Medtronic PLC (MDT) Stake Lowered by Swarthmore Group Inc.

Swarthmore Group Inc. cut its stake in Medtronic PLC (NYSE:MDT) by 43.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 111,825 shares of the medical technology company’s stock after selling 85,400 shares during the quarter. Medtronic PLC makes up 2.3% of Swarthmore Group Inc.’s portfolio, making the stock its 16th biggest holding. Swarthmore Group Inc.’s holdings in Medtronic PLC were worth $9,924,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of MDT. Jackson Grant Investment Advisers Inc. increased its position in Medtronic PLC by 0.3% during the first quarter. Jackson Grant Investment Advisers Inc. now owns 2,920 shares of the medical technology company’s stock worth $235,000 after buying an additional 9 shares during the last quarter. Hudock Capital Group LLC boosted its holdings in Medtronic PLC by 0.6% during the first quarter. Hudock Capital Group LLC now owns 2,184 shares of the medical technology company’s stock valued at $175,000 after acquiring an additional 12 shares during the period. Delta Asset Management LLC TN boosted its holdings in Medtronic PLC by 0.4% during the first quarter. Delta Asset Management LLC TN now owns 3,713 shares of the medical technology company’s stock valued at $299,000 after acquiring an additional 13 shares during the period. Tarbox Group Inc. lifted its stake in shares of Medtronic PLC by 0.4% in the first quarter. Tarbox Group Inc. now owns 5,180 shares of the medical technology company’s stock valued at $417,000 after buying an additional 20 shares during the period. Finally, Shufro Rose & Co. LLC lifted its stake in shares of Medtronic PLC by 0.3% in the first quarter. Shufro Rose & Co. LLC now owns 10,381 shares of the medical technology company’s stock valued at $836,000 after buying an additional 28 shares during the period. 80.75% of the stock is currently owned by institutional investors and hedge funds.

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Medtronic PLC (MDT) traded up 0.39% during midday trading on Friday, hitting $82.12. 9,563,374 shares of the stock traded hands. The company has a market capitalization of $111.24 billion, a price-to-earnings ratio of 27.64 and a beta of 1.03. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72. The stock’s 50-day moving average price is $82.18 and its 200 day moving average price is $83.65.

Medtronic PLC (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.04. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The firm had revenue of $7.39 billion during the quarter, compared to analyst estimates of $7.44 billion. During the same quarter in the prior year, the firm earned $1.03 EPS. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. On average, equities research analysts predict that Medtronic PLC will post $4.77 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, September 29th will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Thursday, September 28th. Medtronic PLC’s payout ratio is currently 61.95%.

Several equities research analysts recently weighed in on the stock. William Blair reiterated an “outperform” rating on shares of Medtronic PLC in a research note on Thursday, July 6th. BidaskClub upgraded shares of Medtronic PLC from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. Wells Fargo & Company reaffirmed an “outperform” rating on shares of Medtronic PLC in a report on Wednesday, July 12th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating on shares of Medtronic PLC in a report on Tuesday, July 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 price objective (up previously from $91.00) on shares of Medtronic PLC in a report on Thursday, May 25th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $88.78.

In other Medtronic PLC news, EVP Bryan C. Hanson sold 12,000 shares of the stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard H. Anderson acquired 5,600 shares of the business’s stock in a transaction on Wednesday, June 21st. The shares were bought at an average cost of $88.90 per share, with a total value of $497,840.00. Following the completion of the acquisition, the director now owns 71,910 shares in the company, valued at $6,392,799. The disclosure for this purchase can be found here. 0.31% of the stock is owned by corporate insiders.

Medtronic PLC Company Profile

Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.

Institutional Ownership by Quarter for Medtronic PLC (NYSE:MDT)

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