CX Institutional Decreases Stock Position in Medtronic plc (NYSE:MDT)

CX Institutional cut its position in Medtronic plc (NYSE:MDT) by 92.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,359 shares of the medical technology company’s stock after selling 17,437 shares during the quarter. CX Institutional’s holdings in Medtronic were worth $141,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MDT. State Street Corp raised its stake in shares of Medtronic by 0.8% in the first quarter. State Street Corp now owns 58,302,592 shares of the medical technology company’s stock valued at $5,288,879,000 after buying an additional 439,413 shares during the period. Loomis Sayles & Co. L P raised its stake in shares of Medtronic by 260.9% during the 1st quarter. Loomis Sayles & Co. L P now owns 11,473 shares of the medical technology company’s stock valued at $1,034,000 after purchasing an additional 8,294 shares during the period. Two Sigma Advisers LP raised its stake in shares of Medtronic by 31.7% during the 1st quarter. Two Sigma Advisers LP now owns 318,932 shares of the medical technology company’s stock valued at $28,761,000 after purchasing an additional 76,735 shares during the period. APG Asset Management N.V. raised its stake in shares of Medtronic by 118.0% during the 1st quarter. APG Asset Management N.V. now owns 2,101,865 shares of the medical technology company’s stock valued at $189,546,000 after purchasing an additional 1,137,886 shares during the period. Finally, CWA Asset Management Group LLC bought a new stake in shares of Medtronic during the 1st quarter valued at $298,000. Hedge funds and other institutional investors own 79.90% of the company’s stock.

A number of research firms recently issued reports on MDT. Zacks Investment Research lowered Medtronic from a “hold” rating to a “strong sell” rating and set a $84.00 price objective on the stock. in a research note on Wednesday, July 29th. Piper Sandler reiterated a “buy” rating and set a $120.00 price objective on shares of Medtronic in a research note on Tuesday, August 11th. Needham & Company LLC boosted their price objective on Medtronic from $113.00 to $124.00 and gave the company a “buy” rating in a research note on Tuesday, August 25th. BTIG Research boosted their price objective on Medtronic from $102.00 to $111.00 and gave the company a “buy” rating in a research note on Wednesday, August 26th. Finally, Cowen restated a “buy” rating and issued a $110.00 target price on shares of Medtronic in a research note on Tuesday, August 18th. Three analysts have rated the stock with a sell rating, three have given a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $116.07.

MDT opened at $107.56 on Thursday. The stock has a 50-day moving average price of $105.54 and a 200-day moving average price of $98.41. Medtronic plc has a 12-month low of $72.13 and a 12-month high of $122.15. The company has a current ratio of 1.87, a quick ratio of 1.53 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $144.58 billion, a P/E ratio of 32.89, a PEG ratio of 3.34 and a beta of 0.67.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 25th. The medical technology company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.41. The company had revenue of $6.51 billion during the quarter, compared to analysts’ expectations of $5.48 billion. Medtronic had a return on equity of 10.47% and a net margin of 15.80%. Medtronic’s quarterly revenue was down 13.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.26 EPS. On average, equities research analysts predict that Medtronic plc will post 3.94 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, September 25th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Thursday, September 24th. Medtronic’s dividend payout ratio is presently 50.54%.

In related news, CFO Karen L. Parkhill sold 702 shares of the stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $107.78, for a total transaction of $75,661.56. Following the completion of the sale, the chief financial officer now directly owns 87,366 shares in the company, valued at approximately $9,416,307.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Hoedt Rob Ten sold 9,563 shares of the stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $105.05, for a total value of $1,004,593.15. Following the sale, the executive vice president now owns 53,060 shares of the company’s stock, valued at $5,573,953. The disclosure for this sale can be found here. Insiders have sold a total of 41,326 shares of company stock valued at $4,441,498 over the last 90 days. 0.52% of the stock is currently owned by company insiders.

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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