Zions Bancorporation National Association UT boosted its holdings in shares of Medtronic PLC (NYSE:MDT – Free Report) by 124.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 84,120 shares of the medical technology company’s stock after purchasing an additional 46,637 shares during the quarter. Zions Bancorporation National Association UT’s holdings in Medtronic were worth $6,581,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in MDT. Aberdeen Group plc raised its holdings in Medtronic by 13.3% in the second quarter. Aberdeen Group plc now owns 2,990,059 shares of the medical technology company’s stock valued at $233,912,000 after acquiring an additional 350,191 shares in the last quarter. Code Waechter LLC bought a new position in shares of Medtronic during the second quarter worth about $289,000. Calamos Wealth Management LLC grew its stake in Medtronic by 1.8% in the second quarter. Calamos Wealth Management LLC now owns 11,080 shares of the medical technology company’s stock worth $867,000 after purchasing an additional 199 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Medtronic by 3.5% in the second quarter. Daiwa Securities Group Inc. now owns 294,003 shares of the medical technology company’s stock worth $23,000,000 after purchasing an additional 10,075 shares in the last quarter. Finally, Worth Financial Advisory Group LLC bought a new stake in Medtronic in the second quarter valued at about $650,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.
Medtronic Stock Down 0.2%
NYSE:MDT opened at $91.10 on Monday. The firm has a market capitalization of $116.62 billion, a PE ratio of 24.42, a price-to-earnings-growth ratio of 2.45 and a beta of 0.55. The stock has a 50 day moving average of $83.20 and a 200-day moving average of $86.26. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52.
Medtronic Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were paid a $0.72 dividend. The ex-dividend date was Friday, June 26th. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a yield of 3.2%. Medtronic’s dividend payout ratio (DPR) is 77.21%.
Insider Transactions at Medtronic
In other news, EVP Harry Skip Kiil sold 4,189 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the completion of the transaction, the executive vice president owned 37,227 shares of the company’s stock, valued at approximately $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.26% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have issued reports on MDT shares. UBS Group upgraded Medtronic from a “neutral” rating to a “buy” rating and upped their price objective for the company from $85.00 to $100.00 in a research note on Tuesday, July 28th. Wall Street Zen upgraded Medtronic from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Rothschild & Co Redburn dropped their price target on Medtronic from $111.00 to $106.00 and set a “buy” rating on the stock in a research report on Friday, June 5th. JPMorgan Chase & Co. reduced their price objective on Medtronic from $100.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Medtronic from $100.00 to $78.00 and set a “hold” rating for the company in a report on Thursday, June 4th. Eighteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $98.83.
Check Out Our Latest Stock Report on MDT
Medtronic Profile
Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.
Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).
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