Cornerstone Capital Management Holdings LLC. increased its stake in shares of Medtronic PLC (NYSE:MDT) by 12.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 334,990 shares of the medical technology company’s stock after buying an additional 38,369 shares during the quarter. Cornerstone Capital Management Holdings LLC.’s holdings in Medtronic were worth $29,729,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the stock. Hudock Capital Group LLC grew its stake in Medtronic by 0.5% in the 2nd quarter. Hudock Capital Group LLC now owns 2,195 shares of the medical technology company’s stock valued at $194,000 after purchasing an additional 11 shares during the period. Bollard Group LLC grew its stake in Medtronic by 0.4% in the 2nd quarter. Bollard Group LLC now owns 3,651 shares of the medical technology company’s stock valued at $324,000 after purchasing an additional 14 shares during the period. Triangle Securities Wealth Management grew its stake in Medtronic by 0.3% in the 2nd quarter. Triangle Securities Wealth Management now owns 4,396 shares of the medical technology company’s stock valued at $390,000 after purchasing an additional 15 shares during the period. IFC Holdings Incorporated FL grew its stake in Medtronic by 0.3% in the 2nd quarter. IFC Holdings Incorporated FL now owns 5,673 shares of the medical technology company’s stock valued at $501,000 after purchasing an additional 17 shares during the period. Finally, North Star Investment Management Corp. grew its stake in Medtronic by 1.1% in the 2nd quarter. North Star Investment Management Corp. now owns 1,995 shares of the medical technology company’s stock valued at $177,000 after purchasing an additional 22 shares during the period. Institutional investors and hedge funds own 81.85% of the company’s stock.
In related news, CEO Omar Ishrak sold 140,407 shares of the stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the sale, the chief executive officer now owns 668,503 shares of the company’s stock, valued at approximately $54,569,899.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Bryan C. Hanson sold 16,000 shares of the stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $78.03, for a total value of $1,248,480.00. The disclosure for this sale can be found here. Insiders have sold a total of 172,407 shares of company stock worth $13,974,223 in the last three months. 0.31% of the stock is currently owned by insiders.
MDT has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded Medtronic from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Wells Fargo & Company downgraded Medtronic from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $93.00 to $83.00 in a research note on Monday, October 9th. Stifel Nicolaus reduced their price objective on Medtronic from $91.00 to $83.00 and set a “hold” rating for the company in a research note on Monday, October 9th. SunTrust Banks restated a “buy” rating and issued a $96.00 price objective on shares of Medtronic in a research note on Friday, November 3rd. Finally, Leerink Swann restated a “market perform” rating and issued a $85.00 price objective (down previously from $88.00) on shares of Medtronic in a research note on Monday, October 9th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company. Medtronic presently has an average rating of “Hold” and an average target price of $88.02.
Shares of Medtronic PLC (NYSE MDT) traded up $0.58 during midday trading on Wednesday, hitting $81.50. The stock had a trading volume of 5,192,142 shares, compared to its average volume of 4,960,256. The stock has a market cap of $108,103.88, a PE ratio of 17.21, a PEG ratio of 2.20 and a beta of 1.00. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.40 and a quick ratio of 2.05. Medtronic PLC has a 1 year low of $69.35 and a 1 year high of $89.72.
Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.08. The business had revenue of $7.05 billion for the quarter, compared to analysts’ expectations of $7.05 billion. Medtronic had a return on equity of 12.63% and a net margin of 16.93%. The firm’s quarterly revenue was down 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.12 EPS. research analysts forecast that Medtronic PLC will post 4.77 earnings per share for the current fiscal year.
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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.
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