Brookstone Capital Management Acquires 586 Shares of Medtronic plc (NYSE:MDT)

Brookstone Capital Management raised its stake in Medtronic plc (NYSE:MDT) by 0.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 63,311 shares of the medical technology company’s stock after buying an additional 586 shares during the quarter. Brookstone Capital Management’s holdings in Medtronic were worth $5,438,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Toronto Dominion Bank lifted its position in shares of Medtronic by 109.0% in the first quarter. Toronto Dominion Bank now owns 802,643 shares of the medical technology company’s stock worth $64,674,000 after purchasing an additional 418,648 shares in the last quarter. Trust Co. of Toledo NA OH lifted its stake in Medtronic by 20.6% in the second quarter. Trust Co. of Toledo NA OH now owns 17,220 shares of the medical technology company’s stock valued at $1,517,000 after acquiring an additional 2,940 shares during the last quarter. Viawealth LLC boosted its holdings in shares of Medtronic by 3.3% during the first quarter. Viawealth LLC now owns 12,085 shares of the medical technology company’s stock worth $974,000 after acquiring an additional 390 shares during the period. Argent Trust Co grew its position in shares of Medtronic by 5.0% in the first quarter. Argent Trust Co now owns 40,743 shares of the medical technology company’s stock valued at $3,285,000 after purchasing an additional 1,948 shares during the last quarter. Finally, Lincoln National Corp increased its stake in shares of Medtronic by 16.1% during the first quarter. Lincoln National Corp now owns 11,669 shares of the medical technology company’s stock worth $941,000 after purchasing an additional 1,617 shares during the period. Institutional investors and hedge funds own 80.75% of the company’s stock.

Insider Activity at Medtronic

In other Medtronic news, EVP Gregory L. Smith sold 10,000 shares of Medtronic stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $83.84, for a total transaction of $838,400.00. Following the transaction, the executive vice president now directly owns 46,723 shares of the company’s stock, valued at approximately $3,917,256.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Brett A. Wall sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $87.97, for a total value of $175,940.00. Following the transaction, the executive vice president now owns 23,948 shares in the company, valued at approximately $2,106,705.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gregory L. Smith sold 10,000 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $83.84, for a total transaction of $838,400.00. Following the sale, the executive vice president now owns 46,723 shares of the company’s stock, valued at $3,917,256.32. The disclosure for this sale can be found here. Insiders sold 19,866 shares of company stock worth $1,688,839 over the last three months. Company insiders own 0.30% of the company’s stock.

Medtronic Price Performance

Shares of MDT opened at $81.77 on Monday. The business has a 50-day simple moving average of $84.16 and a two-hundred day simple moving average of $84.35. Medtronic plc has a 12-month low of $75.76 and a 12-month high of $92.02. The stock has a market cap of $108.80 billion, a PE ratio of 30.17, a PEG ratio of 2.86 and a beta of 0.71. The company has a quick ratio of 1.79, a current ratio of 2.42 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.09. Medtronic had a net margin of 11.47% and a return on equity of 13.81%. The business had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.57 billion. During the same quarter last year, the business earned $1.13 EPS. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. Analysts anticipate that Medtronic plc will post 5.12 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 22nd will be paid a $0.69 dividend. The ex-dividend date is Thursday, September 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.38%. Medtronic’s dividend payout ratio is 101.85%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Sanford C. Bernstein lowered their price objective on Medtronic from $100.00 to $99.00 in a research report on Friday, May 26th. CL King initiated coverage on shares of Medtronic in a report on Friday, June 30th. They issued a “buy” rating and a $106.00 price objective for the company. Wells Fargo & Company lifted their price target on shares of Medtronic from $100.00 to $102.00 and gave the company an “overweight” rating in a research report on Wednesday, August 23rd. 22nd Century Group reaffirmed an “initiates” rating on shares of Medtronic in a report on Friday, June 30th. Finally, Robert W. Baird initiated coverage on shares of Medtronic in a research note on Tuesday, July 18th. They set a “neutral” rating and a $90.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus price target of $91.67.

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.