MainStreet Investment Advisors LLC Purchases 9,360 Shares of Medtronic PLC (NYSE:MDT)

MainStreet Investment Advisors LLC grew its position in shares of Medtronic PLC (NYSE:MDT) by 13.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 78,388 shares of the medical technology company’s stock after acquiring an additional 9,360 shares during the quarter. MainStreet Investment Advisors LLC’s holdings in Medtronic were worth $7,069,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Banco Santander S.A. boosted its position in shares of Medtronic by 47.6% during the 1st quarter. Banco Santander S.A. now owns 4,614 shares of the medical technology company’s stock valued at $416,000 after acquiring an additional 1,488 shares during the last quarter. Fiduciary Group LLC boosted its position in shares of Medtronic by 4.1% during the 1st quarter. Fiduciary Group LLC now owns 51,232 shares of the medical technology company’s stock valued at $4,620,000 after acquiring an additional 2,004 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Medtronic by 10.8% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 341,022 shares of the medical technology company’s stock valued at $30,753,000 after acquiring an additional 33,339 shares during the last quarter. Fosun International Ltd lifted its position in Medtronic by 49.7% in the first quarter. Fosun International Ltd now owns 28,900 shares of the medical technology company’s stock worth $2,660,000 after buying an additional 9,600 shares during the last quarter. Finally, Tredje AP fonden lifted its position in Medtronic by 49.9% in the first quarter. Tredje AP fonden now owns 157,706 shares of the medical technology company’s stock worth $13,652,000 after buying an additional 52,524 shares during the last quarter. Hedge funds and other institutional investors own 81.74% of the company’s stock.

Shares of Medtronic stock traded down $0.68 during trading on Friday, hitting $94.73. 5,322,718 shares of the stock traded hands, compared to its average volume of 5,117,837. The firm has a market cap of $124.93 billion, a P/E ratio of 23.74, a price-to-earnings-growth ratio of 2.64 and a beta of 0.69. The company has a current ratio of 2.75, a quick ratio of 2.28 and a debt-to-equity ratio of 0.48. Medtronic PLC has a 52-week low of $72.13 and a 52-week high of $122.15. The stock’s fifty day simple moving average is $96.59 and its 200 day simple moving average is $105.87.

Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 21st. The medical technology company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($0.70). Medtronic had a net margin of 17.11% and a return on equity of 14.76%. The company had revenue of $6 billion during the quarter, compared to analysts’ expectations of $6.10 billion. During the same quarter last year, the firm earned $1.54 EPS. Medtronic’s revenue for the quarter was down 26.4% on a year-over-year basis. As a group, equities analysts expect that Medtronic PLC will post 4.68 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Thursday, June 25th. This is a positive change from Medtronic’s previous quarterly dividend of $0.54. Medtronic’s payout ratio is 41.38%.

A number of analysts recently issued reports on the company. Raymond James lowered their price target on Medtronic from $110.00 to $107.00 and set an “outperform” rating for the company in a research report on Friday. SunTrust Banks restated a “buy” rating and issued a $130.00 price target on shares of Medtronic in a research report on Monday, March 30th. Credit Suisse Group lowered their price target on Medtronic from $126.00 to $121.00 and set an “outperform” rating for the company in a research report on Friday, March 6th. Sanford C. Bernstein restated a “hold” rating and issued a $112.00 price target on shares of Medtronic in a research report on Thursday, April 23rd. Finally, Oppenheimer lowered their price target on Medtronic from $131.00 to $112.00 and set an “outperform” rating for the company in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $115.03.

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.

Read More: What does an outperform rating mean?

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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