Suntrust Banks Inc. raised its stake in shares of Medtronic PLC (NYSE:MDT) by 7.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 402,718 shares of the medical technology company’s stock after buying an additional 28,095 shares during the period. Suntrust Banks Inc.’s holdings in Medtronic PLC were worth $32,441,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Elkfork Partners LLC raised its stake in shares of Medtronic PLC by 38.1% in the first quarter. Elkfork Partners LLC now owns 18,986 shares of the medical technology company’s stock valued at $1,529,000 after buying an additional 5,236 shares during the last quarter. Maple Capital Management Inc. acquired a new stake in shares of Medtronic PLC during the first quarter valued at approximately $259,000. AT Bancorp raised its stake in shares of Medtronic PLC by 56.5% in the first quarter. AT Bancorp now owns 25,271 shares of the medical technology company’s stock valued at $2,036,000 after buying an additional 9,128 shares during the last quarter. Pinnacle Financial Partners Inc. raised its stake in shares of Medtronic PLC by 7.4% in the first quarter. Pinnacle Financial Partners Inc. now owns 35,915 shares of the medical technology company’s stock valued at $2,893,000 after buying an additional 2,476 shares during the last quarter. Finally, Princeton Alpha Management LP acquired a new stake in shares of Medtronic PLC during the first quarter valued at approximately $557,000. 82.53% of the stock is currently owned by institutional investors.

Institutional Ownership by Quarter for Medtronic PLC (NYSE:MDT)

Shares of Medtronic PLC (NYSE MDT) opened at 88.08 on Friday. Medtronic PLC has a 52-week low of $69.35 and a 52-week high of $89.27. The stock has a market cap of $120.58 billion, a P/E ratio of 30.48 and a beta of 1.04. The firm has a 50-day moving average price of $84.84 and a 200-day moving average price of $79.22.

Medtronic PLC (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.02. Medtronic PLC had a return on equity of 12.72% and a net margin of 13.56%. The company had revenue of $7.92 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same quarter in the prior year, the company posted $1.27 EPS. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. On average, analysts anticipate that Medtronic PLC will post $4.95 EPS for the current fiscal year.

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Several brokerages have commented on MDT. BMO Capital Markets raised their price objective on Medtronic PLC from $87.00 to $94.00 and gave the company an “outperform” rating in a report on Tuesday, May 30th. Morgan Stanley lifted their price target on Medtronic PLC from $84.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 30th. Barclays PLC reaffirmed an “overweight” rating and issued a $94.00 price target (up from $92.00) on shares of Medtronic PLC in a research note on Sunday, May 28th. Cowen and Company reaffirmed an “outperform” rating and issued a $95.00 price target (up from $86.00) on shares of Medtronic PLC in a research note on Sunday, May 28th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $91.00 price target (up from $84.00) on shares of Medtronic PLC in a research note on Sunday, May 28th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $88.88.

In other Medtronic PLC news, EVP Hoedt Rob Ten sold 50,757 shares of the stock in a transaction on Monday, March 20th. The stock was sold at an average price of $81.58, for a total transaction of $4,140,756.06. Following the transaction, the executive vice president now owns 59,392 shares of the company’s stock, valued at approximately $4,845,199.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.25% of the company’s stock.

Medtronic PLC Company Profile

Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.

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