Northeast Investment Management Holds Holdings in Medtronic PLC (MDT)

Northeast Investment Management maintained its stake in shares of Medtronic PLC (NYSE:MDT) during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,758 shares of the medical technology company’s stock at the close of the second quarter. Northeast Investment Management’s holdings in Medtronic PLC were worth $245,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Medtronic PLC by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 102,321,656 shares of the medical technology company’s stock worth $8,243,034,000 after acquiring an additional 4,412,536 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Medtronic PLC by 2,513.4% in the 1st quarter. BlackRock Inc. now owns 87,035,376 shares of the medical technology company’s stock worth $7,011,571,000 after acquiring an additional 83,705,052 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Medtronic PLC by 3.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 58,646,070 shares of the medical technology company’s stock worth $4,724,526,000 after acquiring an additional 1,729,715 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Medtronic PLC by 1,061.4% in the 1st quarter. Lazard Asset Management LLC now owns 13,678,772 shares of the medical technology company’s stock worth $1,101,960,000 after acquiring an additional 12,500,992 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Medtronic PLC by 7.3% in the 1st quarter. Geode Capital Management LLC now owns 13,308,812 shares of the medical technology company’s stock worth $1,070,622,000 after acquiring an additional 906,581 shares during the last quarter. Hedge funds and other institutional investors own 80.63% of the company’s stock.

Shares of Medtronic PLC (NYSE MDT) opened at 77.29 on Wednesday. The firm’s 50-day moving average is $79.78 and its 200-day moving average is $83.30. The firm has a market capitalization of $104.70 billion, a price-to-earnings ratio of 26.01 and a beta of 1.01. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.72.

Medtronic PLC (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.04. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The company had revenue of $7.39 billion during the quarter, compared to the consensus estimate of $7.44 billion. During the same period in the previous year, the firm earned $1.03 earnings per share. Medtronic PLC’s revenue for the quarter was up 3.1% on a year-over-year basis. Equities research analysts forecast that Medtronic PLC will post $4.69 EPS for the current fiscal year.

Medtronic PLC declared that its board has approved a share repurchase program on Friday, June 23rd that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the medical technology company to repurchase up to 49% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s management believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, September 29th will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.38%. Medtronic PLC’s payout ratio is currently 61.95%.

MDT has been the topic of several recent analyst reports. Jefferies Group LLC restated a “buy” rating and issued a $103.00 price objective on shares of Medtronic PLC in a report on Thursday, August 3rd. Deutsche Bank AG set a $96.00 price objective on shares of Medtronic PLC and gave the stock a “buy” rating in a report on Monday, July 31st. BidaskClub lowered shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Oppenheimer Holdings, Inc. restated a “buy” rating on shares of Medtronic PLC in a report on Tuesday, July 18th. Finally, Cowen and Company set a $95.00 price objective on shares of Medtronic PLC and gave the stock a “buy” rating in a report on Tuesday, August 22nd. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. Medtronic PLC has an average rating of “Hold” and an average price target of $87.79.

In other news, CEO Omar Ishrak sold 140,407 shares of the business’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the transaction, the chief executive officer now directly owns 668,503 shares of the company’s stock, valued at $54,569,899.89. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Bryan C. Hanson sold 12,000 shares of the business’s stock in a transaction on Monday, July 17th. The stock was sold at an average price of $88.57, for a total transaction of $1,062,840.00. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

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Medtronic PLC Profile

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.

Institutional Ownership by Quarter for Medtronic PLC (NYSE:MDT)

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