Magnolia Capital Advisors LLC Acquires New Shares in Medtronic PLC (NYSE:MDT)

Magnolia Capital Advisors LLC acquired a new stake in shares of Medtronic PLC (NYSE:MDT) during the 4th quarter, Holdings Channel.com reports. The fund acquired 2,918 shares of the medical technology company’s stock, valued at approximately $331,000.

Several other institutional investors have also added to or reduced their stakes in MDT. UMA Financial Services Inc. purchased a new stake in shares of Medtronic in the 3rd quarter worth $370,000. Voya Investment Management LLC boosted its stake in shares of Medtronic by 12.2% in the third quarter. Voya Investment Management LLC now owns 1,533,709 shares of the medical technology company’s stock worth $166,591,000 after buying an additional 166,811 shares during the last quarter. Merit Financial Group LLC boosted its position in Medtronic by 2.5% during the third quarter. Merit Financial Group LLC now owns 4,445 shares of the medical technology company’s stock worth $483,000 after purchasing an additional 108 shares in the last quarter. MV Capital Management Inc. boosted its position in Medtronic by 6.9% during the third quarter. MV Capital Management Inc. now owns 3,550 shares of the medical technology company’s stock worth $386,000 after purchasing an additional 229 shares in the last quarter. Finally, High Falls Advisors Inc purchased a new position in Medtronic during the third quarter worth approximately $207,000. 82.55% of the stock is currently owned by institutional investors.

A number of brokerages have issued reports on MDT. UBS Group increased their price target on Medtronic from $127.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Needham & Company LLC downgraded Medtronic from a “strong-buy” rating to a “buy” rating and lowered their price target for the stock from $134.00 to $109.00 in a research report on Monday. 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. ValuEngine downgraded Medtronic from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. increased their price target on Medtronic from $122.00 to $128.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and twenty-two have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $117.85.

In related news, CEO Omar Ishrak bought 8,771 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was purchased at an average cost of $110.87 per share, for a total transaction of $972,440.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.28% of the company’s stock.

Shares of MDT traded down $1.20 during midday trading on Tuesday, hitting $90.85. 6,695,824 shares of the stock were exchanged, compared to its average volume of 10,279,906. Medtronic PLC has a 52-week low of $72.13 and a 52-week high of $122.15. The stock has a fifty day simple moving average of $99.62 and a 200 day simple moving average of $108.80. The firm has a market cap of $120.47 billion, a P/E ratio of 23.06, a P/E/G ratio of 2.25 and a beta of 0.67. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.28 and a current ratio of 2.75.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.38 by $0.06. The business had revenue of $7.72 billion during the quarter, compared to analyst estimates of $7.80 billion. Medtronic had a return on equity of 14.76% and a net margin of 17.11%. The company’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period last year, the business posted $1.29 earnings per share. As a group, equities research analysts forecast that Medtronic PLC will post 5.64 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, April 17th. Investors of record on Friday, March 27th will be issued a $0.54 dividend. The ex-dividend date of this dividend is Thursday, March 26th. This represents a $2.16 dividend on an annualized basis and a yield of 2.38%. Medtronic’s dividend payout ratio (DPR) is presently 41.38%.

Medtronic Company 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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