Profund Advisors LLC trimmed its holdings in shares of Medtronic PLC (NYSE:MDT) by 20.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,577 shares of the medical technology company’s stock after selling 10,306 shares during the period. Profund Advisors LLC’s holdings in Medtronic were worth $3,854,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Comerica Securities Inc. lifted its stake in Medtronic by 3.8% in the 4th quarter. Comerica Securities Inc. now owns 13,521 shares of the medical technology company’s stock worth $1,237,000 after acquiring an additional 491 shares in the last quarter. MV Capital Management Inc. lifted its stake in Medtronic by 11.0% in the 1st quarter. MV Capital Management Inc. now owns 2,864 shares of the medical technology company’s stock worth $261,000 after acquiring an additional 284 shares in the last quarter. Pinnacle Financial Partners Inc. lifted its stake in Medtronic by 5.8% in the 1st quarter. Pinnacle Financial Partners Inc. now owns 64,434 shares of the medical technology company’s stock worth $5,868,000 after acquiring an additional 3,512 shares in the last quarter. Comerica Bank lifted its stake in Medtronic by 53.0% in the 1st quarter. Comerica Bank now owns 479,840 shares of the medical technology company’s stock worth $42,527,000 after acquiring an additional 166,231 shares in the last quarter. Finally, Mackey Komara & Dankovich LLC purchased a new stake in Medtronic in the 1st quarter worth about $38,000. Institutional investors and hedge funds own 81.19% of the company’s stock.
MDT stock traded down $0.93 during mid-day trading on Friday, hitting $109.45. The stock had a trading volume of 274,725 shares, compared to its average volume of 4,687,985. The company has a current ratio of 2.67, a quick ratio of 2.20 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 $111.24. The company has a fifty day moving average of $104.67 and a 200 day moving average of $95.67. The stock has a market capitalization of $144.20 billion, a price-to-earnings ratio of 21.06, a PEG ratio of 2.64 and a beta of 0.65.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date is Thursday, September 26th. Medtronic’s dividend payout ratio is 41.38%.
Several equities research analysts recently issued reports on MDT shares. Morgan Stanley increased their price objective on Medtronic from $105.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 21st. UBS Group increased their price objective on Medtronic from $112.00 to $122.00 and gave the stock a “buy” rating in a research note on Wednesday, August 21st. Royal Bank of Canada set a $110.00 price objective on Medtronic and gave the stock a “buy” rating in a research note on Friday, August 16th. Stifel Nicolaus increased their price objective on Medtronic from $95.00 to $112.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $133.00 price objective on shares of Medtronic in a research note on Wednesday, August 28th. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Medtronic currently has a consensus rating of “Buy” and a consensus price target of $114.15.
In other news, EVP Hooman Hakami sold 82,877 shares of the stock in a transaction dated Tuesday, September 10th. The stock was 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 owns 30,761 shares of the company’s stock, valued at approximately $3,300,962.91. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Bradley E. Lerman sold 4,000 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $100.31, for a total value of $401,240.00. Following the transaction, the senior vice president now directly owns 52,906 shares in the company, valued at approximately $5,307,000.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,914 shares of company stock worth $11,194,591. 0.28% of the stock is currently owned by insiders.
Medtronic Company 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.
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