Principal Financial Group Inc. Has $389.12 Million Position in Medtronic PLC (MDT)

Principal Financial Group Inc. trimmed its stake in shares of Medtronic PLC (NYSE:MDT) by 1.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 4,277,887 shares of the medical technology company’s stock after selling 78,784 shares during the quarter. Principal Financial Group Inc.’s holdings in Medtronic were worth $389,116,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in MDT. Tributary Capital Management LLC purchased a new stake in Medtronic during the 4th quarter valued at about $27,000. Highwater Wealth Management LLC purchased a new stake in Medtronic during the 4th quarter valued at about $39,000. IMS Capital Management purchased a new stake in Medtronic during the 3rd quarter valued at about $41,000. Contravisory Investment Management Inc. boosted its holdings in Medtronic by 220.0% during the 4th quarter. Contravisory Investment Management Inc. now owns 480 shares of the medical technology company’s stock valued at $44,000 after acquiring an additional 330 shares during the period. Finally, Karp Capital Management Corp purchased a new stake in Medtronic during the 4th quarter valued at about $46,000. Institutional investors own 81.46% of the company’s stock.

In other news, CEO Omar Ishrak bought 12,000 shares of the firm’s stock in a transaction dated Wednesday, January 9th. The stock was purchased at an average price of $84.05 per share, with a total value of $1,008,600.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Karen L. Parkhill bought 3,000 shares of the firm’s stock in a transaction dated Wednesday, January 9th. The stock was purchased at an average cost of $83.87 per share, with a total value of $251,610.00. The disclosure for this purchase can be found here. 0.28% of the stock is currently owned by corporate insiders.



MDT has been the subject of several analyst reports. Deutsche Bank initiated coverage on Medtronic in a report on Wednesday, January 2nd. They set a “buy” rating and a $99.00 target price for the company. UBS Group initiated coverage on Medtronic in a report on Wednesday, November 28th. They set a “buy” rating and a $112.00 target price for the company. BTIG Research upgraded Medtronic from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a report on Tuesday, January 15th. Barclays restated a “buy” rating and set a $104.00 target price on shares of Medtronic in a report on Wednesday, February 20th. Finally, Oppenheimer set a $104.00 target price on Medtronic and gave the company a “buy” rating in a report on Wednesday, February 20th. Ten investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $103.43.

MDT opened at $90.39 on Monday. The company has a market cap of $121.23 billion, a price-to-earnings ratio of 18.95, a price-to-earnings-growth ratio of 2.18 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.36 and a quick ratio of 1.92. Medtronic PLC has a one year low of $76.41 and a one year high of $100.15.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 19th. The medical technology company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.05. Medtronic had a return on equity of 13.85% and a net margin of 16.10%. The firm had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.53 billion. During the same quarter in the prior year, the company earned $1.17 EPS. The business’s revenue was up 2.4% compared to the same quarter last year. Equities research analysts forecast that Medtronic PLC will post 5.15 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 22nd will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Thursday, March 21st. Medtronic’s dividend payout ratio is currently 41.93%.

ILLEGAL ACTIVITY WARNING: “Principal Financial Group Inc. Has $389.12 Million Position in Medtronic PLC (MDT)” was originally posted by Dakota Financial News and is the property of of Dakota Financial News. If you are reading this article on another publication, it was illegally copied and republished in violation of United States & international trademark and copyright law. The legal version of this article can be read at https://dakotafinancialnews.com/2019/03/25/principal-financial-group-inc-has-389-12-million-position-in-medtronic-plc-mdt.html.

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.

Further Reading: Market Capitalization

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT).

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.