Bangor Savings Bank Grows Stock Position in Medtronic plc (NYSE:MDT)

Bangor Savings Bank grew its position in shares of Medtronic plc (NYSE:MDT) by 13.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,007 shares of the medical technology company’s stock after buying an additional 1,407 shares during the period. Bangor Savings Bank’s holdings in Medtronic were worth $1,046,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. O Keefe Stevens Advisory Inc. purchased a new position in Medtronic in the 1st quarter valued at approximately $221,000. International Assets Investment Management LLC grew its position in shares of Medtronic by 14.8% in the first quarter. International Assets Investment Management LLC now owns 14,478 shares of the medical technology company’s stock valued at $1,260,000 after purchasing an additional 1,871 shares in the last quarter. &PARTNERS raised its stake in shares of Medtronic by 233.4% during the 1st quarter. &PARTNERS now owns 10,843 shares of the medical technology company’s stock valued at $951,000 after purchasing an additional 7,591 shares during the period. Running Oak Capital LLC lifted its holdings in Medtronic by 16.0% during the 1st quarter. Running Oak Capital LLC now owns 110,399 shares of the medical technology company’s stock worth $9,621,000 after purchasing an additional 15,262 shares in the last quarter. Finally, Hummer Financial Advisory Services Inc purchased a new stake in Medtronic during the 1st quarter worth about $207,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 1.8 %

MDT stock opened at $81.64 on Monday. The company has a market capitalization of $108.40 billion, a price-to-earnings ratio of 29.69, a price-to-earnings-growth ratio of 2.34 and a beta of 0.83. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The business’s 50 day moving average price is $81.81 and its two-hundred day moving average price is $83.54. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00.

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 business had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.57 earnings per share. As a group, analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.70 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.43%. Medtronic’s dividend payout ratio (DPR) is currently 100.36%.

Insider Transactions at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Michael Marinaro sold 854 shares of the business’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 transaction of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MDT shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, June 5th. UBS Group upped 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. Wells Fargo & Company raised their target price 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 Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average price target of $93.00.

About Medtronic

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.