Medtronic plc (NYSE:MDT) Shares Purchased by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC grew its position in shares of Medtronic plc (NYSE:MDT) by 4.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,192 shares of the medical technology company’s stock after purchasing an additional 549 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Medtronic were worth $960,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. International Assets Investment Management LLC grew its stake in Medtronic by 2.5% during the 4th quarter. International Assets Investment Management LLC now owns 12,607 shares of the medical technology company’s stock valued at $1,039,000 after acquiring an additional 302 shares in the last quarter. Tennessee Valley Asset Management Partners purchased a new position in shares of Medtronic in the 4th quarter valued at about $60,000. Crestwood Advisors Group LLC grew its position in shares of Medtronic by 12.7% during the fourth quarter. Crestwood Advisors Group LLC now owns 5,521 shares of the medical technology company’s stock worth $455,000 after buying an additional 623 shares in the last quarter. Cornercap Investment Counsel Inc. purchased a new stake in shares of Medtronic during the fourth quarter worth approximately $943,000. Finally, Cullen Investment Group LTD. purchased a new stake in shares of Medtronic in the 4th quarter valued at approximately $5,618,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Citigroup dropped their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, July 17th. Wells Fargo & Company upped their price target on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. Stifel Nicolaus downgraded shares of Medtronic from a “buy” rating to a “hold” rating and cut their price objective for the stock from $100.00 to $85.00 in a research report on Wednesday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Monday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus target price of $91.30.

Insiders Place Their Bets

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

Shares of Medtronic stock traded up $1.80 on Thursday, reaching $83.54. 2,636,881 shares of the company were exchanged, compared to its average volume of 6,219,657. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $89.18. The firm has a market cap of $107.12 billion, a price-to-earnings ratio of 29.72, a P/E/G ratio of 2.35 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The company’s 50-day moving average is $79.97 and its two-hundred day moving average is $82.38.

Medtronic (NYSE:MDT) last released its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same period in the previous year, the company earned $1.57 earnings per share. Medtronic’s revenue was up .5% compared to the same quarter last year. As a group, research analysts expect that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a dividend of $0.70 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend was Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.35%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.