O Shaughnessy Asset Management LLC Increases Stake in Medtronic plc (NYSE:MDT)

O Shaughnessy Asset Management LLC lifted its stake in shares of Medtronic plc (NYSE:MDT) by 19.4% during the third quarter, HoldingsChannel.com reports. The firm owned 30,745 shares of the medical technology company’s stock after purchasing an additional 4,989 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Medtronic were worth $3,854,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Medtronic by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 111,779,290 shares of the medical technology company’s stock valued at $13,875,162,000 after acquiring an additional 717,126 shares during the last quarter. State Street Corp lifted its holdings in shares of Medtronic by 2.1% during the 2nd quarter. State Street Corp now owns 55,848,049 shares of the medical technology company’s stock worth $6,967,102,000 after acquiring an additional 1,128,738 shares during the period. Lazard Asset Management LLC raised its holdings in Medtronic by 1.7% in the second quarter. Lazard Asset Management LLC now owns 24,598,840 shares of the medical technology company’s stock valued at $3,053,451,000 after buying an additional 410,663 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Medtronic by 3.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 22,692,418 shares of the medical technology company’s stock valued at $2,816,810,000 after buying an additional 735,134 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Medtronic by 1.8% in the second quarter. Geode Capital Management LLC now owns 21,813,130 shares of the medical technology company’s stock valued at $2,699,706,000 after buying an additional 381,458 shares during the period. 79.03% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have recently issued reports on the stock. Piper Sandler lowered shares of Medtronic from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $152.00 to $110.00 in a research note on Tuesday, January 4th. Morgan Stanley cut shares of Medtronic from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $145.00 to $120.00 in a research note on Friday, January 7th. BTIG Research cut Medtronic from a “buy” rating to a “neutral” rating and set a $104.00 price target on the stock. in a research note on Monday, January 10th. Wells Fargo & Company cut Medtronic from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $137.00 to $110.00 in a research note on Thursday, December 16th. Finally, Credit Suisse Group lowered their target price on Medtronic from $146.00 to $142.00 and set an “outperform” rating on the stock in a research note on Monday, December 20th. Nine investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $134.57.

In related news, Director Richard H. Anderson acquired 5,010 shares of the firm’s stock in a transaction on Thursday, December 16th. The stock was purchased at an average cost of $103.26 per share, with a total value of $517,332.60. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Robert John White sold 7,218 shares of the company’s stock in a transaction that occurred on Thursday, December 23rd. The shares were sold at an average price of $102.04, for a total value of $736,524.72. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

MDT stock opened at $108.55 on Friday. The company has a quick ratio of 2.36, a current ratio of 2.91 and a debt-to-equity ratio of 0.49. The business has a 50 day moving average price of $109.84 and a two-hundred day moving average price of $121.48. The company has a market cap of $145.95 billion, a price-to-earnings ratio of 31.28, a P/E/G ratio of 2.87 and a beta of 0.79. Medtronic plc has a twelve month low of $98.38 and a twelve month high of $135.89.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 23rd. The medical technology company reported $1.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.29 by $0.03. Medtronic had a return on equity of 14.52% and a net margin of 14.80%. The business had revenue of $7.85 billion during the quarter, compared to analysts’ expectations of $7.98 billion. During the same period last year, the firm posted $1.02 EPS. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. On average, equities research analysts anticipate that Medtronic plc will post 5.69 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 14th. Investors of record on Wednesday, December 22nd were given a dividend of $0.63 per share. The ex-dividend date was Tuesday, December 21st. This represents a $2.52 dividend on an annualized basis and a yield of 2.32%. Medtronic’s dividend payout ratio is currently 72.62%.

Medtronic Company Profile

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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