Davidson Investment Advisors trimmed its stake in Medtronic plc (NYSE:MDT – Free Report) by 0.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 383,715 shares of the medical technology company’s stock after selling 676 shares during the period. Medtronic makes up 2.1% of Davidson Investment Advisors’ investment portfolio, making the stock its 8th largest holding. Davidson Investment Advisors’ holdings in Medtronic were worth $33,805,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP grew its position in Medtronic by 0.3% during the 1st quarter. Wellington Management Group LLP now owns 29,945,349 shares of the medical technology company’s stock worth $2,414,194,000 after purchasing an additional 88,302 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Medtronic by 1.6% in the first quarter. JPMorgan Chase & Co. now owns 20,349,983 shares of the medical technology company’s stock valued at $1,640,616,000 after acquiring an additional 327,737 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Medtronic by 2.7% in the first quarter. Bank of New York Mellon Corp now owns 20,120,071 shares of the medical technology company’s stock valued at $1,622,080,000 after acquiring an additional 534,722 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Medtronic by 6.0% in the first quarter. Franklin Resources Inc. now owns 19,990,359 shares of the medical technology company’s stock valued at $1,611,623,000 after acquiring an additional 1,124,808 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Medtronic by 29.0% in the first quarter. Ameriprise Financial Inc. now owns 15,322,448 shares of the medical technology company’s stock valued at $1,235,191,000 after acquiring an additional 3,443,262 shares in the last quarter. 80.75% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
MDT has been the topic of several analyst reports. Stifel Nicolaus lifted their target price on shares of Medtronic from $92.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, August 22nd. Oppenheimer reaffirmed a “market perform” rating and issued a $89.00 target price on shares of Medtronic in a report on Wednesday, August 23rd. UBS Group lifted their target price on shares of Medtronic from $79.00 to $82.00 and gave the company a “sell” rating in a report on Wednesday, August 23rd. StockNews.com assumed coverage on shares of Medtronic in a report on Thursday, October 5th. They issued a “buy” rating on the stock. Finally, Wells Fargo & Company raised their price objective on shares of Medtronic from $100.00 to $102.00 and gave the company an “overweight” rating in a research note on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $91.94.
Insider Transactions at Medtronic
In other news, EVP Gregory L. Smith sold 10,000 shares of Medtronic stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $83.84, for a total transaction of $838,400.00. Following the completion of the sale, the executive vice president now directly owns 46,723 shares in the company, valued at $3,917,256.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.30% of the company’s stock.
Medtronic Price Performance
MDT traded up $0.52 during midday trading on Monday, reaching $75.28. 4,076,439 shares of the company’s stock were exchanged, compared to its average volume of 5,992,691. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.42 and a quick ratio of 1.79. The stock has a market capitalization of $100.16 billion, a PE ratio of 27.75, a P/E/G ratio of 2.63 and a beta of 0.71. The business’s 50-day moving average price is $75.20 and its 200 day moving average price is $81.95. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.02.
Medtronic (NYSE:MDT – Get Free Report) last announced its earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.09. The company had revenue of $7.70 billion during the quarter, compared to analysts’ expectations of $7.57 billion. Medtronic had a net margin of 11.47% and a return on equity of 13.81%. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.13 earnings per share. As a group, equities analysts anticipate that Medtronic plc will post 5.12 EPS for the current fiscal year.
Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.
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