Diversified Trust Co Trims Stake in Medtronic PLC (NYSE:MDT)

Diversified Trust Co lowered its stake in Medtronic PLC (NYSE:MDT) by 4.9% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 112,147 shares of the medical technology company’s stock after selling 5,748 shares during the quarter. Medtronic makes up about 0.6% of Diversified Trust Co’s holdings, making the stock its 26th biggest position. Diversified Trust Co’s holdings in Medtronic were worth $12,181,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Krane Funds Advisors LLC acquired a new position in Medtronic in the 2nd quarter valued at $25,000. River & Mercantile Asset Management LLP acquired a new stake in shares of Medtronic during the 2nd quarter worth $26,000. Lenox Wealth Advisors LLC increased its holdings in shares of Medtronic by 393.3% during the 3rd quarter. Lenox Wealth Advisors LLC now owns 296 shares of the medical technology company’s stock worth $32,000 after buying an additional 236 shares during the last quarter. Redhawk Wealth Advisors Inc. acquired a new stake in shares of Medtronic during the 2nd quarter worth $34,000. Finally, Rocky Mountain Advisers LLC increased its holdings in shares of Medtronic by 100.0% during the 2nd quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock worth $39,000 after buying an additional 200 shares during the last quarter. 81.03% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:MDT traded up $1.08 on Wednesday, reaching $106.09. The stock had a trading volume of 18,463 shares, compared to its average volume of 5,290,839. The company has a current ratio of 2.67, a quick ratio of 2.20 and a debt-to-equity ratio of 0.49. The company has a 50-day moving average of $108.15 and a 200 day moving average of $97.82. The stock has a market cap of $145.65 billion, a P/E ratio of 20.30, a price-to-earnings-growth ratio of 2.67 and a beta of 0.64. Medtronic PLC has a 12-month low of $81.66 and a 12-month high of $112.05.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.18 by $0.08. Medtronic had a net margin of 14.41% and a return on equity of 14.36%. The business had revenue of $7.49 billion for the quarter, compared to analysts’ expectations of $7.40 billion. During the same quarter last year, the company posted $1.17 earnings per share. The company’s quarterly revenue was up 1.5% compared to the same quarter last year. On average, equities analysts predict that Medtronic PLC will post 5.56 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Friday, September 27th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $2.16 annualized dividend and a dividend yield of 2.04%. Medtronic’s payout ratio is 41.38%.

In other Medtronic news, SVP Richard Kuntz sold 3,438 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $101.12, for a total value of $347,650.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Bradley E. Lerman sold 6,599 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $102.02, for a total transaction of $673,229.98. Following the completion of the transaction, the senior vice president now directly owns 105,960 shares in the company, valued at approximately $10,810,039.20. The disclosure for this sale can be found here. Insiders have sold 118,339 shares of company stock worth $12,619,053 in the last ninety days. Corporate insiders own 0.28% of the company’s stock.

A number of analysts have recently commented on MDT shares. Northland Securities restated a “hold” rating and set a $100.00 price objective on shares of Medtronic in a report on Wednesday, August 21st. Barclays upped their price objective on Medtronic from $110.00 to $117.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Needham & Company LLC restated a “buy” rating and set a $133.00 price objective on shares of Medtronic in a report on Wednesday, August 28th. Morgan Stanley upped their price objective on Medtronic from $105.00 to $111.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 21st. Finally, Oppenheimer upped their price objective on Medtronic from $110.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $113.84.

About Medtronic

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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