Ferguson Wellman Capital Management Inc. Has $379,000 Position in Medtronic plc (NYSE:MDT)

Ferguson Wellman Capital Management Inc. lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 16.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,298 shares of the medical technology company’s stock after selling 847 shares during the quarter. Ferguson Wellman Capital Management Inc.’s holdings in Medtronic were worth $379,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of MDT. Fairfield Bush & CO. purchased a new stake in shares of Medtronic during the 1st quarter worth approximately $47,000. MAS Advisors LLC increased its position in Medtronic by 10.3% in the first quarter. MAS Advisors LLC now owns 2,388 shares of the medical technology company’s stock worth $266,000 after buying an additional 223 shares during the last quarter. LSV Asset Management raised its stake in shares of Medtronic by 34.5% in the first quarter. LSV Asset Management now owns 7,400 shares of the medical technology company’s stock valued at $821,000 after buying an additional 1,900 shares during the period. NewEdge Advisors LLC lifted its position in shares of Medtronic by 22.8% during the 1st quarter. NewEdge Advisors LLC now owns 74,914 shares of the medical technology company’s stock valued at $8,312,000 after buying an additional 13,895 shares during the last quarter. Finally, Kinneret Advisory LLC grew its stake in shares of Medtronic by 2.3% during the 1st quarter. Kinneret Advisory LLC now owns 15,340 shares of the medical technology company’s stock worth $1,712,000 after acquiring an additional 343 shares during the period. Institutional investors own 80.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on MDT. CL King initiated coverage on shares of Medtronic in a report on Friday, June 30th. They set a “buy” rating and a $106.00 price objective on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $89.00 price objective on shares of Medtronic in a report on Wednesday, August 23rd. Morgan Stanley raised Medtronic from an “equal weight” rating to an “overweight” rating and set a $104.00 price objective for the company in a research note on Tuesday, May 30th. UBS Group increased their target price on Medtronic from $79.00 to $82.00 and gave the company a “sell” rating in a research note on Wednesday, August 23rd. Finally, Sanford C. Bernstein lowered their target price on Medtronic from $100.00 to $99.00 in a research note on Friday, May 26th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $91.67.

Insider Activity

In other Medtronic news, EVP Brett A. Wall sold 2,000 shares of the business’s stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $87.97, for a total transaction of $175,940.00. Following the completion of the sale, the executive vice president now directly owns 23,948 shares in the company, valued at approximately $2,106,705.56. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Brett A. Wall sold 2,000 shares of Medtronic stock in a transaction on Friday, July 14th. The stock was sold at an average price of $87.97, for a total transaction of $175,940.00. Following the transaction, the executive vice president now directly owns 23,948 shares in the company, valued at $2,106,705.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Brett A. Wall sold 1,000 shares of Medtronic stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $83.38, for a total transaction of $83,380.00. Following the transaction, the executive vice president now directly owns 33,573 shares in the company, valued at approximately $2,799,316.74. The disclosure for this sale can be found here. Insiders sold 19,866 shares of company stock valued at $1,688,839 over the last three months. Insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

Shares of Medtronic stock opened at $82.77 on Tuesday. Medtronic plc has a 1 year low of $75.76 and a 1 year high of $92.02. The firm’s 50-day moving average is $84.16 and its 200 day moving average is $84.35. The stock has a market cap of $110.13 billion, a price-to-earnings ratio of 30.54, a PEG ratio of 2.87 and a beta of 0.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.42 and a quick ratio of 1.79.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.09. The firm had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.57 billion. Medtronic had a net margin of 11.47% and a return on equity of 13.81%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.13 earnings per share. Sell-side analysts anticipate that Medtronic plc will post 5.12 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 22nd will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date is Thursday, September 21st. Medtronic’s payout ratio is presently 101.85%.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.