Cypress Asset Management Inc. TX Grows Stake in Medtronic PLC (MDT)

Cypress Asset Management Inc. TX lifted its holdings in Medtronic PLC (NYSE:MDT) by 3.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,680 shares of the medical technology company’s stock after acquiring an additional 695 shares during the quarter. Cypress Asset Management Inc. TX’s holdings in Medtronic were worth $2,133,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Ballew Advisors Inc acquired a new stake in shares of Medtronic in the second quarter worth $100,000. Polaris Greystone Financial Group LLC increased its stake in shares of Medtronic by 255.1% in the third quarter. Polaris Greystone Financial Group LLC now owns 1,321 shares of the medical technology company’s stock worth $130,000 after acquiring an additional 949 shares during the period. Fort L.P. acquired a new stake in shares of Medtronic in the second quarter worth $121,000. Global Trust Asset Management LLC increased its stake in shares of Medtronic by 112.1% in the second quarter. Global Trust Asset Management LLC now owns 1,523 shares of the medical technology company’s stock worth $130,000 after acquiring an additional 805 shares during the period. Finally, Trustcore Financial Services LLC increased its stake in shares of Medtronic by 97.3% in the second quarter. Trustcore Financial Services LLC now owns 1,760 shares of the medical technology company’s stock worth $151,000 after acquiring an additional 868 shares during the period. Hedge funds and other institutional investors own 80.08% of the company’s stock.

MDT opened at $93.94 on Friday. The company has a current ratio of 2.46, a quick ratio of 2.06 and a debt-to-equity ratio of 0.47. The firm has a market cap of $131.39 billion, a price-to-earnings ratio of 19.69, a P/E/G ratio of 2.58 and a beta of 0.92. Medtronic PLC has a 52-week low of $76.41 and a 52-week high of $100.15.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 21st. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.06. The business had revenue of $7.38 billion for the quarter, compared to the consensus estimate of $7.24 billion. Medtronic had a net margin of 10.56% and a return on equity of 12.98%. The company’s revenue was down .1% compared to the same quarter last year. During the same period last year, the firm posted $1.12 earnings per share. On average, research analysts anticipate that Medtronic PLC will post 5.12 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Shareholders of record on Friday, September 28th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend was Thursday, September 27th. Medtronic’s payout ratio is 41.93%.

A number of analysts recently issued reports on the stock. Oppenheimer reissued a “buy” rating on shares of Medtronic in a report on Friday, September 21st. BMO Capital Markets increased their price target on shares of Medtronic from $94.00 to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, August 22nd. Sanford C. Bernstein assumed coverage on shares of Medtronic in a report on Wednesday, June 27th. They set a “market perform” rating and a $88.00 price target on the stock. Royal Bank of Canada increased their price target on shares of Medtronic to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, August 22nd. Finally, Argus increased their price target on shares of Medtronic from $108.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, October 8th. Eight investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $102.08.

In other Medtronic news, EVP Michael J. Coyle sold 145,544 shares of the stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $95.50, for a total transaction of $13,899,452.00. Following the transaction, the executive vice president now directly owns 190,680 shares of the company’s stock, valued at $18,209,940. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Richard Kuntz sold 47,176 shares of the stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $95.88, for a total transaction of $4,523,234.88. Following the transaction, the senior vice president now directly owns 152,579 shares in the company, valued at $14,629,274.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 268,678 shares of company stock worth $25,818,353. Insiders own 0.28% of the company’s stock.

Medtronic Company 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.

Read More: Asset Allocation

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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