Foundry Partners LLC Decreases Holdings in Medtronic PLC (NYSE:MDT)

Foundry Partners LLC trimmed its holdings in shares of Medtronic PLC (NYSE:MDT) by 6.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 116,259 shares of the medical technology company’s stock after selling 7,650 shares during the quarter. Foundry Partners LLC’s holdings in Medtronic were worth $12,628,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MDT. Aviance Capital Partners LLC raised its position in Medtronic by 5.1% in the 2nd quarter. Aviance Capital Partners LLC now owns 5,098 shares of the medical technology company’s stock worth $496,000 after purchasing an additional 247 shares during the period. LaFleur & Godfrey LLC raised its position in Medtronic by 10.5% in the 2nd quarter. LaFleur & Godfrey LLC now owns 6,341 shares of the medical technology company’s stock worth $618,000 after purchasing an additional 600 shares during the period. Hayden Royal LLC purchased a new stake in Medtronic in the 2nd quarter worth about $275,000. Cim LLC raised its position in Medtronic by 12.9% in the 2nd quarter. Cim LLC now owns 4,189 shares of the medical technology company’s stock worth $408,000 after purchasing an additional 480 shares during the period. Finally, Concentric Wealth Management LLC raised its position in Medtronic by 3.1% in the 2nd quarter. Concentric Wealth Management LLC now owns 19,536 shares of the medical technology company’s stock worth $1,903,000 after purchasing an additional 595 shares during the period. Hedge funds and other institutional investors own 81.14% of the company’s stock.

Shares of NYSE MDT traded up $0.49 during midday trading on Thursday, reaching $105.71. 78,325 shares of the company’s stock traded hands, compared to its average volume of 3,720,087. The company has a quick ratio of 2.20, a current ratio of 2.67 and a debt-to-equity ratio of 0.49. The stock’s 50 day simple moving average is $108.24 and its 200-day simple moving average is $99.10. Medtronic PLC has a one year low of $81.66 and a one year high of $112.05. The company has a market cap of $140.19 billion, a price-to-earnings ratio of 20.26, a P/E/G ratio of 2.57 and a beta of 0.64.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.18 by $0.08. The firm had revenue of $7.49 billion for the quarter, compared to the consensus estimate of $7.40 billion. Medtronic had a net margin of 14.41% and a return on equity of 14.36%. The company’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period last year, the firm earned $1.17 earnings per share. Equities analysts predict that Medtronic PLC will post 5.56 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Friday, September 27th were issued a $0.54 dividend. The ex-dividend date was Thursday, September 26th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.04%. Medtronic’s dividend payout ratio is currently 41.38%.

In related news, EVP Hooman Hakami sold 82,877 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $107.31, for a total transaction of $8,893,530.87. Following the completion of the transaction, the executive vice president now owns 30,761 shares of the company’s stock, valued at $3,300,962.91. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Richard Kuntz sold 21,425 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $107.51, for a total transaction of $2,303,401.75. Following the transaction, the senior vice president now directly owns 78,916 shares of the company’s stock, valued at approximately $8,484,259.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 114,901 shares of company stock valued at $12,271,403. Corporate insiders own 0.28% of the company’s stock.

A number of research firms recently weighed in on MDT. BMO Capital Markets increased their price objective on shares of Medtronic from $107.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 21st. Stifel Nicolaus increased their price objective on shares of Medtronic from $95.00 to $112.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Deutsche Bank increased their price objective on shares of Medtronic from $100.00 to $111.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Needham & Company LLC reissued a “buy” rating and issued a $133.00 price objective on shares of Medtronic in a research report on Wednesday, August 28th. Finally, Raymond James increased their price objective on shares of Medtronic from $105.00 to $118.00 and gave the stock an “outperform” rating in a research 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’s stock. Medtronic currently has a consensus rating of “Buy” and an average target price of $114.33.

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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