Golub Group LLC reduced its holdings in Medtronic PLC (NYSE:MDT) by 18.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 281,659 shares of the medical technology company’s stock after selling 65,420 shares during the quarter. Medtronic comprises 2.4% of Golub Group LLC’s holdings, making the stock its 21st largest holding. Golub Group LLC’s holdings in Medtronic were worth $30,594,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of MDT. Nuveen Asset Management LLC increased its holdings in Medtronic by 12,846.1% in the second quarter. Nuveen Asset Management LLC now owns 8,157,866 shares of the medical technology company’s stock worth $794,495,000 after purchasing an additional 8,094,852 shares in the last quarter. Longview Partners Guernsey LTD grew its stake in Medtronic by 46.0% in the second quarter. Longview Partners Guernsey LTD now owns 8,843,721 shares of the medical technology company’s stock valued at $861,290,000 after acquiring an additional 2,787,443 shares during the period. Renaissance Technologies LLC acquired a new stake in Medtronic in the second quarter valued at approximately $214,895,000. Barrow Hanley Mewhinney & Strauss LLC grew its stake in Medtronic by 9.4% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,499,865 shares of the medical technology company’s stock valued at $1,412,142,000 after acquiring an additional 1,251,830 shares during the period. Finally, Boston Partners grew its stake in Medtronic by 14.9% in the second quarter. Boston Partners now owns 9,655,784 shares of the medical technology company’s stock valued at $940,555,000 after acquiring an additional 1,250,545 shares during the period. Institutional investors and hedge funds own 81.18% of the company’s stock.
A number of brokerages have commented on MDT. Stifel Nicolaus raised their price objective on Medtronic from $95.00 to $112.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. ValuEngine cut Medtronic from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. BTIG Research raised their price objective on Medtronic to $120.00 and gave the company a “buy” rating in a research note on Wednesday, August 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $133.00 target price on shares of Medtronic in a research report on Wednesday, August 28th. Finally, Morgan Stanley lifted their target price on Medtronic from $105.00 to $111.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 21st. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Medtronic currently has an average rating of “Buy” and an average target price of $114.33.
Shares of MDT traded up $0.23 during mid-day trading on Friday, hitting $107.03. The stock had a trading volume of 2,260,267 shares, compared to its average volume of 5,086,191. The firm has a market cap of $141.59 billion, a P/E ratio of 20.50, a PEG ratio of 2.59 and a beta of 0.62. The business has a fifty day moving average price of $107.65 and a 200-day moving average price of $100.69. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.67 and a quick ratio of 2.20. Medtronic PLC has a 52 week low of $81.66 and a 52 week high of $112.05.
Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.08. The firm had revenue of $7.49 billion for the quarter, compared to analyst estimates of $7.40 billion. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The business’s revenue was up 1.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.17 earnings per share. As a group, research analysts expect that Medtronic PLC will post 5.56 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Friday, September 27th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.02%. Medtronic’s payout ratio is 41.38%.
In other Medtronic news, EVP Robert John White sold 52,165 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $109.33, for a total value of $5,703,199.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Hooman Hakami sold 82,877 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $107.31, for a total value of $8,893,530.87. Following the completion of the transaction, the executive vice president now owns 30,761 shares in the company, valued at $3,300,962.91. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 156,467 shares of company stock worth $16,900,132. 0.28% of the stock is currently owned by corporate insiders.
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.
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