Rhumbline Advisers Lowers Holdings in Medtronic PLC (MDT)

Rhumbline Advisers lowered its holdings in shares of Medtronic PLC (NYSE:MDT) by 2.0% in the 2nd quarter, Holdings Channel reports. The firm owned 2,397,286 shares of the medical technology company’s stock after selling 49,758 shares during the quarter. Rhumbline Advisers’ holdings in Medtronic were worth $205,232,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MDT. Rockefeller Capital Management L.P. bought a new position in Medtronic during the first quarter valued at $109,787,000. Westwood Holdings Group Inc. purchased a new stake in shares of Medtronic in the first quarter valued at $105,098,000. BlackRock Inc. raised its stake in shares of Medtronic by 1.4% in the first quarter. BlackRock Inc. now owns 95,900,878 shares of the medical technology company’s stock valued at $7,693,168,000 after acquiring an additional 1,305,298 shares during the period. Summit Trail Advisors LLC raised its stake in shares of Medtronic by 6,310.1% in the first quarter. Summit Trail Advisors LLC now owns 818,827 shares of the medical technology company’s stock valued at $819,000 after acquiring an additional 806,053 shares during the period. Finally, Wells Fargo & Company MN raised its stake in shares of Medtronic by 5.9% in the first quarter. Wells Fargo & Company MN now owns 13,941,900 shares of the medical technology company’s stock valued at $1,118,419,000 after acquiring an additional 782,123 shares during the period. Institutional investors and hedge funds own 80.13% of the company’s stock.

Several equities research analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Medtronic from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Piper Jaffray Companies increased their target price on shares of Medtronic to $96.00 and gave the company an “overweight” rating in a research note on Friday, May 25th. Morgan Stanley increased their target price on shares of Medtronic from $90.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, May 25th. Sanford C. Bernstein assumed coverage on shares of Medtronic in a research note on Wednesday, June 27th. They issued a “market perform” rating and a $88.00 target price on the stock. Finally, Oppenheimer set a $96.00 target price on shares of Medtronic and gave the company a “buy” rating in a research note on Wednesday, June 6th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company. Medtronic currently has a consensus rating of “Buy” and a consensus price target of $92.39.

In related news, SVP Richard Kuntz sold 11,500 shares of the firm’s stock in a transaction dated Friday, June 8th. The shares were sold at an average price of $87.13, for a total value of $1,001,995.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Bradley E. Lerman sold 8,910 shares of the firm’s stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $86.82, for a total transaction of $773,566.20. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Medtronic opened at $90.60 on Friday, MarketBeat reports. The stock has a market capitalization of $123.30 billion, a P/E ratio of 19.08, a P/E/G ratio of 2.48 and a beta of 0.94. Medtronic PLC has a 12 month low of $76.41 and a 12 month high of $91.47. The company has a current ratio of 2.28, a quick ratio of 1.92 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Thursday, May 24th. The medical technology company reported $1.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.03. The company had revenue of $8.14 billion for the quarter, compared to the consensus estimate of $8 billion. Medtronic had a net margin of 10.36% and a return on equity of 12.84%. The firm’s revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.33 EPS. equities research analysts expect that Medtronic PLC will post 5.11 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 25th. Investors of record on Friday, July 6th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Thursday, July 5th. This is an increase from Medtronic’s previous quarterly dividend of $0.46. Medtronic’s dividend payout ratio (DPR) is currently 41.93%.

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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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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