Panagora Asset Management Inc. trimmed its stake in Medtronic plc (NYSE:MDT) by 6.6% in the first quarter, HoldingsChannel.com reports. The fund owned 1,081,764 shares of the medical technology company’s stock after selling 76,412 shares during the quarter. Medtronic comprises approximately 0.7% of Panagora Asset Management Inc.’s portfolio, making the stock its 16th biggest position. Panagora Asset Management Inc.’s holdings in Medtronic were worth $127,789,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MDT. Grandview Asset Management LLC acquired a new position in Medtronic in the first quarter valued at $25,000. Vantage Consulting Group Inc purchased a new stake in Medtronic during the fourth quarter valued at about $26,000. Concord Wealth Partners purchased a new stake in Medtronic during the fourth quarter valued at about $26,000. Safeguard Investment Advisory Group LLC purchased a new stake in Medtronic during the fourth quarter valued at about $26,000. Finally, JCIC Asset Management Inc. grew its position in Medtronic by 335.2% during the fourth quarter. JCIC Asset Management Inc. now owns 235 shares of the medical technology company’s stock valued at $28,000 after acquiring an additional 181 shares during the period. 79.93% of the stock is owned by institutional investors.
Shares of Medtronic stock traded down $0.44 on Friday, reaching $124.30. 17,480 shares of the company were exchanged, compared to its average volume of 4,677,330. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.14 and a current ratio of 2.65. The stock has a 50-day moving average price of $125.80. The stock has a market capitalization of $167.57 billion, a price-to-earnings ratio of 46.89, a price-to-earnings-growth ratio of 2.45 and a beta of 0.79. Medtronic plc has a 1-year low of $87.68 and a 1-year high of $132.30.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 16th. Investors of record on Friday, June 25th will be given a $0.63 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.58. This represents a $2.52 annualized dividend and a yield of 2.03%. The ex-dividend date is Thursday, June 24th.
A number of equities research analysts have issued reports on MDT shares. Cowen boosted their price target on Medtronic from $120.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, February 24th. Argus upped their target price on Medtronic from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, June 3rd. Oppenheimer upped their target price on Medtronic from $134.00 to $147.00 and gave the stock an “outperform” rating in a research report on Friday, May 28th. Citigroup reaffirmed a “buy” rating and issued a $143.00 target price (up previously from $133.00) on shares of Medtronic in a research report on Friday, May 28th. Finally, Raymond James upped their target price on Medtronic from $128.00 to $135.00 and gave the stock an “outperform” rating in a research report on Friday, May 28th. One analyst has rated the stock with a sell rating, four have given a hold rating and nineteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $133.33.
In related news, EVP Brett A. Wall sold 2,473 shares of the firm’s stock in a transaction that occurred on Tuesday, June 1st. The stock was sold at an average price of $128.07, for a total value of $316,717.11. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John R. Liddicoat sold 34,656 shares of the firm’s stock in a transaction that occurred on Friday, May 28th. The shares were sold at an average price of $126.65, for a total value of $4,389,182.40. The disclosure for this sale can be found here. 0.52% of the stock is owned by company insiders.
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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