RNC Capital Management LLC Acquires Shares of 2,351 Medtronic PLC (MDT)

RNC Capital Management LLC acquired a new stake in Medtronic PLC (NYSE:MDT) in the 3rd quarter, HoldingsChannel reports. The fund acquired 2,351 shares of the medical technology company’s stock, valued at approximately $231,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ballew Advisors Inc acquired a new stake in shares of Medtronic in the 2nd quarter valued at approximately $100,000. Fort L.P. bought a new stake in Medtronic in the 2nd quarter valued at $121,000. Global Trust Asset Management LLC raised its stake in Medtronic by 112.1% in the 2nd quarter. Global Trust Asset Management LLC now owns 1,523 shares of the medical technology company’s stock valued at $130,000 after acquiring an additional 805 shares during the period. Polaris Greystone Financial Group LLC raised its stake in Medtronic by 255.1% in the 3rd quarter. Polaris Greystone Financial Group LLC now owns 1,321 shares of the medical technology company’s stock valued at $130,000 after acquiring an additional 949 shares during the period. Finally, Trustcore Financial Services LLC raised its stake in Medtronic by 97.3% in the 2nd quarter. Trustcore Financial Services LLC now owns 1,760 shares of the medical technology company’s stock valued at $151,000 after acquiring an additional 868 shares during the period. 80.14% of the stock is owned by institutional investors.

MDT stock opened at $89.75 on Friday. The company has a current ratio of 2.46, a quick ratio of 2.06 and a debt-to-equity ratio of 0.47. The firm has a market cap of $123.92 billion, a price-to-earnings ratio of 19.00, a PEG ratio of 2.44 and a beta of 0.92. Medtronic PLC has a fifty-two week low of $76.41 and a fifty-two week high of $100.15.



Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 21st. The medical technology company reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.06. The firm had revenue of $7.38 billion for the quarter, compared to analysts’ expectations of $7.24 billion. Medtronic had a return on equity of 12.98% and a net margin of 10.56%. The company’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter last year, the business earned $1.12 EPS. As a group, equities analysts expect that Medtronic PLC will post 5.12 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Shareholders of record on Friday, September 28th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Thursday, September 27th. Medtronic’s payout ratio is 41.93%.

In related news, Director Richard H. Anderson purchased 2,600 shares of the firm’s stock in a transaction that occurred on Thursday, August 23rd. The shares were bought at an average price of $95.88 per share, for a total transaction of $249,288.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Richard Kuntz sold 47,176 shares of the firm’s stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $95.88, for a total value of $4,523,234.88. Following the completion of the transaction, the senior vice president now owns 152,579 shares in the company, valued at approximately $14,629,274.52. The disclosure for this sale can be found here. Insiders have sold a total of 268,678 shares of company stock worth $25,818,353 in the last quarter. Company insiders own 0.28% of the company’s stock.

A number of equities research analysts recently weighed in on the company. Zacks Investment Research upgraded Medtronic from a “hold” rating to a “buy” rating and set a $105.00 price target on the stock in a research note on Tuesday. Barclays assumed coverage on Medtronic in a research note on Monday, October 15th. They issued an “overweight” rating and a $113.00 price target on the stock. Oppenheimer restated a “buy” rating and issued a $104.00 price target on shares of Medtronic in a research note on Tuesday, August 21st. SunTrust Banks increased their price target on Medtronic to $110.00 and gave the company a “buy” rating in a research note on Friday, August 24th. Finally, Bank of America increased their price target on Medtronic from $98.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, August 22nd. Seven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Medtronic has a consensus rating of “Buy” and an average price target of $102.21.

About Medtronic

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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