Wrapmanager Inc. reduced its position in shares of Medtronic PLC (NYSE:MDT) by 9.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,093 shares of the medical technology company’s stock after selling 450 shares during the period. Wrapmanager Inc.’s holdings in Medtronic were worth $369,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. State Street Corp lifted its position in shares of Medtronic by 1.0% during the fourth quarter. State Street Corp now owns 57,863,179 shares of the medical technology company’s stock valued at $6,595,491,000 after purchasing an additional 567,864 shares in the last quarter. Geode Capital Management LLC raised its holdings in Medtronic by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 19,687,292 shares of the medical technology company’s stock valued at $2,229,034,000 after buying an additional 1,225,925 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Medtronic by 6.3% during the 1st quarter. Bank of New York Mellon Corp now owns 17,477,255 shares of the medical technology company’s stock valued at $1,576,100,000 after buying an additional 1,035,437 shares during the last quarter. Norges Bank bought a new position in Medtronic in the 4th quarter worth $1,648,853,000. Finally, Amundi Pioneer Asset Management Inc. raised its holdings in Medtronic by 23.2% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 8,968,638 shares of the medical technology company’s stock worth $1,017,493,000 after purchasing an additional 1,690,287 shares in the last quarter. 81.74% of the stock is currently owned by institutional investors.
MDT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price target on shares of Medtronic from $128.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. BTIG Research decreased their target price on shares of Medtronic from $124.00 to $102.00 and set a “buy” rating on the stock in a research note on Monday, March 30th. Wells Fargo & Co reduced their price objective on shares of Medtronic from $130.00 to $108.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 22nd. Morgan Stanley reduced their price objective on shares of Medtronic from $112.00 to $106.00 and set an “equal weight” rating on the stock in a research report on Friday. Finally, Citigroup cut their target price on shares of Medtronic from $124.00 to $105.00 and set a “buy” rating for the company in a report on Friday, March 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $115.03.
Medtronic stock traded down $2.00 during trading hours on Friday, reaching $93.41. The stock had a trading volume of 170,971 shares, compared to its average volume of 5,117,837. The company has a market cap of $124.93 billion, a price-to-earnings ratio of 23.73, a PEG ratio of 2.64 and a beta of 0.69. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.75 and a quick ratio of 2.28. The business’s 50 day moving average price is $96.59 and its 200-day moving average price is $105.87. Medtronic PLC has a 52 week low of $72.13 and a 52 week high of $122.15.
Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 21st. The medical technology company reported $0.58 EPS for the quarter, missing the Zacks’ consensus estimate of $1.28 by ($0.70). Medtronic had a return on equity of 14.76% and a net margin of 17.11%. The firm had revenue of $6 billion during the quarter, compared to the consensus estimate of $6.10 billion. During the same quarter in the prior year, the firm posted $1.54 earnings per share. The business’s revenue for the quarter was down 26.4% compared to the same quarter last year. On average, sell-side analysts forecast that Medtronic PLC will post 4.68 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be paid a dividend of $0.58 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Thursday, June 25th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.48%. Medtronic’s payout ratio is presently 41.38%.
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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