Old Port Advisors Invests $265,000 in Medtronic plc (NYSE:MDT)

Old Port Advisors purchased a new position in Medtronic plc (NYSE:MDTGet Rating) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,359 shares of the medical technology company’s stock, valued at approximately $265,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Icapital Wealth LLC bought a new position in shares of Medtronic in the first quarter worth $72,000. Beese Fulmer Investment Management Inc. increased its holdings in shares of Medtronic by 8.7% in the first quarter. Beese Fulmer Investment Management Inc. now owns 58,065 shares of the medical technology company’s stock worth $6,442,000 after purchasing an additional 4,665 shares during the period. Brookstone Capital Management increased its holdings in shares of Medtronic by 68.6% in the first quarter. Brookstone Capital Management now owns 21,850 shares of the medical technology company’s stock worth $2,437,000 after purchasing an additional 8,894 shares during the period. CHICAGO TRUST Co NA increased its holdings in shares of Medtronic by 21.2% in the first quarter. CHICAGO TRUST Co NA now owns 18,128 shares of the medical technology company’s stock worth $2,011,000 after purchasing an additional 3,165 shares during the period. Finally, Cooper Financial Group increased its holdings in shares of Medtronic by 27.8% in the first quarter. Cooper Financial Group now owns 2,563 shares of the medical technology company’s stock worth $284,000 after purchasing an additional 557 shares during the period. 80.23% of the stock is currently owned by hedge funds and other institutional investors.

MDT has been the topic of a number of research analyst reports. Sanford C. Bernstein reissued a “buy” rating and issued a $122.00 target price on shares of Medtronic in a research note on Friday, May 20th. Citigroup reduced their target price on Medtronic from $120.00 to $117.00 and set a “buy” rating on the stock in a research note on Friday, May 27th. Atlantic Securities cut Medtronic from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $125.00 to $105.00 in a research note on Wednesday, June 1st. Morgan Stanley reduced their target price on Medtronic from $115.00 to $114.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 7th. Finally, StockNews.com initiated coverage on Medtronic in a research note on Thursday, March 31st. They issued a “buy” rating on the stock. Ten research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $121.55.

MDT stock opened at $89.25 on Thursday. Medtronic plc has a 1 year low of $86.95 and a 1 year high of $135.89. The company has a market cap of $119.73 billion, a P/E ratio of 23.93, a PEG ratio of 2.27 and a beta of 0.74. The firm has a 50-day moving average of $100.73 and a 200 day moving average of $104.38. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.86 and a quick ratio of 1.49.

Medtronic (NYSE:MDTGet Rating) last released its quarterly earnings results on Thursday, May 26th. The medical technology company reported $1.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.04). Medtronic had a return on equity of 14.50% and a net margin of 15.90%. The company had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $8.43 billion. During the same period in the previous year, the company earned $1.50 earnings per share. Medtronic’s quarterly revenue was down 1.2% on a year-over-year basis. On average, equities research analysts expect that Medtronic plc will post 5.56 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Friday, June 24th will be paid a dividend of $0.68 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.63. The ex-dividend date is Thursday, June 23rd. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.05%. Medtronic’s dividend payout ratio (DPR) is currently 67.56%.

About Medtronic (Get Rating)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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