Canandaigua National Corp Grows Stock Position in Medtronic plc (NYSE:MDT)

Canandaigua National Corp lifted its stake in Medtronic plc (NYSE:MDT) by 0.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,260 shares of the medical technology company’s stock after buying an additional 260 shares during the period. Canandaigua National Corp’s holdings in Medtronic were worth $3,575,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Medtronic in the fourth quarter worth about $1,733,123,000. Price T Rowe Associates Inc. MD boosted its position in shares of Medtronic by 16.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 20,540,276 shares of the medical technology company’s stock worth $2,406,046,000 after purchasing an additional 2,880,467 shares in the last quarter. Nuveen Asset Management LLC boosted its position in shares of Medtronic by 25.0% in the 4th quarter. Nuveen Asset Management LLC now owns 9,536,420 shares of the medical technology company’s stock worth $1,117,096,000 after purchasing an additional 1,909,418 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Medtronic by 8.4% in the 4th quarter. Bank of New York Mellon Corp now owns 19,625,466 shares of the medical technology company’s stock worth $2,298,927,000 after purchasing an additional 1,527,582 shares in the last quarter. Finally, Morgan Stanley raised its holdings in Medtronic by 11.8% in the 4th quarter. Morgan Stanley now owns 11,560,485 shares of the medical technology company’s stock worth $1,354,194,000 after acquiring an additional 1,221,333 shares during the last quarter. Hedge funds and other institutional investors own 79.17% of the company’s stock.

A number of equities research analysts have weighed in on the stock. Cowen boosted their target price on shares of Medtronic from $120.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, February 24th. The Goldman Sachs Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and upped their target price for the stock from $100.00 to $119.00 in a report on Tuesday, December 15th. SVB Leerink upped their target price on shares of Medtronic from $123.00 to $129.00 and gave the stock a “market perform” rating in a report on Tuesday, March 2nd. Raymond James increased their price objective on shares of Medtronic from $122.00 to $128.00 and gave the company an “outperform” rating in a report on Wednesday, March 3rd. Finally, Morgan Stanley raised shares of Medtronic from an “equal weight” rating to an “overweight” rating and set a $140.00 price objective for the company in a report on Tuesday, December 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Medtronic currently has a consensus rating of “Buy” and a consensus target price of $122.50.

NYSE:MDT traded up $0.43 during mid-day trading on Thursday, hitting $121.06. 44,867 shares of the company’s stock traded hands, compared to its average volume of 4,695,874. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.79 and a current ratio of 2.16. The firm’s 50 day simple moving average is $117.62 and its 200 day simple moving average is $113.27. Medtronic plc has a 1 year low of $87.68 and a 1 year high of $122.05. The company has a market cap of $163.20 billion, a PE ratio of 46.04, a price-to-earnings-growth ratio of 3.65 and a beta of 0.70.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 23rd. The medical technology company reported $1.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.14. Medtronic had a net margin of 12.69% and a return on equity of 9.71%. The company had revenue of $7.78 billion for the quarter, compared to analysts’ expectations of $7.77 billion. During the same period last year, the company earned $1.44 EPS. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. On average, research analysts expect that Medtronic plc will post 4.21 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 16th. Investors of record on Friday, March 26th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Thursday, March 25th. This represents a $2.32 annualized dividend and a yield of 1.92%. Medtronic’s payout ratio is 50.54%.

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: Cost of Capital

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.