Hartford Investment Management Co. Purchases 1,228 Shares of Medtronic PLC (NYSE:MDT)

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Hartford Investment Management Co. grew its position in Medtronic PLC (NYSE:MDT) by 0.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 192,584 shares of the medical technology company’s stock after purchasing an additional 1,228 shares during the quarter. Hartford Investment Management Co.’s holdings in Medtronic were worth $18,756,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of MDT. Cordasco Financial Network bought a new position in shares of Medtronic during the first quarter worth $27,000. Spectrum Management Group Inc. boosted its position in shares of Medtronic by 353.8% during the first quarter. Spectrum Management Group Inc. now owns 413 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 322 shares during the last quarter. Mackey Komara & Dankovich LLC bought a new position in shares of Medtronic during the first quarter worth $38,000. Motco boosted its position in shares of Medtronic by 159.3% during the first quarter. Motco now owns 516 shares of the medical technology company’s stock worth $47,000 after acquiring an additional 317 shares during the last quarter. Finally, Stuart Chaussee & Associates Inc. bought a new position in shares of Medtronic during the first quarter worth $48,000. Institutional investors and hedge funds own 80.08% of the company’s stock.

In other news, Director Richard H. Anderson bought 10,900 shares of Medtronic stock in a transaction dated Friday, May 24th. The shares were acquired at an average price of $92.40 per share, with a total value of $1,007,160.00. Following the completion of the purchase, the director now owns 89,912 shares in the company, valued at approximately $8,307,868.80. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Richard Kuntz sold 3,438 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $101.12, for a total transaction of $347,650.56. The disclosure for this sale can be found here. In the last three months, insiders sold 91,701 shares of company stock worth $8,917,504. Insiders own 0.28% of the company’s stock.

MDT has been the subject of a number of research reports. ValuEngine lowered shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Thursday. Northland Securities restated a “hold” rating and set a $100.00 target price on shares of Medtronic in a research report on Thursday, June 20th. Royal Bank of Canada dropped their target price on shares of Medtronic to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, May 28th. Needham & Company LLC restated a “buy” rating on shares of Medtronic in a research report on Tuesday, July 23rd. Finally, Wells Fargo & Co upgraded shares of Medtronic from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $100.00 to $110.00 in a research report on Tuesday, June 4th. Seven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $106.05.

Medtronic stock opened at $102.33 on Monday. The stock has a market capitalization of $137.24 billion, a P/E ratio of 19.60, a price-to-earnings-growth ratio of 2.62 and a beta of 0.67. The company’s fifty day simple moving average is $99.63. The company has a current ratio of 2.59, a quick ratio of 2.15 and a debt-to-equity ratio of 0.49. Medtronic PLC has a 52-week low of $81.66 and a 52-week high of $103.95.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.47 by $0.07. The company had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.12 billion. Medtronic had a net margin of 15.15% and a return on equity of 14.16%. Medtronic’s revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.42 earnings per share. As a group, sell-side analysts anticipate that Medtronic PLC will post 5.47 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Monday, July 8th were paid a $0.54 dividend. The ex-dividend date was Friday, July 5th. This represents a $2.16 annualized dividend and a dividend yield of 2.11%. This is an increase from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s dividend payout ratio is currently 41.38%.

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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