Norway Savings Bank Raises Position in Medtronic plc (NYSE:MDT)
Norway Savings Bank boosted its holdings in Medtronic plc (NYSE:MDT) by 22.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,105 shares of the medical technology company’s stock after purchasing an additional 200 shares during the period. Norway Savings Bank’s holdings in Medtronic were worth $115,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. lifted its position in Medtronic by 4.1% in the second quarter. BlackRock Inc. now owns 111,209,886 shares of the medical technology company’s stock valued at $10,197,948,000 after purchasing an additional 4,352,426 shares during the last quarter. State Street Corp increased its stake in shares of Medtronic by 0.8% in the first quarter. State Street Corp now owns 58,302,592 shares of the medical technology company’s stock worth $5,288,879,000 after buying an additional 439,413 shares during the period. Nordea Investment Management AB raised its holdings in Medtronic by 119.7% during the 2nd quarter. Nordea Investment Management AB now owns 19,803,840 shares of the medical technology company’s stock valued at $1,770,662,000 after buying an additional 10,788,699 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Medtronic by 1.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 17,806,243 shares of the medical technology company’s stock valued at $1,632,832,000 after buying an additional 328,988 shares during the period. Finally, Morgan Stanley grew its holdings in Medtronic by 9.7% in the 1st quarter. Morgan Stanley now owns 8,347,807 shares of the medical technology company’s stock worth $752,805,000 after acquiring an additional 741,368 shares during the last quarter. Institutional investors and hedge funds own 79.90% of the company’s stock.
Shares of MDT stock opened at $110.13 on Friday. The company has a market capitalization of $148.04 billion, a price-to-earnings ratio of 33.68, a price-to-earnings-growth ratio of 3.56 and a beta of 0.67. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.53 and a current ratio of 1.87. Medtronic plc has a one year low of $72.13 and a one year high of $122.15. The company’s 50-day moving average is $105.71 and its 200 day moving average is $98.59.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Friday, September 25th were given a $0.58 dividend. The ex-dividend date of this dividend was Thursday, September 24th. This represents a $2.32 annualized dividend and a yield of 2.11%. Medtronic’s dividend payout ratio (DPR) is presently 50.54%.
MDT has been the subject of a number of analyst reports. Credit Suisse Group increased their target price on shares of Medtronic from $117.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, August 26th. Wolfe Research began coverage on Medtronic in a research report on Friday, September 11th. They issued a “peer perform” rating and a $115.00 price objective on the stock. Cowen reissued a “buy” rating and set a $110.00 target price on shares of Medtronic in a research note on Tuesday, August 18th. Stifel Nicolaus raised Medtronic from a “hold” rating to a “buy” rating and set a $125.00 price target for the company in a research note on Thursday, October 8th. Finally, Jefferies Financial Group boosted their price objective on shares of Medtronic from $120.00 to $138.00 and gave the company a “buy” rating in a research report on Thursday. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $116.69.
In related news, CFO Karen L. Parkhill sold 702 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $107.78, for a total transaction of $75,661.56. Following the sale, the chief financial officer now directly owns 87,366 shares of the company’s stock, valued at $9,416,307.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Hoedt Rob Ten sold 9,563 shares of Medtronic stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $105.05, for a total value of $1,004,593.15. Following the completion of the sale, the executive vice president now owns 53,060 shares of the company’s stock, valued at $5,573,953. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 41,326 shares of company stock worth $4,441,498. Company insiders own 0.52% of the company’s stock.
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.
Further Reading: How Do Front-End Loads Impact an Investment?
Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic plc (NYSE:MDT).
Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.