Cadence Capital Management LLC lessened its holdings in Medtronic plc (NYSE:MDT) by 20.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,747 shares of the medical technology company’s stock after selling 7,253 shares during the quarter. Medtronic makes up about 0.7% of Cadence Capital Management LLC’s investment portfolio, making the stock its 27th largest holding. Cadence Capital Management LLC’s holdings in Medtronic were worth $2,883,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the business. Wallington Asset Management LLC boosted its holdings in Medtronic by 1.6% in the third quarter. Wallington Asset Management LLC now owns 167,212 shares of the medical technology company’s stock worth $17,377,000 after purchasing an additional 2,640 shares during the period. Bridge Creek Capital Management LLC boosted its holdings in shares of Medtronic by 0.3% during the third quarter. Bridge Creek Capital Management LLC now owns 34,407 shares of the medical technology company’s stock valued at $3,576,000 after acquiring an additional 100 shares during the period. Surevest LLC boosted its holdings in shares of Medtronic by 9.3% during the third quarter. Surevest LLC now owns 33,230 shares of the medical technology company’s stock valued at $3,453,000 after acquiring an additional 2,834 shares during the period. Sanders Morris Harris LLC acquired a new position in shares of Medtronic during the third quarter valued at $558,000. Finally, Mission Wealth Management LP boosted its holdings in shares of Medtronic by 41.4% during the third quarter. Mission Wealth Management LP now owns 6,118 shares of the medical technology company’s stock valued at $636,000 after acquiring an additional 1,792 shares during the period. 79.90% of the stock is owned by hedge funds and other institutional investors.
MDT has been the subject of several analyst reports. Raymond James boosted their price target on shares of Medtronic from $107.00 to $115.00 and gave the company an “outperform” rating in a report on Wednesday, August 26th. Credit Suisse Group boosted their price target on shares of Medtronic from $117.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, August 26th. Cowen reissued a “buy” rating and set a $110.00 price target on shares of Medtronic in a report on Tuesday, August 18th. Wolfe Research started coverage on shares of Medtronic in a report on Friday, September 11th. They set a “peer perform” rating and a $115.00 price target for the company. Finally, Zacks Investment Research downgraded shares of Medtronic from a “hold” rating to a “strong sell” rating and set a $84.00 price objective for the company. in a report on Wednesday, July 29th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $116.69.
In other Medtronic news, EVP Hoedt Rob Ten sold 9,563 shares of the business’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $105.05, for a total transaction of $1,004,593.15. Following the sale, the executive vice president now owns 53,060 shares in the company, valued at approximately $5,573,953. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Bradley E. Lerman sold 20,714 shares of the business’s stock in a transaction dated Thursday, October 8th. The stock was sold at an average price of $110.00, for a total value of $2,278,540.00. Following the sale, the senior vice president now owns 74,242 shares in the company, valued at approximately $8,166,620. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,326 shares of company stock worth $4,441,498. Corporate insiders own 0.52% of the company’s stock.
Medtronic stock traded up $2.61 during midday trading on Friday, hitting $110.13. The company’s stock had a trading volume of 6,405,628 shares, compared to its average volume of 5,819,849. The company has a quick ratio of 1.53, a current ratio of 1.87 and a debt-to-equity ratio of 0.45. The stock’s 50-day moving average price is $105.71 and its 200-day moving average price is $98.59. Medtronic plc has a 12 month low of $72.13 and a 12 month high of $122.15. The company has a market capitalization of $148.04 billion, a PE ratio of 33.68, a price-to-earnings-growth ratio of 3.56 and a beta of 0.67.
Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 25th. The medical technology company reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.41. The firm had revenue of $6.51 billion for the quarter, compared to the consensus estimate of $5.48 billion. Medtronic had a return on equity of 10.47% and a net margin of 15.80%. The business’s revenue for the quarter was down 13.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.26 EPS. As a group, equities analysts anticipate that Medtronic plc will post 3.94 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Friday, September 25th were issued a dividend of $0.58 per share. The ex-dividend date of this dividend was Thursday, September 24th. This represents a $2.32 annualized dividend and a yield of 2.11%. Medtronic’s payout ratio is presently 50.54%.
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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