SeaTown Holdings Pte. Ltd. Increases Stock Position in Medtronic PLC (NYSE:MDT)
SeaTown Holdings Pte. Ltd. lifted its holdings in shares of Medtronic PLC (NYSE:MDT) by 1,046.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 136,621 shares of the medical technology company’s stock after acquiring an additional 124,707 shares during the period. Medtronic accounts for about 2.4% of SeaTown Holdings Pte. Ltd.’s holdings, making the stock its 16th biggest position. SeaTown Holdings Pte. Ltd.’s holdings in Medtronic were worth $13,306,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in MDT. Cornerstone Advisors Inc. lifted its holdings in shares of Medtronic by 8.1% during the second quarter. Cornerstone Advisors Inc. now owns 1,621 shares of the medical technology company’s stock worth $158,000 after purchasing an additional 122 shares during the period. Patriot Financial Group Insurance Agency LLC lifted its holdings in shares of Medtronic by 3.1% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 4,129 shares of the medical technology company’s stock worth $376,000 after purchasing an additional 126 shares during the period. Hanson & Doremus Investment Management lifted its holdings in shares of Medtronic by 0.9% during the first quarter. Hanson & Doremus Investment Management now owns 14,416 shares of the medical technology company’s stock worth $1,313,000 after purchasing an additional 128 shares during the period. Parkside Financial Bank & Trust lifted its holdings in Medtronic by 9.8% in the first quarter. Parkside Financial Bank & Trust now owns 1,432 shares of the medical technology company’s stock valued at $131,000 after acquiring an additional 128 shares during the period. Finally, Merit Financial Group LLC lifted its holdings in Medtronic by 3.4% in the first quarter. Merit Financial Group LLC now owns 4,182 shares of the medical technology company’s stock valued at $380,000 after acquiring an additional 136 shares during the period. Institutional investors and hedge funds own 80.65% of the company’s stock.
MDT stock traded up $1.33 during mid-day trading on Tuesday, hitting $102.33. The stock had a trading volume of 2,478,055 shares, compared to its average volume of 4,229,762. The company has a quick ratio of 2.15, a current ratio of 2.59 and a debt-to-equity ratio of 0.49. Medtronic PLC has a 1-year low of $81.66 and a 1-year high of $103.95. The business’s fifty day moving average price is $100.27. The stock has a market cap of $136.96 billion, a PE ratio of 19.60, a price-to-earnings-growth ratio of 2.60 and a beta of 0.67.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Monday, July 8th were issued a dividend of $0.54 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Friday, July 5th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.11%. Medtronic’s dividend payout ratio is currently 41.38%.
In other Medtronic news, SVP Bradley E. Lerman sold 4,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 52,906 shares in the company, valued at approximately $5,307,000.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard H. Anderson acquired 10,900 shares of Medtronic stock in a transaction on Friday, May 24th. The stock was purchased at an average price of $92.40 per share, with a total value of $1,007,160.00. Following the transaction, the director now directly owns 89,912 shares in the company, valued at approximately $8,307,868.80. The disclosure for this purchase can be found here. In the last three months, insiders have sold 95,701 shares of company stock worth $9,318,744. 0.28% of the stock is currently owned by insiders.
A number of equities research analysts have commented on MDT shares. Northland Securities reissued a “hold” rating and issued a $100.00 target price on shares of Medtronic in a report on Thursday, June 20th. Wells Fargo & Co raised Medtronic from a “market perform” rating to an “outperform” rating and raised their target price for the company from $100.00 to $110.00 in a report on Tuesday, June 4th. UBS Group raised their target price on Medtronic to $112.00 and gave the company a “buy” rating in a report on Friday, June 14th. Oppenheimer set a $110.00 target price on Medtronic and gave the company a “buy” rating in a report on Monday, July 15th. Finally, Needham & Company LLC reaffirmed a “buy” rating on shares of Medtronic in a research note on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $106.05.
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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