Grassi Investment Management Takes $7.97 Million Position in Medtronic PLC (NYSE:MDT)

Grassi Investment Management acquired a new position in Medtronic PLC (NYSE:MDT) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 86,945 shares of the medical technology company’s stock, valued at approximately $7,973,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Balentine LLC bought a new stake in Medtronic during the 1st quarter valued at $33,000. Reilly Financial Advisors LLC increased its holdings in shares of Medtronic by 79.4% during the first quarter. Reilly Financial Advisors LLC now owns 375 shares of the medical technology company’s stock valued at $34,000 after purchasing an additional 166 shares during the period. Lion Street Advisors LLC bought a new stake in shares of Medtronic during the first quarter valued at about $36,000. Founders Capital Management lifted its holdings in Medtronic by 100.0% in the first quarter. Founders Capital Management now owns 450 shares of the medical technology company’s stock worth $42,000 after purchasing an additional 225 shares during the period. Finally, Hoey Investments Inc. bought a new position in Medtronic in the 2nd quarter valued at about $46,000. Hedge funds and other institutional investors own 81.01% of the company’s stock.

NYSE:MDT opened at $94.65 on Wednesday. The stock has a market cap of $121.80 billion, a PE ratio of 26.66, a price-to-earnings-growth ratio of 3.35 and a beta of 0.67. Medtronic PLC has a fifty-two week low of $72.13 and a fifty-two week high of $122.15. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.13 and a quick ratio of 1.72. The stock’s 50-day moving average is $94.31 and its two-hundred day moving average is $101.34.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Thursday, May 21st. The medical technology company reported $0.58 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.70). Medtronic had a return on equity of 12.17% and a net margin of 16.56%. The company had revenue of $6 billion for the quarter, compared to analyst estimates of $6.10 billion. During the same quarter in the prior year, the business posted $1.54 earnings per share. The business’s revenue for the quarter was down 26.4% compared to the same quarter last year. On average, equities research analysts anticipate that Medtronic PLC will post 3.51 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be paid a dividend of $0.58 per share. The ex-dividend date of this dividend is Thursday, June 25th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.45%. This is a positive change from Medtronic’s previous quarterly dividend of $0.54. Medtronic’s dividend payout ratio (DPR) is 50.54%.

A number of brokerages have recently weighed in on MDT. Wells Fargo & Co reduced their price target on shares of Medtronic from $130.00 to $108.00 and set an “overweight” rating for the company in a research note on Wednesday, April 22nd. JPMorgan Chase & Co. cut their target price on Medtronic from $128.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. BTIG Research lowered their price target on Medtronic from $124.00 to $102.00 and set a “buy” rating on the stock in a research report on Monday, March 30th. Needham & Company LLC restated a “buy” rating and issued a $113.00 price objective on shares of Medtronic in a report on Thursday, May 21st. Finally, Morgan Stanley lowered their target price on Medtronic from $112.00 to $106.00 and set an “equal weight” rating on the stock in a report on Friday, May 22nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Medtronic presently has an average rating of “Buy” and an average target price of $114.53.

In other news, SVP Carol A. Surface sold 2,000 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $97.72, for a total value of $195,440.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.28% of the company’s stock.

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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