Whitener Capital Management Inc. Boosts Stake in Medtronic PLC (NYSE:MDT)

Whitener Capital Management Inc. lifted its position in shares of Medtronic PLC (NYSE:MDT) by 8.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,855 shares of the medical technology company’s stock after acquiring an additional 1,245 shares during the quarter. Medtronic accounts for approximately 0.9% of Whitener Capital Management Inc.’s investment portfolio, making the stock its 26th biggest holding. Whitener Capital Management Inc.’s holdings in Medtronic were worth $1,544,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of MDT. Hayden Royal LLC acquired a new position in shares of Medtronic during the 2nd quarter worth about $275,000. Rockefeller Capital Management L.P. raised its position in shares of Medtronic by 0.6% during the 1st quarter. Rockefeller Capital Management L.P. now owns 1,357,738 shares of the medical technology company’s stock worth $123,663,000 after purchasing an additional 7,939 shares during the last quarter. Cim LLC raised its position in shares of Medtronic by 12.9% during the 2nd quarter. Cim LLC now owns 4,189 shares of the medical technology company’s stock worth $408,000 after purchasing an additional 480 shares during the last quarter. Belpointe Asset Management LLC raised its position in shares of Medtronic by 35.3% during the 1st quarter. Belpointe Asset Management LLC now owns 4,581 shares of the medical technology company’s stock worth $417,000 after purchasing an additional 1,196 shares during the last quarter. Finally, Aviva PLC raised its position in shares of Medtronic by 14.9% during the 2nd quarter. Aviva PLC now owns 920,341 shares of the medical technology company’s stock worth $89,632,000 after purchasing an additional 119,018 shares during the last quarter. 80.65% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE MDT traded up $1.01 during midday trading on Friday, reaching $102.76. 4,748,800 shares of the stock were exchanged, compared to its average volume of 4,166,464. The company has a 50 day simple moving average of $100.55 and a 200 day simple moving average of $93.52. The stock has a market capitalization of $135.36 billion, a P/E ratio of 19.69, a PEG ratio of 2.59 and a beta of 0.67. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.15 and a current ratio of 2.59. Medtronic PLC has a twelve month low of $81.66 and a twelve month high of $103.95.

Medtronic (NYSE:MDT) last announced 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. The business had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.12 billion. Medtronic had a net margin of 15.15% and a return on equity of 14.16%. The business’s revenue was up .0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.42 EPS. On average, research analysts expect that Medtronic PLC will post 5.47 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Monday, July 8th were issued a dividend of $0.54 per share. The ex-dividend date was Friday, July 5th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.10%. This is an increase from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s dividend payout ratio (DPR) is currently 41.38%.

Several research analysts recently weighed in on MDT shares. Morgan Stanley upped their price target on shares of Medtronic from $100.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Oppenheimer set a $110.00 price objective on shares of Medtronic and gave the company a “buy” rating in a report on Monday, July 15th. Wells Fargo & Co upgraded shares of Medtronic from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $100.00 to $110.00 in a report on Tuesday, June 4th. Cowen reiterated an “outperform” rating and issued a $111.00 price objective (up previously from $99.00) on shares of Medtronic in a report on Wednesday. Finally, Northland Securities reiterated a “hold” rating and issued a $100.00 price objective on shares of Medtronic in a report on Thursday, June 20th. Seven investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Medtronic presently has an average rating of “Buy” and a consensus price target of $106.86.

In other news, SVP Bradley E. Lerman sold 6,599 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $102.02, for a total transaction of $673,229.98. Following the completion of the sale, the senior vice president now owns 105,960 shares in the company, valued at approximately $10,810,039.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Richard Kuntz sold 3,438 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $101.12, for a total transaction of $347,650.56. The disclosure for this sale can be found here. Insiders have sold a total of 95,701 shares of company stock valued at $9,318,744 in the last 90 days. Insiders own 0.28% of the company’s stock.

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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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