Shelter Mutual Insurance Co Has $8.03 Million Stake in Medtronic PLC (NYSE:MDT)

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Shelter Mutual Insurance Co trimmed its stake in shares of Medtronic PLC (NYSE:MDT) by 8.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 82,496 shares of the medical technology company’s stock after selling 7,900 shares during the period. Medtronic makes up about 2.3% of Shelter Mutual Insurance Co’s investment portfolio, making the stock its 16th biggest position. Shelter Mutual Insurance Co’s holdings in Medtronic were worth $8,034,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Kavar Capital Partners LLC bought a new stake in shares of Medtronic during the second quarter worth approximately $80,000. Watch Point Trust Co raised its stake in shares of Medtronic by 16.3% during the second quarter. Watch Point Trust Co now owns 31,381 shares of the medical technology company’s stock worth $3,056,000 after buying an additional 4,405 shares during the last quarter. Stephens Inc. AR raised its stake in shares of Medtronic by 8.4% during the second quarter. Stephens Inc. AR now owns 184,317 shares of the medical technology company’s stock worth $17,951,000 after buying an additional 14,235 shares during the last quarter. Jacobs & Co. CA raised its stake in shares of Medtronic by 0.9% during the second quarter. Jacobs & Co. CA now owns 42,037 shares of the medical technology company’s stock worth $4,093,000 after buying an additional 391 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of Medtronic by 29.7% during the second quarter. DekaBank Deutsche Girozentrale now owns 1,236,111 shares of the medical technology company’s stock worth $120,852,000 after buying an additional 283,355 shares during the last quarter. Institutional investors own 80.65% of the company’s stock.

NYSE:MDT traded up $0.69 during trading hours on Thursday, hitting $101.62. The stock had a trading volume of 129,947 shares, compared to its average volume of 4,206,267. Medtronic PLC has a one year low of $81.66 and a one year high of $103.95. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.15 and a current ratio of 2.59. The stock has a market cap of $135.66 billion, a P/E ratio of 19.46, a price-to-earnings-growth ratio of 2.59 and a beta of 0.67. The firm has a 50 day moving average price of $100.37.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.07. Medtronic had a net margin of 15.15% and a return on equity of 14.16%. The firm had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.12 billion. During the same quarter in the prior year, the firm earned $1.42 earnings per share. The business’s quarterly revenue was up .0% on a year-over-year basis. As a group, sell-side analysts expect that Medtronic PLC will post 5.48 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Monday, July 8th were given a dividend of $0.54 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.50. The ex-dividend date was Friday, July 5th. This represents a $2.16 annualized dividend and a dividend yield of 2.13%. Medtronic’s dividend payout ratio is currently 41.38%.

In other news, SVP Richard Kuntz sold 3,438 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $101.12, for a total transaction of $347,650.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Bradley E. Lerman sold 6,599 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $102.02, for a total transaction of $673,229.98. Following the sale, the senior vice president now directly owns 105,960 shares of the company’s stock, valued at approximately $10,810,039.20. The disclosure for this sale can be found here. Insiders have sold 95,701 shares of company stock valued at $9,318,744 in the last three months. 0.28% of the stock is owned by insiders.

A number of equities research analysts recently weighed in on the stock. Zacks Investment Research raised shares of Medtronic from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Royal Bank of Canada dropped their price target on shares of Medtronic to $100.00 and set an “outperform” rating for the company in a research note on Tuesday, May 28th. UBS Group boosted their price target on shares of Medtronic to $112.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Barclays boosted their price target on shares of Medtronic from $104.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Finally, Cowen reissued an “outperform” rating and set a $111.00 price target (up from $99.00) on shares of Medtronic in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $106.41.

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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