DekaBank Deutsche Girozentrale Boosts Stake in Medtronic PLC (NYSE:MDT)

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DekaBank Deutsche Girozentrale grew its holdings in shares of Medtronic PLC (NYSE:MDT) by 29.7% during the second quarter, HoldingsChannel reports. The institutional investor owned 1,236,111 shares of the medical technology company’s stock after buying an additional 283,355 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Medtronic were worth $120,852,000 at the end of the most recent quarter.

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

MDT has been the topic of several research analyst reports. Needham & Company LLC reissued a “buy” rating on shares of Medtronic in a research note on Tuesday, July 23rd. Northland Securities reissued a “hold” rating and issued a $100.00 price objective on shares of Medtronic in a research note on Thursday, June 20th. Barclays increased their price objective on Medtronic from $104.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Wells Fargo & Co raised Medtronic from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $100.00 to $110.00 in a research note on Tuesday, June 4th. Finally, UBS Group increased their price objective on Medtronic to $112.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Seven investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Medtronic has a consensus rating of “Buy” and a consensus price target of $106.27.

Shares of NYSE MDT opened at $102.40 on Wednesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 2.15. The company has a market cap of $136.96 billion, a PE ratio of 19.62, a PEG ratio of 2.60 and a beta of 0.67. The firm’s fifty day moving average is $100.33. Medtronic PLC has a 12-month low of $81.66 and a 12-month high of $103.95.

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

The firm also recently disclosed 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. This represents a $2.16 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend was Friday, July 5th. This is a positive change from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s dividend payout ratio is currently 41.38%.

In other news, SVP Richard Kuntz sold 3,438 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $101.12, for a total transaction of $347,650.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard H. Anderson bought 10,900 shares of Medtronic stock in a transaction that occurred on Friday, May 24th. The stock was purchased at an average price of $92.40 per share, with a total value of $1,007,160.00. Following the purchase, the director now directly owns 89,912 shares in the company, valued at $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 valued at $9,318,744. Company insiders own 0.28% of the company’s stock.

Medtronic Company 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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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