Principal Financial Group Inc. increased its position in Medtronic Inc. (NYSE:MDT) by 1.8% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 1,918,570 shares of the medical technology company’s stock after buying an additional 34,754 shares during the period. Principal Financial Group Inc. owned approximately 0.14% of Medtronic worth $166,474,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the company. Independent Portfolio Consultants Inc. boosted its stake in shares of Medtronic by 26.1% in the first quarter. Independent Portfolio Consultants Inc. now owns 8,662 shares of the medical technology company’s stock worth $650,000 after buying an additional 1,793 shares during the period. F&V Capital Management LLC bought a new stake in shares of Medtronic during the first quarter worth about $3,243,000. Osborn Rohs Williams & Donohoe Ltd boosted its stake in shares of Medtronic by 4.0% in the first quarter. Osborn Rohs Williams & Donohoe Ltd now owns 27,424 shares of the medical technology company’s stock worth $2,057,000 after buying an additional 1,058 shares during the period. Sit Investment Associates Inc. boosted its stake in shares of Medtronic by 1.0% in the first quarter. Sit Investment Associates Inc. now owns 1,706,525 shares of the medical technology company’s stock worth $127,989,000 after buying an additional 16,780 shares during the period. Finally, Manning & Napier Advisors LLC boosted its stake in shares of Medtronic by 55.4% in the first quarter. Manning & Napier Advisors LLC now owns 7,795,990 shares of the medical technology company’s stock worth $584,698,000 after buying an additional 2,779,780 shares during the period. 83.11% of the stock is currently owned by institutional investors and hedge funds.

Shares of Medtronic Inc. (NYSE:MDT) traded up 0.56% on Thursday, reaching $87.63. The company’s stock had a trading volume of 561,995 shares. Medtronic Inc. has a one year low of $63.98 and a one year high of $89.27. The firm has a market capitalization of $121.10 billion, a PE ratio of 34.10 and a beta of 0.88. The firm has a 50-day moving average price of $86.71 and a 200 day moving average price of $82.78.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, August 25th. The medical technology company reported $1.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.02. Medtronic had a return on equity of 12.06% and a net margin of 12.70%. The company had revenue of $7.20 billion for the quarter, compared to analysts’ expectations of $7.17 billion. During the same period in the previous year, the firm posted $1.02 earnings per share. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, analysts anticipate that Medtronic Inc. will post $4.66 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Shareholders of record on Thursday, September 29th will be paid a dividend of $0.43 per share. The ex-dividend date of this dividend is Tuesday, September 27th. This represents a $1.72 annualized dividend and a yield of 1.97%. Medtronic’s payout ratio is currently 66.93%.

MDT has been the topic of a number of recent research reports. Oppenheimer Holdings Inc. reissued a “buy” rating on shares of Medtronic in a report on Thursday, May 26th. Zacks Investment Research raised Medtronic from a “sell” rating to a “hold” rating in a report on Friday, May 27th. Piper Jaffray Cos. reaffirmed an “in-line” rating and issued a $93.00 price target (up previously from $85.00) on shares of Medtronic in a report on Wednesday, June 1st. BTIG Research cut Medtronic from a “buy” rating to a “neutral” rating and set a $82.00 price target on the stock. in a report on Wednesday, June 1st. Finally, Wedbush raised their price target on Medtronic from $79.00 to $82.00 and gave the company a “neutral” rating in a report on Wednesday, June 1st. Six investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $90.12.

In other Medtronic news, CEO Omar Ishrak sold 61,925 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $84.93, for a total transaction of $5,259,290.25. Following the sale, the chief executive officer now directly owns 565,916 shares of the company’s stock, valued at $48,063,245.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Shirley A. Jackson sold 2,104 shares of the business’s stock in a transaction that occurred on Wednesday, July 13th. The stock was sold at an average price of $88.64, for a total value of $186,498.56. Following the sale, the director now directly owns 34,503 shares in the company, valued at $3,058,345.92. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Medtronic Company Profile

Medtronic plc (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.

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