World Asset Management Inc Increases Stake in Medtronic PLC (MDT)

World Asset Management Inc raised its stake in shares of Medtronic PLC (NYSE:MDT) by 9.6% during the first quarter, Holdings Channel reports. The firm owned 143,686 shares of the medical technology company’s stock after buying an additional 12,541 shares during the period. World Asset Management Inc’s holdings in Medtronic PLC were worth $11,575,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sunbelt Securities Inc. acquired a new position in Medtronic PLC during the fourth quarter valued at approximately $105,000. Intellectus Partners LLC acquired a new position in Medtronic PLC during the fourth quarter valued at approximately $130,000. Baystate Wealth Management LLC raised its position in Medtronic PLC by 40.9% in the first quarter. Baystate Wealth Management LLC now owns 1,959 shares of the medical technology company’s stock valued at $157,000 after buying an additional 569 shares during the period. North Star Investment Management Corp. raised its position in Medtronic PLC by 4.4% in the first quarter. North Star Investment Management Corp. now owns 1,973 shares of the medical technology company’s stock valued at $159,000 after buying an additional 83 shares during the period. Finally, SRS Capital Advisors Inc. acquired a new position in Medtronic PLC during the fourth quarter valued at approximately $141,000. 82.48% of the stock is owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for Medtronic PLC (NYSE:MDT)

Shares of Medtronic PLC (NYSE MDT) opened at 88.79 on Thursday. Medtronic PLC has a 12-month low of $69.35 and a 12-month high of $89.52. The company has a 50 day moving average of $85.16 and a 200-day moving average of $79.55. The company has a market capitalization of $121.55 billion, a P/E ratio of 30.72 and a beta of 1.04.

Medtronic PLC (NYSE:MDT) last released its earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.02. Medtronic PLC had a net margin of 13.56% and a return on equity of 12.72%. The company had revenue of $7.92 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the prior year, the company posted $1.27 EPS. The company’s revenue was up 4.6% compared to the same quarter last year. On average, equities analysts anticipate that Medtronic PLC will post $4.95 EPS for the current fiscal year.

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A number of research analysts have issued reports on the stock. Morgan Stanley boosted their target price on shares of Medtronic PLC from $84.00 to $86.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 30th. Stifel Nicolaus reissued a “hold” rating and set a $91.00 target price (up from $84.00) on shares of Medtronic PLC in a research note on Sunday, May 28th. Evercore ISI reissued an “outperform” rating and set a $91.00 target price (up from $88.50) on shares of Medtronic PLC in a research note on Sunday, May 28th. Needham & Company LLC reissued a “buy” rating and set a $95.00 target price (up from $91.00) on shares of Medtronic PLC in a research note on Thursday, May 25th. Finally, Zacks Investment Research lowered shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, May 23rd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $88.88.

In other Medtronic PLC news, Director Richard H. Anderson bought 5,600 shares of the business’s stock in a transaction on Wednesday, June 21st. The shares were bought at an average cost of $88.90 per share, for a total transaction of $497,840.00. Following the transaction, the director now owns 71,910 shares in the company, valued at approximately $6,392,799. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.25% of the company’s stock.

About Medtronic PLC

Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.

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