Red Spruce Capital LLC Takes $1.79 Million Position in Medtronic PLC (NYSE:MDT)

Red Spruce Capital LLC acquired a new stake in shares of Medtronic PLC (NYSE:MDT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,803 shares of the medical technology company’s stock, valued at approximately $1,793,000. Medtronic makes up 1.5% of Red Spruce Capital LLC’s investment portfolio, making the stock its 25th largest holding.

Several other institutional investors have also recently modified their holdings of the company. Nuveen Asset Management LLC lifted its holdings in shares of Medtronic by 12,846.1% in the 2nd quarter. Nuveen Asset Management LLC now owns 8,157,866 shares of the medical technology company’s stock valued at $794,495,000 after acquiring an additional 8,094,852 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Medtronic by 9.4% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,499,865 shares of the medical technology company’s stock worth $1,412,142,000 after purchasing an additional 1,251,830 shares during the last quarter. Boston Partners lifted its stake in Medtronic by 14.9% in the second quarter. Boston Partners now owns 9,655,784 shares of the medical technology company’s stock worth $940,555,000 after purchasing an additional 1,250,545 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its stake in Medtronic by 16.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 5,333,541 shares of the medical technology company’s stock worth $519,433,000 after purchasing an additional 762,169 shares during the last quarter. Finally, Eagle Asset Management Inc. lifted its stake in Medtronic by 155.9% in the third quarter. Eagle Asset Management Inc. now owns 1,190,323 shares of the medical technology company’s stock worth $129,292,000 after purchasing an additional 725,146 shares during the last quarter. Hedge funds and other institutional investors own 80.65% of the company’s stock.

In other news, Director Richard H. Anderson acquired 5,000 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $111.13 per share, for a total transaction of $555,650.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert John White sold 52,166 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $110.62, for a total transaction of $5,770,602.92. Following the completion of the transaction, the executive vice president now owns 77,510 shares of the company’s stock, valued at approximately $8,574,156.20. The disclosure for this sale can be found here. Insiders have sold 106,433 shares of company stock valued at $11,704,539 over the last 90 days. 0.28% of the stock is currently owned by insiders.

Several brokerages have issued reports on MDT. Deutsche Bank began coverage on shares of Medtronic in a research note on Friday, January 3rd. They issued a “buy” rating and a $99.00 price objective for the company. Argus lifted their price target on shares of Medtronic to $135.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Citigroup lowered shares of Medtronic from a “buy” rating to a “neutral” rating in a report on Thursday, January 2nd. Royal Bank of Canada lifted their price target on shares of Medtronic from $118.00 to $122.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Finally, Morgan Stanley lifted their price target on shares of Medtronic from $116.00 to $123.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Six investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $119.90.

NYSE MDT opened at $117.33 on Thursday. The company has a market capitalization of $156.88 billion, a PE ratio of 22.48, a P/E/G ratio of 2.84 and a beta of 0.60. The company has a fifty day moving average of $113.84 and a 200 day moving average of $107.66. Medtronic PLC has a 1 year low of $82.77 and a 1 year high of $118.96. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.77 and a quick ratio of 2.28.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.03. The company had revenue of $7.71 billion during the quarter, compared to the consensus estimate of $7.66 billion. Medtronic had a net margin of 15.11% and a return on equity of 14.52%. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.22 earnings per share. Research analysts expect that Medtronic PLC will post 5.6 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Friday, December 27th will be given a dividend of $0.54 per share. The ex-dividend date is Thursday, December 26th. This represents a $2.16 dividend on an annualized basis and a yield of 1.84%. Medtronic’s dividend payout ratio is presently 41.38%.

About Medtronic

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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