Wealthspire Advisors LLC Cuts Position in Medtronic plc (NYSE:MDT)

Wealthspire Advisors LLC lessened its position in shares of Medtronic plc (NYSE:MDT) by 91.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,878 shares of the medical technology company’s stock after selling 20,402 shares during the quarter. Wealthspire Advisors LLC’s holdings in Medtronic were worth $233,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Cribstone Capital Management LLC lifted its stake in shares of Medtronic by 2.3% in the 2nd quarter. Cribstone Capital Management LLC now owns 5,766 shares of the medical technology company’s stock valued at $716,000 after purchasing an additional 131 shares during the last quarter. Neuberger Berman Group LLC lifted its stake in shares of Medtronic by 0.7% in the 2nd quarter. Neuberger Berman Group LLC now owns 4,011,927 shares of the medical technology company’s stock valued at $496,554,000 after purchasing an additional 28,779 shares during the last quarter. Jump Financial LLC lifted its stake in shares of Medtronic by 26.0% in the 2nd quarter. Jump Financial LLC now owns 4,237 shares of the medical technology company’s stock valued at $525,000 after purchasing an additional 874 shares during the last quarter. Waycross Partners LLC lifted its stake in shares of Medtronic by 15.5% in the 2nd quarter. Waycross Partners LLC now owns 20,000 shares of the medical technology company’s stock valued at $1,212,000 after purchasing an additional 2,690 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its stake in shares of Medtronic by 0.5% in the 2nd quarter. Clearbridge Investments LLC now owns 4,311,411 shares of the medical technology company’s stock valued at $535,176,000 after purchasing an additional 21,987 shares during the last quarter. Institutional investors and hedge funds own 79.59% of the company’s stock.

In related news, CEO Geoffrey Martha sold 11,581 shares of the business’s stock in a transaction on Wednesday, August 25th. The stock was sold at an average price of $132.67, for a total transaction of $1,536,451.27. Following the transaction, the chief executive officer now directly owns 97,317 shares in the company, valued at approximately $12,911,046.39. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Bradley E. Lerman sold 49,147 shares of Medtronic stock in a transaction dated Thursday, September 30th. The stock was sold at an average price of $126.58, for a total value of $6,221,027.26. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 143,922 shares of company stock worth $18,906,460. 0.47% of the stock is owned by company insiders.

MDT opened at $122.57 on Thursday. Medtronic plc has a 52 week low of $98.94 and a 52 week high of $135.89. The stock’s fifty day moving average is $129.46 and its two-hundred day moving average is $127.14. The company has a market capitalization of $164.72 billion, a P/E ratio of 42.86, a PEG ratio of 2.62 and a beta of 0.80. The company has a quick ratio of 2.34, a current ratio of 2.89 and a debt-to-equity ratio of 0.50.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Monday, August 23rd. The medical technology company reported $1.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.32 by $0.09. Medtronic had a return on equity of 13.85% and a net margin of 12.29%. The business had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $7.88 billion. During the same period last year, the business posted $0.62 EPS. The business’s revenue was up 22.7% compared to the same quarter last year. Equities analysts anticipate that Medtronic plc will post 5.7 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Friday, September 24th will be issued a $0.63 dividend. The ex-dividend date is Thursday, September 23rd. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.06%.

Several equities research analysts have recently issued reports on MDT shares. Citigroup reaffirmed a “focus list” rating and issued a $153.00 price objective (up from $143.00) on shares of Medtronic in a research note on Wednesday, August 25th. Wells Fargo & Company raised their price objective on Medtronic from $140.00 to $151.00 and gave the company an “overweight” rating in a research note on Wednesday, August 25th. Raymond James raised their price target on Medtronic from $135.00 to $142.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 25th. Piper Sandler reissued an “overweight” rating and set a $152.00 price target (up from $140.00) on shares of Medtronic in a research note on Tuesday, August 24th. Finally, Morgan Stanley raised their price target on Medtronic from $140.00 to $154.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 25th. Five research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $144.18.

Medtronic Profile

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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