Washington Trust Bank Decreases Position in Medtronic PLC (NYSE:MDT)

Washington Trust Bank decreased its holdings in shares of Medtronic PLC (NYSE:MDT) by 3.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 83,633 shares of the medical technology company’s stock after selling 2,554 shares during the quarter. Medtronic makes up approximately 1.3% of Washington Trust Bank’s portfolio, making the stock its 20th biggest position. Washington Trust Bank’s holdings in Medtronic were worth $8,145,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of MDT. BlackRock Inc. lifted its stake in Medtronic by 7.9% during the first quarter. BlackRock Inc. now owns 106,778,084 shares of the medical technology company’s stock worth $9,725,349,000 after purchasing an additional 7,856,946 shares during the last quarter. Nordea Investment Management AB increased its position in Medtronic by 35.4% during the first quarter. Nordea Investment Management AB now owns 8,622,525 shares of the medical technology company’s stock worth $785,336,000 after buying an additional 2,255,412 shares during the period. Geode Capital Management LLC increased its position in Medtronic by 10.2% during the fourth quarter. Geode Capital Management LLC now owns 16,690,207 shares of the medical technology company’s stock worth $1,515,557,000 after buying an additional 1,538,130 shares during the period. Thoroughbred Financial Services LLC increased its position in Medtronic by 10,079.7% during the second quarter. Thoroughbred Financial Services LLC now owns 1,044,944 shares of the medical technology company’s stock worth $104,494,000 after buying an additional 1,034,679 shares during the period. Finally, Boston Partners increased its position in Medtronic by 13.9% during the first quarter. Boston Partners now owns 8,405,239 shares of the medical technology company’s stock worth $765,549,000 after buying an additional 1,028,238 shares during the period. Hedge funds and other institutional investors own 80.08% of the company’s stock.

Shares of NYSE:MDT traded down $0.13 during trading on Wednesday, reaching $101.11. The company had a trading volume of 187,429 shares, compared to its average volume of 4,038,101. The company has a market cap of $134.84 billion, a price-to-earnings ratio of 19.43, a price-to-earnings-growth 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. The firm’s fifty day moving average price is $99.93. Medtronic PLC has a fifty-two week low of $81.66 and a fifty-two week high of $103.95.

Medtronic (NYSE:MDT) last released its earnings results on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.47 by $0.07. The business 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 company’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.42 earnings per share. On average, equities research analysts expect that Medtronic PLC will post 5.47 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 8th were paid a $0.54 dividend. The ex-dividend date was Friday, July 5th. This is an increase from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.14%. Medtronic’s payout ratio is 41.38%.

In related news, SVP Richard Kuntz sold 3,438 shares of Medtronic stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $101.12, for a total value of $347,650.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Hooman Hakami sold 52,664 shares of Medtronic stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $97.49, for a total value of $5,134,213.36. Following the completion of the sale, the executive vice president now owns 95,337 shares in the company, valued at $9,294,404.13. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,701 shares of company stock worth $9,318,744. Company insiders own 0.28% of the company’s stock.

Several research analysts have commented on MDT shares. Needham & Company LLC reaffirmed a “buy” rating on shares of Medtronic in a research report on Tuesday, July 23rd. Barclays lifted their price target on Medtronic from $104.00 to $110.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Northland Securities reaffirmed a “hold” rating and set a $100.00 price target on shares of Medtronic in a research report on Thursday, June 20th. Zacks Investment Research raised Medtronic from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. Finally, ValuEngine lowered Medtronic from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Seven equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $106.05.

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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