Clarus Wealth Advisors Takes $325,000 Position in Medtronic PLC (NYSE:MDT)

Clarus Wealth Advisors bought a new stake in Medtronic PLC (NYSE:MDT) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,988 shares of the medical technology company’s stock, valued at approximately $325,000.

Other hedge funds have also added to or reduced their stakes in the company. Krane Funds Advisors LLC bought a new position in shares of Medtronic in the second quarter valued at approximately $25,000. River & Mercantile Asset Management LLP purchased a new position in Medtronic in the second quarter valued at approximately $26,000. Lenox Wealth Advisors LLC lifted its stake in Medtronic by 393.3% in the third quarter. Lenox Wealth Advisors LLC now owns 296 shares of the medical technology company’s stock valued at $32,000 after purchasing an additional 236 shares during the last quarter. Redhawk Wealth Advisors Inc. purchased a new position in Medtronic in the second quarter valued at approximately $34,000. Finally, Rocky Mountain Advisers LLC lifted its stake in Medtronic by 100.0% in the second quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock valued at $39,000 after purchasing an additional 200 shares during the last quarter. 81.03% of the stock is owned by institutional investors.

Several research firms recently commented on MDT. ValuEngine downgraded Medtronic from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Stifel Nicolaus upped their price objective on Medtronic from $95.00 to $112.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Barclays upped their price objective on Medtronic from $110.00 to $117.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Morgan Stanley upped their price objective on Medtronic from $105.00 to $111.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada set a $110.00 price objective on Medtronic and gave the company a “buy” rating in a research note on Friday, August 16th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $113.84.

In other Medtronic news, SVP Richard Kuntz sold 21,425 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $107.51, for a total transaction of $2,303,401.75. Following the sale, the senior vice president now owns 78,916 shares in the company, valued at $8,484,259.16. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Bradley E. Lerman sold 4,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $100.31, for a total value of $401,240.00. Following the sale, the senior vice president now owns 52,906 shares in the company, valued at approximately $5,307,000.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 118,339 shares of company stock worth $12,619,053. Company insiders own 0.28% of the company’s stock.

Shares of NYSE:MDT traded up $0.16 during trading on Friday, hitting $107.58. 2,493,979 shares of the company were exchanged, compared to its average volume of 4,680,946. The company has a market cap of $140.89 billion, a PE ratio of 20.61, a P/E/G ratio of 2.58 and a beta of 0.64. The stock has a 50 day moving average of $108.18 and a 200 day moving average of $97.98. Medtronic PLC has a 52-week low of $81.66 and a 52-week high of $112.05. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.67 and a quick ratio of 2.20.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.08. The firm had revenue of $7.49 billion for the quarter, compared to the consensus estimate of $7.40 billion. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The business’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.17 earnings per share. Sell-side analysts forecast that Medtronic PLC will post 5.56 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Friday, September 27th will be given a dividend of $0.54 per share. The ex-dividend date is Thursday, September 26th. This represents a $2.16 annualized dividend and a dividend yield of 2.01%. Medtronic’s dividend payout ratio is currently 41.38%.

Medtronic Company Profile

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: Stock Portfolio Tracker

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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