Creative Planning Trims Holdings in Medtronic PLC (NYSE:MDT)

Creative Planning cut its stake in Medtronic PLC (NYSE:MDT) by 7.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 118,998 shares of the medical technology company’s stock after selling 9,606 shares during the quarter. Creative Planning’s holdings in Medtronic were worth $12,926,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Krane Funds Advisors LLC bought a new stake in Medtronic during the second quarter worth about $25,000. Private Ocean LLC lifted its stake in Medtronic by 188.5% during the third quarter. Private Ocean LLC now owns 225 shares of the medical technology company’s stock worth $25,000 after purchasing an additional 147 shares during the last quarter. River & Mercantile Asset Management LLP bought a new stake in Medtronic during the second quarter worth about $26,000. Lenox Wealth Advisors LLC lifted its stake in Medtronic by 393.3% during the third quarter. Lenox Wealth Advisors LLC now owns 296 shares of the medical technology company’s stock worth $32,000 after purchasing an additional 236 shares during the last quarter. Finally, Redhawk Wealth Advisors Inc. bought a new stake in Medtronic during the second quarter worth about $34,000. Institutional investors own 81.18% of the company’s stock.

In other Medtronic news, EVP Robert John White sold 52,165 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $109.33, for a total transaction of $5,703,199.45. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Hooman Hakami sold 82,877 shares of the company’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 30,761 shares in the company, valued at approximately $3,300,962.91. The disclosure for this sale can be found here. Insiders have sold a total of 156,467 shares of company stock worth $16,900,132 in the last quarter. Company insiders own 0.28% of the company’s stock.

NYSE:MDT traded down $0.18 during mid-day trading on Thursday, reaching $106.69. 29,359 shares of the company’s stock traded hands, compared to its average volume of 3,459,896. Medtronic PLC has a 12-month low of $81.66 and a 12-month high of $112.05. The firm has a market capitalization of $143.76 billion, a price-to-earnings ratio of 20.43, a PEG ratio of 2.63 and a beta of 0.62. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.67 and a quick ratio of 2.20. The company has a 50 day moving average price of $107.79 and a 200-day moving average price of $100.47.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.08. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The company had revenue of $7.49 billion for the quarter, compared to the consensus estimate of $7.40 billion. During the same quarter in the previous year, the business earned $1.17 EPS. Medtronic’s revenue was up 1.5% compared to the same quarter last year. As a group, analysts forecast that Medtronic PLC will post 5.56 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Friday, September 27th were issued a dividend of $0.54 per share. The ex-dividend date was Thursday, September 26th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.02%. Medtronic’s dividend payout ratio (DPR) is 41.38%.

Several equities research analysts have issued reports on MDT shares. Needham & Company LLC reaffirmed a “buy” rating and set a $133.00 price target on shares of Medtronic in a research note on Wednesday, August 28th. Bank of America set a $118.00 price target on Medtronic and gave the stock a “buy” rating in a research note on Wednesday, August 21st. Morgan Stanley lifted their price target on Medtronic from $105.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 21st. Wells Fargo & Co lifted their price objective on Medtronic from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. Finally, UBS Group lifted their price objective on Medtronic from $112.00 to $122.00 and gave the stock a “buy” rating in a report on Wednesday, August 21st. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Medtronic currently has a consensus rating of “Buy” and a consensus target price of $114.33.

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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