Meyer Handelman Co. trimmed its holdings in Medtronic PLC (NYSE:MDT) by 1.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 258,285 shares of the medical technology company’s stock after selling 4,983 shares during the period. Medtronic comprises about 1.2% of Meyer Handelman Co.’s investment portfolio, making the stock its 26th biggest position. Meyer Handelman Co.’s holdings in Medtronic were worth $25,407,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in MDT. Pendal Group Ltd lifted its position in shares of Medtronic by 28,068.1% in the third quarter. Pendal Group Ltd now owns 3,177,643 shares of the medical technology company’s stock valued at $312,585,000 after acquiring an additional 3,166,362 shares in the last quarter. BlackRock Inc. lifted its position in shares of Medtronic by 2.1% in the second quarter. BlackRock Inc. now owns 97,867,667 shares of the medical technology company’s stock worth $8,378,448,000 after buying an additional 1,966,789 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Medtronic by 11.3% in the second quarter. Bank of New York Mellon Corp now owns 15,717,199 shares of the medical technology company’s stock worth $1,345,549,000 after buying an additional 1,589,932 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Medtronic by 22.3% in the third quarter. American Century Companies Inc. now owns 7,925,640 shares of the medical technology company’s stock worth $779,645,000 after buying an additional 1,443,303 shares in the last quarter. Finally, Artisan Partners Limited Partnership lifted its position in shares of Medtronic by 4.2% in the second quarter. Artisan Partners Limited Partnership now owns 23,443,933 shares of the medical technology company’s stock worth $2,007,035,000 after buying an additional 939,892 shares in the last quarter. Institutional investors and hedge funds own 80.00% of the company’s stock.
A number of research firms recently commented on MDT. Royal Bank of Canada boosted their target price on Medtronic to $109.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 3rd. Oppenheimer reiterated a “buy” rating on shares of Medtronic in a research report on Friday, September 21st. Argus boosted their target price on Medtronic from $108.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 8th. ValuEngine upgraded Medtronic from a “hold” rating to a “buy” rating in a research report on Friday, September 7th. Finally, Zacks Investment Research upgraded Medtronic from a “sell” rating to a “hold” rating in a research report on Thursday, August 23rd. Seven research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Medtronic has a consensus rating of “Buy” and a consensus price target of $102.58.
In related news, Director Richard H. Anderson acquired 2,600 shares of the firm’s stock in a transaction on Thursday, August 23rd. The shares were acquired at an average cost of $95.88 per share, for a total transaction of $249,288.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Geoffrey Martha sold 49,799 shares of the company’s stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $97.93, for a total value of $4,876,816.07. Following the sale, the executive vice president now owns 87,872 shares in the company, valued at $8,605,304.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 268,678 shares of company stock worth $25,818,353. Company insiders own 0.28% of the company’s stock.
Shares of MDT stock opened at $94.36 on Friday. Medtronic PLC has a 1 year low of $76.41 and a 1 year high of $100.15. The company has a current ratio of 2.46, a quick ratio of 2.06 and a debt-to-equity ratio of 0.47. The company has a market cap of $127.11 billion, a price-to-earnings ratio of 19.49, a P/E/G ratio of 2.50 and a beta of 0.94.
Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 21st. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.06. Medtronic had a return on equity of 12.98% and a net margin of 10.56%. The business had revenue of $7.38 billion for the quarter, compared to the consensus estimate of $7.24 billion. During the same period in the prior year, the business posted $1.12 earnings per share. The company’s quarterly revenue was down .1% compared to the same quarter last year. On average, equities research analysts anticipate that Medtronic PLC will post 5.12 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Shareholders of record on Friday, September 28th were given a dividend of $0.50 per share. The ex-dividend date was Thursday, September 27th. This represents a $2.00 dividend on an annualized basis and a yield of 2.12%. Medtronic’s dividend payout ratio (DPR) is presently 41.93%.
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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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