Tdam USA Inc. Raises Holdings in Medtronic PLC (NYSE:MDT)

Tdam USA Inc. lifted its holdings in shares of Medtronic PLC (NYSE:MDT) by 31.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,315 shares of the medical technology company’s stock after buying an additional 6,321 shares during the period. Tdam USA Inc.’s holdings in Medtronic were worth $2,563,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of MDT. BlackRock Inc. raised its stake in shares of Medtronic by 7.9% during the 1st quarter. BlackRock Inc. now owns 106,778,084 shares of the medical technology company’s stock worth $9,725,349,000 after buying an additional 7,856,946 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of Medtronic by 35.4% during the 1st quarter. Nordea Investment Management AB now owns 8,622,525 shares of the medical technology company’s stock worth $785,336,000 after buying an additional 2,255,412 shares in the last quarter. Thoroughbred Financial Services LLC raised its stake in shares of Medtronic by 10,079.7% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,044,944 shares of the medical technology company’s stock worth $104,494,000 after buying an additional 1,034,679 shares in the last quarter. Boston Partners raised its stake in shares of Medtronic by 13.9% during the 1st quarter. Boston Partners now owns 8,405,239 shares of the medical technology company’s stock worth $765,549,000 after buying an additional 1,028,238 shares in the last quarter. Finally, California Public Employees Retirement System raised its stake in shares of Medtronic by 10.3% during the 1st quarter. California Public Employees Retirement System now owns 4,441,964 shares of the medical technology company’s stock worth $404,574,000 after buying an additional 413,760 shares in the last quarter. 80.65% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have recently issued reports on MDT. Wells Fargo & Co raised Medtronic from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $100.00 to $110.00 in a research note on Tuesday, June 4th. Morgan Stanley reissued a “hold” rating and set a $105.00 target price (up from $100.00) on shares of Medtronic in a research note on Wednesday. Needham & Company LLC reaffirmed a “buy” rating on shares of Medtronic in a research note on Tuesday, July 23rd. Zacks Investment Research raised Medtronic from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Finally, Royal Bank of Canada dropped their price objective on Medtronic to $100.00 and set an “outperform” rating for the company in a research note on Tuesday, May 28th. Seven investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $106.41.

NYSE:MDT traded down $1.33 during trading hours on Wednesday, reaching $101.07. 212,292 shares of the company traded hands, compared to its average volume of 5,413,162. The firm’s 50-day simple moving average is $100.33. The stock has a market capitalization of $136.96 billion, a PE ratio of 19.45, a P/E/G ratio of 2.60 and a beta of 0.67. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.15 and a current ratio of 2.59. Medtronic PLC has a 1-year low of $81.66 and a 1-year high of $103.95.

Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 23rd. The medical technology company reported $1.54 EPS for the quarter, beating analysts’ consensus estimates of $1.47 by $0.07. The firm had revenue of $8.15 billion for the quarter, compared to analysts’ expectations of $8.12 billion. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. Medtronic’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.42 EPS. As a group, sell-side analysts predict that Medtronic PLC will post 5.48 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Monday, July 8th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend was Friday, July 5th. This is a boost from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s dividend payout ratio is 41.38%.

In other Medtronic news, SVP Bradley E. Lerman sold 6,599 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $102.02, for a total transaction of $673,229.98. Following the sale, the senior vice president now owns 105,960 shares in the company, valued at approximately $10,810,039.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard H. Anderson bought 10,900 shares of the stock in a transaction on Friday, May 24th. The shares were bought at an average price of $92.40 per share, for a total transaction of $1,007,160.00. Following the acquisition, the director now owns 89,912 shares in the company, valued at approximately $8,307,868.80. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 95,701 shares of company stock worth $9,318,744. 0.28% of the stock is owned by insiders.

Medtronic Profile

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.

Further Reading: Certificate of Deposit (CD)

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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