Enlightenment Research LLC Purchases New Stake in Medtronic PLC (MDT)

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Enlightenment Research LLC purchased a new position in shares of Medtronic PLC (NYSE:MDT) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 8,800 shares of the medical technology company’s stock, valued at approximately $800,000. Medtronic accounts for about 1.0% of Enlightenment Research LLC’s investment portfolio, making the stock its 14th biggest holding.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. Tributary Capital Management LLC bought a new position in Medtronic in the fourth quarter valued at approximately $27,000. Highwater Wealth Management LLC bought a new position in Medtronic in the fourth quarter valued at approximately $39,000. IMS Capital Management bought a new position in Medtronic in the third quarter valued at approximately $41,000. Contravisory Investment Management Inc. grew its stake in Medtronic by 220.0% in the fourth quarter. Contravisory Investment Management Inc. now owns 480 shares of the medical technology company’s stock valued at $44,000 after purchasing an additional 330 shares in the last quarter. Finally, CNB Bank grew its stake in Medtronic by 5,808.3% in the fourth quarter. CNB Bank now owns 709 shares of the medical technology company’s stock valued at $64,000 after purchasing an additional 697 shares in the last quarter. 81.03% of the stock is currently owned by institutional investors.

A number of research analysts have weighed in on the company. Oppenheimer set a $104.00 price target on Medtronic and gave the company a “buy” rating in a research note on Wednesday. Barclays restated a “buy” rating and issued a $104.00 price target on shares of Medtronic in a research note on Wednesday. Needham & Company LLC restated a “strong-buy” rating and issued a $117.00 price target (down from $120.00) on shares of Medtronic in a research note on Monday, February 4th. Credit Suisse Group assumed coverage on Medtronic in a research note on Monday, December 17th. They issued an “outperform” rating and a $109.00 price target for the company. Finally, UBS Group assumed coverage on Medtronic in a research note on Wednesday, November 28th. They issued a “buy” rating and a $112.00 price target for the company. Nine investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $104.09.

Shares of NYSE MDT opened at $92.80 on Thursday. The company has a quick ratio of 2.11, a current ratio of 2.36 and a debt-to-equity ratio of 0.47. Medtronic PLC has a 12 month low of $76.41 and a 12 month high of $100.15. The company has a market cap of $124.00 billion, a PE ratio of 19.45, a price-to-earnings-growth ratio of 2.44 and a beta of 0.82.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 19th. The medical technology company reported $1.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.05. The company had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.53 billion. Medtronic had a return on equity of 13.85% and a net margin of 16.10%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.17 EPS. On average, research analysts expect that Medtronic PLC will post 5.15 EPS for the current year.

In other news, CEO Omar Ishrak purchased 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 9th. The stock was acquired at an average cost of $84.05 per share, with a total value of $1,008,600.00. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Karen L. Parkhill purchased 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 9th. The shares were 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. Company insiders own 0.28% of the company’s stock.

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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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