. Finally, Raymond James increased their price target on Medtronic from $128.00 to $135.00 and gave the stock an “outperform” rating in a report on Friday, May 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nineteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $133.33.

In other Medtronic news, EVP Brett A. Wall sold 2,473 shares of Medtronic stock in a transaction dated Tuesday, June 1st. The stock was sold at an average price of $128.07, for a total transaction of $316,717.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John R. Liddicoat sold 34,656 shares of Medtronic stock in a transaction dated Friday, May 28th. The stock was sold at an average price of $126.65, for a total value of $4,389,182.40. The disclosure for this sale can be found here. Insiders own 0.52% of the company’s stock.

Shares of Medtronic stock traded up $1.31 during trading on Thursday, reaching $124.42. The company’s stock had a trading volume of 106,663 shares, compared to its average volume of 4,688,000. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.14 and a current ratio of 2.65. The stock has a market capitalization of $167.73 billion, a P/E ratio of 46.28, a price-to-earnings-growth ratio of 2.45 and a beta of 0.79. Medtronic plc has a 1-year low of $87.68 and a 1-year high of $132.30. The company has a 50-day moving average price of $125.67.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Wednesday, May 26th. The medical technology company reported $1.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.08. Medtronic had a return on equity of 11.82% and a net margin of 11.98%. The firm had revenue of $8.19 billion during the quarter, compared to analysts’ expectations of $8.13 billion. During the same quarter last year, the firm earned $0.58 EPS. The business’s quarterly revenue was up 36.5% on a year-over-year basis. As a group, equities analysts predict that Medtronic plc will post 5.68 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 16th. Shareholders of record on Friday, June 25th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Thursday, June 24th. This represents a $2.52 dividend on an annualized basis and a yield of 2.03%. This is a boost from Medtronic’s previous quarterly dividend of $0.58.

About Medtronic

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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