Chicago Equity Partners LLC Purchases New Stake in Medtronic PLC (MDT)

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Chicago Equity Partners LLC acquired a new stake in shares of Medtronic PLC (NYSE:MDT) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,261 shares of the medical technology company’s stock, valued at approximately $422,000.

Other large investors also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Medtronic by 16.6% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 63,710 shares of the medical technology company’s stock valued at $5,145,000 after purchasing an additional 9,089 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Medtronic by 7.6% in the first quarter. Daiwa Securities Group Inc. now owns 46,439 shares of the medical technology company’s stock valued at $3,725,000 after purchasing an additional 3,279 shares in the last quarter. Commerzbank Aktiengesellschaft FI lifted its holdings in shares of Medtronic by 25.4% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 338,320 shares of the medical technology company’s stock valued at $27,319,000 after purchasing an additional 68,425 shares in the last quarter. Conning Inc. lifted its holdings in shares of Medtronic by 15.4% in the fourth quarter. Conning Inc. now owns 37,113 shares of the medical technology company’s stock valued at $2,997,000 after purchasing an additional 4,940 shares in the last quarter. Finally, Folger Hill Asset Management LP purchased a new stake in shares of Medtronic in the fourth quarter valued at $1,825,000. Institutional investors own 80.34% of the company’s stock.

MDT has been the subject of a number of research analyst reports. Morgan Stanley reduced their target price on Medtronic from $95.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday, March 29th. Oppenheimer restated a “buy” rating and issued a $94.00 target price on shares of Medtronic in a report on Tuesday, February 20th. Royal Bank of Canada restated an “outperform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, February 14th. TheStreet lowered Medtronic from a “b” rating to a “c+” rating in a report on Tuesday, February 20th. Finally, William Blair assumed coverage on Medtronic in a report on Wednesday, June 6th. They set a “market perform” rating for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $92.82.

In other news, SVP Bradley E. Lerman sold 8,910 shares of the firm’s stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $86.82, for a total value of $773,566.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Richard Kuntz sold 11,500 shares of the firm’s stock in a transaction dated Friday, June 8th. The shares were sold at an average price of $87.13, for a total value of $1,001,995.00. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Medtronic stock traded down $0.85 during mid-day trading on Wednesday, hitting $85.84. 3,735,165 shares of the company’s stock were exchanged, compared to its average volume of 5,230,863. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.28 and a quick ratio of 1.92. The company has a market capitalization of $117.36 billion, a price-to-earnings ratio of 18.00, a PEG ratio of 2.37 and a beta of 0.94. Medtronic PLC has a 1-year low of $76.41 and a 1-year high of $89.72.

Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 24th. The medical technology company reported $1.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.03. The firm had revenue of $8.14 billion for the quarter, compared to the consensus estimate of $8 billion. Medtronic had a net margin of 10.36% and a return on equity of 12.84%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.33 earnings per share. sell-side analysts anticipate that Medtronic PLC will post 5.12 earnings per share for the current year.

Medtronic Company Profile

Medtronic plc manufactures and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. The company's Cardiac and Vascular Group segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; diagnostics and monitoring devices; mechanical circulatory support, TYRX, and AF products; and remote monitoring and patient-centered software.

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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