Gradient Investments LLC Sells 7,273 Shares of Medtronic PLC (NYSE:MDT)

Gradient Investments LLC cut its stake in shares of Medtronic PLC (NYSE:MDT) by 6.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 103,318 shares of the medical technology company’s stock after selling 7,273 shares during the period. Gradient Investments LLC’s holdings in Medtronic were worth $11,222,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MDT. First Trust Advisors LP lifted its stake in Medtronic by 482.7% in the first quarter. First Trust Advisors LP now owns 365,983 shares of the medical technology company’s stock valued at $33,334,000 after acquiring an additional 303,179 shares during the last quarter. Tredje AP fonden lifted its stake in Medtronic by 2.5% in the first quarter. Tredje AP fonden now owns 116,235 shares of the medical technology company’s stock valued at $10,645,000 after acquiring an additional 2,867 shares during the last quarter. Intact Investment Management Inc. lifted its stake in Medtronic by 57.1% in the first quarter. Intact Investment Management Inc. now owns 66,600 shares of the medical technology company’s stock valued at $6,067,000 after acquiring an additional 24,200 shares during the last quarter. Norinchukin Bank The lifted its stake in Medtronic by 2.7% in the first quarter. Norinchukin Bank The now owns 323,600 shares of the medical technology company’s stock valued at $29,473,000 after acquiring an additional 8,590 shares during the last quarter. Finally, Swiss National Bank lifted its stake in Medtronic by 2.2% in the first quarter. Swiss National Bank now owns 5,096,663 shares of the medical technology company’s stock valued at $464,204,000 after acquiring an additional 109,600 shares during the last quarter. Hedge funds and other institutional investors own 81.03% of the company’s stock.

In related news, EVP Hooman Hakami sold 82,877 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $107.31, for a total transaction of $8,893,530.87. Following the transaction, the executive vice president now directly owns 30,761 shares of the company’s stock, valued at $3,300,962.91. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Richard Kuntz sold 21,425 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $107.51, for a total transaction of $2,303,401.75. Following the transaction, the senior vice president now directly owns 78,916 shares in the company, valued at $8,484,259.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 118,339 shares of company stock valued at $12,619,053. 0.28% of the stock is currently owned by corporate insiders.

A number of brokerages have commented on MDT. BMO Capital Markets increased their price target on shares of Medtronic from $107.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Deutsche Bank increased their price target on shares of Medtronic from $100.00 to $111.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Royal Bank of Canada set a $110.00 price target on shares of Medtronic and gave the company a “buy” rating in a research note on Friday, August 16th. Oppenheimer increased their price target on shares of Medtronic from $110.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Finally, Stifel Nicolaus increased their price target on shares of Medtronic from $95.00 to $112.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $113.84.

Shares of NYSE MDT traded up $0.53 during mid-day trading on Thursday, reaching $107.28. 1,598,506 shares of the company were exchanged, compared to its average volume of 4,701,709. The company’s 50-day simple moving average is $108.20 and its 200-day simple moving average is $97.89. The company has a quick ratio of 2.20, a current ratio of 2.67 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $142.89 billion, a P/E ratio of 20.55, a P/E/G ratio of 2.64 and a beta of 0.64. Medtronic PLC has a twelve month low of $81.66 and a twelve month high of $112.05.

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

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date is Thursday, September 26th. Medtronic’s dividend payout ratio is presently 41.38%.

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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