Cardinal Capital Management Has $6.10 Million Stock Position in Medtronic plc (NYSE:MDT)

Cardinal Capital Management increased its position in shares of Medtronic plc (NYSE:MDT) by 12.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,446 shares of the medical technology company’s stock after purchasing an additional 7,630 shares during the quarter. Cardinal Capital Management’s holdings in Medtronic were worth $6,095,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Equity Investment Corp increased its stake in Medtronic by 27.9% in the fourth quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock valued at $110,478,000 after acquiring an additional 292,459 shares during the last quarter. Loudon Investment Management LLC increased its stake in shares of Medtronic by 9.5% in the 4th quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock valued at $786,000 after purchasing an additional 874 shares during the last quarter. BKM Wealth Management LLC acquired a new position in shares of Medtronic during the 4th quarter worth $941,000. International Assets Investment Management LLC lifted its position in shares of Medtronic by 8,340.3% during the 4th quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock worth $85,558,000 after buying an additional 1,026,274 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in Medtronic by 69.3% in the third quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock valued at $3,172,000 after buying an additional 16,574 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total value 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 can be accessed through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Medtronic Stock Down 0.9 %

Shares of NYSE:MDT traded down $0.72 during mid-day trading on Thursday, hitting $79.33. 7,765,753 shares of the company traded hands, compared to its average volume of 6,310,656. The stock has a 50-day moving average price of $81.87 and a two-hundred day moving average price of $83.53. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.00. The stock has a market cap of $101.72 billion, a P/E ratio of 28.68, a P/E/G ratio of 2.34 and a beta of 0.83. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDT) last posted its quarterly earnings data 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. The firm had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.57 EPS. On average, equities research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a $0.70 dividend. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.80 annualized dividend and a yield of 3.53%. Medtronic’s dividend payout ratio (DPR) is 100.36%.

Wall Street Analyst Weigh In

MDT has been the subject of several research analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Wells Fargo & Company increased their price objective on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. The Goldman Sachs Group assumed coverage on shares of Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 target price on the stock. UBS Group lifted their price target on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, June 5th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $93.00.

Medtronic Company Profile

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.