AGF Investments Inc. Reduces Stake in Medtronic PLC (NYSE:MDT)

AGF Investments Inc. trimmed its stake in shares of Medtronic PLC (NYSE:MDT) by 6.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 59,885 shares of the medical technology company’s stock after selling 4,162 shares during the quarter. AGF Investments Inc.’s holdings in Medtronic were worth $5,454,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in MDT. Reynders McVeigh Capital Management LLC increased its position in Medtronic by 2.6% in the 1st quarter. Reynders McVeigh Capital Management LLC now owns 6,292 shares of the medical technology company’s stock valued at $573,000 after acquiring an additional 161 shares during the period. Bluestein R H & Co. increased its position in Medtronic by 7.9% in the 1st quarter. Bluestein R H & Co. now owns 296,180 shares of the medical technology company’s stock valued at $26,976,000 after acquiring an additional 21,697 shares during the period. Bank of Hawaii increased its position in Medtronic by 589.6% in the 1st quarter. Bank of Hawaii now owns 25,323 shares of the medical technology company’s stock valued at $2,306,000 after acquiring an additional 21,651 shares during the period. NumerixS Investment Technologies Inc acquired a new stake in Medtronic in the 1st quarter valued at approximately $216,000. Finally, Swiss National Bank increased its position in Medtronic by 2.2% in the 1st quarter. Swiss National Bank now owns 5,096,663 shares of the medical technology company’s stock valued at $464,204,000 after acquiring an additional 109,600 shares during the period. Institutional investors and hedge funds own 80.10% of the company’s stock.

Several analysts recently commented on the company. Wells Fargo & Co upgraded 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 research report on Tuesday, June 4th. Royal Bank of Canada lowered their target price on Medtronic to $100.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 28th. Needham & Company LLC restated a “buy” rating and issued a $121.00 target price on shares of Medtronic in a research report on Monday, May 27th. Zacks Investment Research upgraded Medtronic from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. Finally, Northland Securities restated a “hold” rating and issued a $84.00 target price on shares of Medtronic in a research report on Monday, March 18th. Eight investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Medtronic presently has a consensus rating of “Buy” and an average target price of $103.95.

Shares of NYSE MDT opened at $97.53 on Thursday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 2.15. The firm has a market cap of $130.24 billion, a price-to-earnings ratio of 18.68, a PEG ratio of 2.50 and a beta of 0.68. Medtronic PLC has a 1 year low of $81.66 and a 1 year high of $100.15.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.47 by $0.07. The firm had revenue of $8.15 billion during the quarter, compared to analyst estimates of $8.12 billion. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. The firm’s quarterly revenue was up .0% on a year-over-year basis. During the same period last year, the company posted $1.42 EPS. Equities research analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

In other news, EVP Geoffrey Martha sold 11,000 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $96.05, for a total transaction of $1,056,550.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Hoedt Rob Ten sold 9,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $91.88, for a total value of $826,920.00. Following the sale, the executive vice president now directly owns 58,785 shares of the company’s stock, valued at $5,401,165.80. The disclosure for this sale can be found here. Company insiders own 0.28% of the company’s stock.

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About Medtronic

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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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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