The Manufacturers Life Insurance Company Grows Holdings in Medtronic PLC (MDT)

The Manufacturers Life Insurance Company lifted its position in shares of Medtronic PLC (NYSE:MDT) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,714,437 shares of the medical technology company’s stock after purchasing an additional 25,366 shares during the quarter. The Manufacturers Life Insurance Company owned 0.42% of Medtronic worth $507,156,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Parkside Financial Bank & Trust grew its stake in Medtronic by 22.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock valued at $102,000 after acquiring an additional 210 shares during the period. BDO Wealth Advisors LLC acquired a new stake in Medtronic in the 2nd quarter valued at $103,000. Motco grew its stake in Medtronic by 8.7% in the 2nd quarter. Motco now owns 1,239 shares of the medical technology company’s stock valued at $110,000 after acquiring an additional 99 shares during the period. Israel Discount Bank of New York acquired a new stake in Medtronic in the 1st quarter valued at $117,000. Finally, Birch Hill Investment Advisors LLC acquired a new stake in Medtronic in the 1st quarter valued at $120,000. 81.85% of the stock is currently owned by institutional investors and hedge funds.

A number of research firms recently issued reports on MDT. Jefferies Group reissued a “buy” rating and issued a $96.00 price target on shares of Medtronic in a research note on Thursday, September 28th. SunTrust Banks reissued a “buy” rating and issued a $96.00 price target on shares of Medtronic in a research note on Monday, October 2nd. Zacks Investment Research lowered Medtronic from a “hold” rating to a “sell” rating in a report on Friday, August 25th. Cowen set a $95.00 price objective on Medtronic and gave the company a “buy” rating in a report on Tuesday, August 22nd. Finally, Stifel Nicolaus decreased their price objective on Medtronic from $91.00 to $83.00 and set a “hold” rating on the stock in a report on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company. Medtronic presently has a consensus rating of “Hold” and an average target price of $88.02.

In related news, CEO Omar Ishrak sold 140,407 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $81.63, for a total value of $11,461,423.41. Following the sale, the chief executive officer now directly owns 668,503 shares in the company, valued at approximately $54,569,899.89. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Bryan C. Hanson sold 16,000 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $79.02, for a total transaction of $1,264,320.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 172,407 shares of company stock worth $13,974,223. Insiders own 0.31% of the company’s stock.

Medtronic PLC (NYSE MDT) traded down $0.93 during midday trading on Thursday, hitting $80.57. The stock had a trading volume of 5,497,507 shares, compared to its average volume of 4,962,533. Medtronic PLC has a fifty-two week low of $69.35 and a fifty-two week high of $89.72. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.05 and a current ratio of 2.40. The stock has a market cap of $109,525.05, a price-to-earnings ratio of 17.44, a PEG ratio of 2.23 and a beta of 1.00.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 21st. The medical technology company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.99 by $0.08. Medtronic had a return on equity of 12.63% and a net margin of 16.93%. The business had revenue of $7.05 billion for the quarter, compared to analyst estimates of $7.05 billion. During the same quarter in the previous year, the firm earned $1.12 EPS. The company’s quarterly revenue was down 4.0% compared to the same quarter last year. equities research analysts expect that Medtronic PLC will post 4.77 earnings per share for the current fiscal year.

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About Medtronic

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 (NYSE:MDT)

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