IFG Advisory LLC Increases Stake in Medtronic PLC (NYSE:MDT)

IFG Advisory LLC increased its holdings in shares of Medtronic PLC (NYSE:MDT) by 7.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,741 shares of the medical technology company’s stock after buying an additional 958 shares during the period. IFG Advisory LLC’s holdings in Medtronic were worth $1,435,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Cornerstone Advisors Inc. boosted its holdings in shares of Medtronic by 8.1% in the 2nd quarter. Cornerstone Advisors Inc. now owns 1,621 shares of the medical technology company’s stock valued at $158,000 after buying an additional 122 shares in the last quarter. Patriot Financial Group Insurance Agency LLC boosted its holdings in shares of Medtronic by 3.1% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 4,129 shares of the medical technology company’s stock valued at $376,000 after buying an additional 126 shares in the last quarter. Hanson & Doremus Investment Management boosted its holdings in shares of Medtronic by 0.9% in the 1st quarter. Hanson & Doremus Investment Management now owns 14,416 shares of the medical technology company’s stock valued at $1,313,000 after buying an additional 128 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in Medtronic by 9.8% during the 1st quarter. Parkside Financial Bank & Trust now owns 1,432 shares of the medical technology company’s stock worth $131,000 after purchasing an additional 128 shares during the period. Finally, PFG Advisors boosted its stake in Medtronic by 2.3% during the 2nd quarter. PFG Advisors now owns 5,859 shares of the medical technology company’s stock worth $601,000 after purchasing an additional 130 shares during the period. 80.62% of the stock is currently owned by hedge funds and other institutional investors.

MDT has been the subject of a number of recent research reports. Barclays increased their price target on shares of Medtronic from $110.00 to $117.00 and gave the stock an “overweight” rating in a research note on Wednesday. Deutsche Bank increased their price target on shares of Medtronic from $100.00 to $111.00 and gave the stock a “buy” rating in a research note on Monday. Royal Bank of Canada set a $110.00 price target on shares of Medtronic and gave the stock a “buy” rating in a research note on Friday, August 16th. Wells Fargo & Co increased their price target on shares of Medtronic from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Bank of America set a $118.00 price target on shares of Medtronic and gave the stock a “buy” rating in a research note on Wednesday. Six analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Medtronic currently has a consensus rating of “Buy” and a consensus target price of $113.38.

NYSE:MDT traded down $1.20 during mid-day trading on Friday, hitting $106.63. 126,841 shares of the company’s stock traded hands, compared to its average volume of 4,713,718. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.15 and a current ratio of 2.67. The firm’s 50 day simple moving average is $101.49 and its 200 day simple moving average is $93.96. Medtronic PLC has a 1 year low of $81.66 and a 1 year high of $109.70. The company has a market cap of $143.38 billion, a PE ratio of 20.43, a price-to-earnings-growth ratio of 2.69 and a beta of 0.67.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.08. Medtronic had a net margin of 14.41% and a return on equity of 14.36%. The firm had revenue of $7.49 billion during the quarter, compared to the consensus estimate of $7.40 billion. During the same period last year, the firm posted $1.17 EPS. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, research analysts expect that Medtronic PLC will post 5.56 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Monday, July 8th were issued a dividend of $0.54 per share. The ex-dividend date was Friday, July 5th. This is an increase from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.03%. Medtronic’s payout ratio is 41.38%.

In related news, SVP Bradley E. Lerman sold 6,599 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $102.02, for a total value of $673,229.98. Following the sale, the senior vice president now directly owns 105,960 shares of the company’s stock, valued at $10,810,039.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Bradley E. Lerman sold 4,000 shares of Medtronic stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $100.31, for a total transaction of $401,240.00. Following the transaction, the senior vice president now directly owns 52,906 shares in the company, valued at $5,307,000.86. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 95,701 shares of company stock valued at $9,318,744. Insiders own 0.28% of the company’s stock.

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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