Red Spruce Capital LLC Purchases New Position in Medtronic PLC (NYSE:MDT)
Red Spruce Capital LLC purchased a new stake in shares of Medtronic PLC (NYSE:MDT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 15,803 shares of the medical technology company’s stock, valued at approximately $1,793,000. Medtronic makes up about 1.5% of Red Spruce Capital LLC’s portfolio, making the stock its 25th largest holding.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Kanawha Capital Management LLC boosted its holdings in Medtronic by 12.1% in the second quarter. Kanawha Capital Management LLC now owns 64,082 shares of the medical technology company’s stock worth $6,241,000 after acquiring an additional 6,913 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in Medtronic by 9.4% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,499,865 shares of the medical technology company’s stock valued at $1,412,142,000 after buying an additional 1,251,830 shares during the period. Holocene Advisors LP bought a new stake in Medtronic during the second quarter valued at $656,000. Putnam Investments LLC boosted its stake in Medtronic by 20.0% during the second quarter. Putnam Investments LLC now owns 954,516 shares of the medical technology company’s stock valued at $92,961,000 after buying an additional 159,339 shares during the period. Finally, Gladstone Institutional Advisory LLC bought a new stake in Medtronic during the second quarter valued at $383,000. 80.65% of the stock is owned by institutional investors.
In related news, EVP Robert John White sold 52,165 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $109.33, for a total transaction of $5,703,199.45. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard H. Anderson purchased 5,000 shares of Medtronic stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average price of $111.13 per share, for a total transaction of $555,650.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 106,433 shares of company stock worth $11,704,539. 0.28% of the stock is owned by company insiders.
Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.03. Medtronic had a return on equity of 14.52% and a net margin of 15.11%. The company had revenue of $7.71 billion during the quarter, compared to analyst estimates of $7.66 billion. During the same quarter in the previous year, the company posted $1.22 EPS. Medtronic’s revenue for the quarter was up 3.0% on a year-over-year basis. As a group, equities research analysts forecast that Medtronic PLC will post 5.6 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Friday, December 27th will be issued a dividend of $0.54 per share. The ex-dividend date is Thursday, December 26th. This represents a $2.16 dividend on an annualized basis and a yield of 1.84%. Medtronic’s dividend payout ratio is presently 41.38%.
Several equities research analysts recently issued reports on MDT shares. Morgan Stanley lifted their price objective on Medtronic from $116.00 to $123.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Oppenheimer lifted their price objective on Medtronic from $118.00 to $123.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Royal Bank of Canada lifted their price objective on Medtronic from $118.00 to $122.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Deutsche Bank assumed coverage on Medtronic in a research note on Friday, January 3rd. They set a “buy” rating and a $99.00 price target for the company. Finally, Argus lifted their price target on Medtronic to $135.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Six investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $119.90.
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.
Featured Story: Profit Margin
Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT).
Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.