Swiss National Bank Has $464.20 Million Stake in Medtronic PLC (NYSE:MDT)
Swiss National Bank increased its stake in Medtronic PLC (NYSE:MDT) by 2.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,096,663 shares of the medical technology company’s stock after acquiring an additional 109,600 shares during the period. Swiss National Bank’s holdings in Medtronic were worth $464,204,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Cordasco Financial Network acquired a new stake in Medtronic in the first quarter valued at $27,000. Pin Oak Investment Advisors Inc. raised its stake in Medtronic by 158.0% in the fourth quarter. Pin Oak Investment Advisors Inc. now owns 369 shares of the medical technology company’s stock valued at $34,000 after buying an additional 226 shares in the last quarter. Spectrum Management Group Inc. raised its stake in Medtronic by 353.8% in the first quarter. Spectrum Management Group Inc. now owns 413 shares of the medical technology company’s stock valued at $38,000 after buying an additional 322 shares in the last quarter. Mackey Komara & Dankovich LLC acquired a new stake in Medtronic in the first quarter valued at $38,000. Finally, Capital Financial Planning LLC acquired a new stake in Medtronic in the fourth quarter valued at $42,000. Institutional investors and hedge funds own 80.10% of the company’s stock.
A number of analysts have weighed in on the company. Zacks Investment Research upgraded Medtronic from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Needham & Company LLC reiterated a “buy” rating and set a $121.00 target price on shares of Medtronic in a research report on Monday, May 27th. Royal Bank of Canada cut their target price on Medtronic to $100.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 28th. Wells Fargo & Co upgraded Medtronic from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $100.00 to $110.00 in a research report on Tuesday, June 4th. Finally, Northland Securities reiterated a “hold” rating and set a $84.00 target price on shares of Medtronic in a research report on Monday, March 18th. Eight equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target 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, topping the Zacks’ 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 firm had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.12 billion. During the same quarter last year, the company posted $1.42 earnings per share. The business’s revenue was up .0% on a year-over-year basis. As a group, analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.
In related news, Director Richard H. Anderson purchased 10,900 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average price of $92.40 per share, with a total value of $1,007,160.00. Following the completion of the acquisition, the director now directly owns 89,912 shares in the company, valued at approximately $8,307,868.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Geoffrey Martha sold 11,000 shares of Medtronic stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $96.05, for a total value of $1,056,550.00. The disclosure for this sale can be found here. Company insiders own 0.28% of the company’s stock.
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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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