Palisade Asset Management LLC Decreases Stake in Medtronic PLC (NYSE:MDT)

Palisade Asset Management LLC reduced its stake in Medtronic PLC (NYSE:MDT) by 0.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 34,130 shares of the medical technology company’s stock after selling 100 shares during the quarter. Palisade Asset Management LLC’s holdings in Medtronic were worth $3,324,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Cornerstone Advisors Inc. increased its holdings in Medtronic by 8.1% in the 2nd quarter. Cornerstone Advisors Inc. now owns 1,621 shares of the medical technology company’s stock worth $158,000 after buying an additional 122 shares during the period. Patriot Financial Group Insurance Agency LLC grew its stake in shares of Medtronic by 3.1% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 4,129 shares of the medical technology company’s stock worth $376,000 after purchasing an additional 126 shares during the period. Hanson & Doremus Investment Management grew its stake in shares of Medtronic by 0.9% during the 1st quarter. Hanson & Doremus Investment Management now owns 14,416 shares of the medical technology company’s stock worth $1,313,000 after purchasing an additional 128 shares during the period. Parkside Financial Bank & Trust grew its stake in shares of Medtronic by 9.8% during the 1st quarter. Parkside Financial Bank & Trust now owns 1,432 shares of the medical technology company’s stock worth $131,000 after purchasing an additional 128 shares during the period. Finally, Triangle Securities Wealth Management grew its stake in shares of Medtronic by 1.1% during the 1st quarter. Triangle Securities Wealth Management now owns 12,056 shares of the medical technology company’s stock worth $1,098,000 after purchasing an additional 134 shares during the period. Institutional investors own 80.08% of the company’s stock.

Medtronic stock traded down $2.29 during trading on Monday, reaching $100.04. The company had a trading volume of 1,761,528 shares, compared to its average volume of 3,972,484. The company has a 50-day moving average of $99.63. Medtronic PLC has a 1-year low of $81.66 and a 1-year high of $103.95. The company has a market capitalization of $137.24 billion, a price-to-earnings ratio of 19.16, a PEG ratio of 2.62 and a beta of 0.67. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 2.15.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.07. The company had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.12 billion. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. The firm’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter last year, the firm posted $1.42 EPS. As a group, analysts expect that Medtronic PLC will post 5.47 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Monday, July 8th were issued a $0.54 dividend. The ex-dividend date of this dividend was Friday, July 5th. This represents a $2.16 dividend on an annualized basis and a yield of 2.16%. This is a positive change from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s dividend payout ratio (DPR) is presently 41.38%.

A number of brokerages have recently commented on MDT. Royal Bank of Canada dropped their price objective on shares of Medtronic to $100.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 28th. Zacks Investment Research raised shares of Medtronic from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. ValuEngine cut shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Thursday. Northland Securities reaffirmed a “hold” rating and set a $100.00 price objective on shares of Medtronic in a research note on Thursday, June 20th. Finally, Wells Fargo & Co raised shares of Medtronic from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $100.00 to $110.00 in a research note on Tuesday, June 4th. Seven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Medtronic has a consensus rating of “Buy” and a consensus target price of $106.05.

In other Medtronic news, SVP Carol A. Surface sold 9,000 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $97.66, for a total value of $878,940.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard H. Anderson acquired 10,900 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was purchased at an average price of $92.40 per share, for a total transaction of $1,007,160.00. Following the acquisition, the director now directly owns 89,912 shares in the company, valued at approximately $8,307,868.80. The disclosure for this purchase can be found here. Insiders sold a total of 91,701 shares of company stock worth $8,917,504 in the last 90 days. 0.28% of the stock is currently owned by insiders.

Medtronic 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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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