State of Tennessee Treasury Department boosted its stake in Medtronic PLC (NYSE:MDT) by 2.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 524,831 shares of the medical technology company’s stock after acquiring an additional 10,653 shares during the quarter. State of Tennessee Treasury Department’s holdings in Medtronic were worth $47,802,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cordasco Financial Network acquired a new stake in shares of Medtronic during the 1st quarter valued at approximately $27,000. Pin Oak Investment Advisors Inc. raised its position in shares of Medtronic by 158.0% during the 4th quarter. Pin Oak Investment Advisors Inc. now owns 369 shares of the medical technology company’s stock valued at $34,000 after acquiring an additional 226 shares in the last quarter. Spectrum Management Group Inc. raised its position in shares of Medtronic by 353.8% during the 1st quarter. Spectrum Management Group Inc. now owns 413 shares of the medical technology company’s stock valued at $38,000 after acquiring an additional 322 shares in the last quarter. Mackey Komara & Dankovich LLC acquired a new stake in shares of Medtronic during the 1st quarter valued at approximately $38,000. Finally, Capital Financial Planning LLC acquired a new stake in shares of Medtronic during the 4th quarter valued at approximately $42,000. Hedge funds and other institutional investors own 80.10% of the company’s stock.

In related news, EVP Hooman Hakami sold 52,664 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $97.49, for a total transaction of $5,134,213.36. Following the completion of the transaction, the executive vice president now directly owns 95,337 shares in the company, valued at approximately $9,294,404.13. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Richard H. Anderson acquired 10,900 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were bought at an average price of $92.40 per share, with a total value of $1,007,160.00. Following the completion of the purchase, the director now owns 89,912 shares in the company, valued at $8,307,868.80. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 72,664 shares of company stock valued at $7,017,683. 0.28% of the stock is owned by company insiders.

Several equities research analysts recently issued reports on the company. UBS Group upped their price target on Medtronic to $112.00 and gave the company a “buy” rating in a research report on Friday. Wells Fargo & Co raised Medtronic from a “market perform” rating to an “outperform” rating and upped their price target for the company from $100.00 to $110.00 in a research report on Tuesday, June 4th. Needham & Company LLC reissued a “buy” rating and set a $121.00 price target on shares of Medtronic in a research report on Monday, May 27th. Barclays reissued a “buy” rating and set a $104.00 price target on shares of Medtronic in a research report on Wednesday, February 20th. Finally, Oppenheimer set a $104.00 price target on Medtronic and gave the company a “buy” rating in a research report on Wednesday, February 20th. Eight equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $103.95.

Shares of MDT opened at $97.50 on Friday. The firm has a market cap of $130.76 billion, a P/E ratio of 18.68, a P/E/G ratio of 2.51 and a beta of 0.68. 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 12 month low of $81.66 and a 12 month high of $100.15.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.54 EPS for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.07. The firm had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.12 billion. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. The firm’s revenue was up .0% on a year-over-year basis. During the same period in the prior year, the business earned $1.42 EPS. On average, equities analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: This story was originally reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this story on another publication, it was stolen and republished in violation of United States & international trademark & copyright laws. The correct version of this story can be accessed at https://www.thecerbatgem.com/2019/06/16/state-of-tennessee-treasury-department-has-47-80-million-holdings-in-medtronic-plc-nysemdt.html.

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: Why Net Income is Important to Investors

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT).

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.