Hengehold Capital Management LLC Cuts Position in Medtronic PLC (NYSE:MDT)

Hengehold Capital Management LLC lessened its stake in Medtronic PLC (NYSE:MDT) by 0.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,647 shares of the medical technology company’s stock after selling 187 shares during the quarter. Medtronic accounts for 0.6% of Hengehold Capital Management LLC’s investment portfolio, making the stock its 25th largest position. Hengehold Capital Management LLC’s holdings in Medtronic were worth $3,112,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in MDT. Cibc Bank USA increased its holdings in Medtronic by 18.5% during the 3rd quarter. Cibc Bank USA now owns 4,546 shares of the medical technology company’s stock valued at $493,000 after acquiring an additional 709 shares in the last quarter. Allen Capital Group LLC increased its holdings in Medtronic by 36.7% during the 3rd quarter. Allen Capital Group LLC now owns 3,705 shares of the medical technology company’s stock valued at $396,000 after acquiring an additional 995 shares in the last quarter. Virginia Retirement Systems ET AL increased its holdings in Medtronic by 13.3% during the 3rd quarter. Virginia Retirement Systems ET AL now owns 169,300 shares of the medical technology company’s stock valued at $18,389,000 after acquiring an additional 19,900 shares in the last quarter. Integrated Investment Consultants LLC purchased a new position in Medtronic during the 3rd quarter valued at about $280,000. Finally, Ballentine Partners LLC increased its holdings in Medtronic by 9.7% during the 3rd quarter. Ballentine Partners LLC now owns 6,163 shares of the medical technology company’s stock valued at $670,000 after acquiring an additional 546 shares in the last quarter. Institutional investors and hedge funds own 81.14% of the company’s stock.

Shares of MDT traded down $0.90 during mid-day trading on Tuesday, hitting $105.72. The company had a trading volume of 199,713 shares, compared to its average volume of 3,685,572. The business’s 50-day simple moving average is $108.34 and its 200-day simple moving average is $98.93. The company has a quick ratio of 2.20, a current ratio of 2.67 and a debt-to-equity ratio of 0.49. Medtronic PLC has a 1-year low of $81.66 and a 1-year high of $112.05. The stock has a market cap of $145.06 billion, a PE ratio of 20.26, a P/E/G ratio of 2.66 and a beta of 0.64.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 period last year, the company earned $1.17 earnings per share. The company’s quarterly revenue was up 1.5% on a year-over-year basis. On average, sell-side analysts expect that Medtronic PLC will post 5.56 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Friday, September 27th were given a $0.54 dividend. The ex-dividend date was Thursday, September 26th. This represents a $2.16 annualized dividend and a dividend yield of 2.04%. Medtronic’s dividend payout ratio is presently 41.38%.

In related news, SVP Richard Kuntz sold 21,425 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $107.51, for a total value of $2,303,401.75. Following the sale, the senior vice president now directly owns 78,916 shares of the company’s stock, valued at $8,484,259.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Bradley E. Lerman sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $100.31, for a total transaction of $401,240.00. Following the completion of the sale, the senior vice president now directly owns 52,906 shares in the company, valued at $5,307,000.86. The disclosure for this sale can be found here. Insiders sold 114,901 shares of company stock worth $12,271,403 over the last three months. Corporate insiders own 0.28% of the company’s stock.

MDT has been the subject of several recent research reports. Bank of America set a $118.00 target price on shares of Medtronic and gave the company a “buy” rating in a report on Wednesday, August 21st. ValuEngine cut shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Deutsche Bank raised their price target on shares of Medtronic from $100.00 to $111.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Barclays raised their price target on shares of Medtronic from $110.00 to $117.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Finally, Raymond James raised their price target on shares of Medtronic from $105.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Medtronic presently has a consensus rating of “Buy” and a consensus price target of $113.84.

Medtronic 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.

Further Reading: Equal Weight Rating

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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