Medtronic plc (NYSE:MDT) Stake Lowered by River Road Asset Management LLC

River Road Asset Management LLC reduced its stake in shares of Medtronic plc (NYSE:MDT) by 45.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 77,042 shares of the medical technology company’s stock after selling 63,061 shares during the period. River Road Asset Management LLC’s holdings in Medtronic were worth $9,563,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Jennison Associates LLC acquired a new stake in shares of Medtronic in the 1st quarter valued at $46,939,000. Nexus Investment Management ULC lifted its stake in shares of Medtronic by 1.6% in the 2nd quarter. Nexus Investment Management ULC now owns 184,375 shares of the medical technology company’s stock valued at $22,886,000 after purchasing an additional 2,900 shares during the last quarter. Tradition Wealth Management LLC acquired a new stake in shares of Medtronic in the 2nd quarter valued at $1,754,000. Wealthfront Advisers LLC lifted its stake in shares of Medtronic by 2.2% in the 1st quarter. Wealthfront Advisers LLC now owns 78,242 shares of the medical technology company’s stock valued at $9,243,000 after purchasing an additional 1,701 shares during the last quarter. Finally, FineMark National Bank & Trust lifted its stake in shares of Medtronic by 2.2% in the 1st quarter. FineMark National Bank & Trust now owns 100,712 shares of the medical technology company’s stock valued at $11,897,000 after purchasing an additional 2,138 shares during the last quarter. Institutional investors and hedge funds own 79.59% of the company’s stock.

In other news, CEO Geoffrey Martha sold 11,500 shares of the stock in a transaction on Monday, June 28th. The shares were sold at an average price of $125.29, for a total transaction of $1,440,835.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Sean Salmon sold 28,419 shares of the stock in a transaction on Wednesday, August 25th. The stock was sold at an average price of $134.08, for a total transaction of $3,810,419.52. Following the sale, the executive vice president now directly owns 54,458 shares of the company’s stock, valued at approximately $7,301,728.64. The disclosure for this sale can be found here. Insiders sold 106,390 shares of company stock worth $14,140,470 over the last 90 days. 0.47% of the stock is currently owned by company insiders.

A number of research analysts have weighed in on MDT shares. BTIG Research lowered shares of Medtronic from a “buy” rating to a “neutral” rating in a research report on Monday, August 9th. boosted their target price on shares of Medtronic from $133.00 to $143.00 and gave the stock a “buy” rating in a research report on Friday, May 28th. Morgan Stanley boosted their target price on shares of Medtronic from $140.00 to $154.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 25th. Credit Suisse Group boosted their target price on shares of Medtronic from $137.00 to $146.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 25th. Finally, Citigroup reaffirmed a “focus list” rating and set a $153.00 price objective (up previously from $143.00) on shares of Medtronic in a research report on Wednesday, August 25th. Five investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $144.18.

Shares of MDT traded down $0.50 during mid-day trading on Wednesday, hitting $130.08. 9,040 shares of the company traded hands, compared to its average volume of 4,377,941. Medtronic plc has a one year low of $98.94 and a one year high of $135.89. The company has a current ratio of 2.89, a quick ratio of 2.34 and a debt-to-equity ratio of 0.50. The business has a 50-day moving average of $129.86 and a 200 day moving average of $125.79. The stock has a market capitalization of $174.82 billion, a price-to-earnings ratio of 45.66, a PEG ratio of 2.62 and a beta of 0.80.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Monday, August 23rd. The medical technology company reported $1.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.32 by $0.09. Medtronic had a net margin of 12.29% and a return on equity of 13.85%. The business had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $7.88 billion. During the same period in the prior year, the firm earned $0.62 earnings per share. Medtronic’s revenue was up 22.7% compared to the same quarter last year. As a group, analysts anticipate that Medtronic plc will post 5.7 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Friday, September 24th will be issued a $0.63 dividend. The ex-dividend date is Thursday, September 23rd. This represents a $2.52 annualized dividend and a yield of 1.94%.

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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