Medtronic PLC (MDT) Position Boosted by Sumitomo Mitsui Asset Management Company LTD

Sumitomo Mitsui Asset Management Company LTD raised its stake in Medtronic PLC (NYSE:MDT) by 1.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 273,300 shares of the medical technology company’s stock after acquiring an additional 3,683 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Medtronic were worth $21,254,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust boosted its stake in Medtronic by 22.4% in the second quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock valued at $102,000 after acquiring an additional 210 shares in the last quarter. BDO Wealth Advisors LLC acquired a new position in Medtronic in the second quarter valued at $103,000. Motco boosted its stake in Medtronic by 8.7% in the second quarter. Motco now owns 1,239 shares of the medical technology company’s stock valued at $110,000 after acquiring an additional 99 shares in the last quarter. Farmers National Bank acquired a new position in Medtronic in the first quarter valued at $121,000. Finally, Israel Discount Bank of New York acquired a new position in Medtronic in the first quarter valued at $117,000. Institutional investors own 81.85% of the company’s stock.

MDT has been the subject of several research analyst reports. BidaskClub upgraded shares of Medtronic from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. Royal Bank Of Canada restated a “buy” rating and issued a $90.00 price objective on shares of Medtronic in a research note on Monday, August 21st. Oppenheimer restated a “buy” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Tuesday, August 22nd. Cowen set a $95.00 target price on shares of Medtronic and gave the stock a “buy” rating in a research note on Tuesday, August 22nd. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $92.00 target price (down previously from $94.00) on shares of Medtronic in a research note on Wednesday, August 23rd. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $88.02.

In related news, EVP Bryan C. Hanson sold 16,000 shares of the stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $79.02, for a total transaction of $1,264,320.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction, the chief executive officer now directly owns 668,503 shares of the company’s stock, valued at $54,569,899.89. The disclosure for this sale can be found here. Insiders have sold 172,407 shares of company stock valued at $13,974,223 over the last three months. 0.31% of the stock is currently owned by corporate insiders.

Shares of Medtronic PLC (NYSE:MDT) opened at $81.07 on Friday. Medtronic PLC has a 12 month low of $69.35 and a 12 month high of $89.72. The firm has a market cap of $109,051.33, a PE ratio of 17.36, a PEG ratio of 2.22 and a beta of 1.00. The company has a current ratio of 2.40, a quick ratio of 2.05 and a debt-to-equity ratio of 0.50.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.08. The firm had revenue of $7.05 billion during the quarter, compared to analysts’ expectations of $7.05 billion. Medtronic had a net margin of 16.93% and a return on equity of 12.63%. The firm’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.12 earnings per share. research analysts expect that Medtronic PLC will post 4.77 EPS for the current fiscal year.

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About Medtronic

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 (NYSE:MDT)

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