Medtronic PLC (NYSE:MDT) Shares Sold by NuWave Investment Management LLC

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NuWave Investment Management LLC cut its position in shares of Medtronic PLC (NYSE:MDT) by 42.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,429 shares of the medical technology company’s stock after selling 4,742 shares during the quarter. NuWave Investment Management LLC’s holdings in Medtronic were worth $696,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently modified their holdings of the stock. Nachman Norwood & Parrott Inc increased its stake in Medtronic by 1.9% in the third quarter. Nachman Norwood & Parrott Inc now owns 5,400 shares of the medical technology company’s stock valued at $587,000 after purchasing an additional 99 shares during the last quarter. Folger Nolan Fleming Douglas Capital Management Inc. increased its stake in Medtronic by 2.1% in the second quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 4,782 shares of the medical technology company’s stock valued at $466,000 after purchasing an additional 100 shares during the last quarter. Pekin Hardy Strauss Inc. increased its stake in Medtronic by 1.5% in the second quarter. Pekin Hardy Strauss Inc. now owns 6,773 shares of the medical technology company’s stock valued at $660,000 after purchasing an additional 100 shares during the last quarter. Affiance Financial LLC increased its stake in Medtronic by 1.3% in the third quarter. Affiance Financial LLC now owns 8,074 shares of the medical technology company’s stock valued at $877,000 after purchasing an additional 102 shares during the last quarter. Finally, Cornerstone Advisors Inc. increased its stake in Medtronic by 8.1% in the second quarter. Cornerstone Advisors Inc. now owns 1,621 shares of the medical technology company’s stock valued at $158,000 after purchasing an additional 122 shares during the last quarter. 81.09% of the stock is owned by hedge funds and other institutional investors.

In related news, SVP Richard Kuntz sold 3,438 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $101.12, for a total value of $347,650.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 completion of the transaction, the senior vice president now directly owns 52,906 shares of the company’s stock, valued at approximately $5,307,000.86. The disclosure for this sale can be found here. Insiders sold 118,339 shares of company stock valued at $12,619,053 in the last ninety days. Company insiders own 0.28% of the company’s stock.

Several equities analysts recently commented on MDT shares. BTIG Research upped their target price on Medtronic to $120.00 and gave the company a “buy” rating in a research note on Wednesday, August 21st. ValuEngine downgraded Medtronic from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Northland Securities reissued a “hold” rating and set a $100.00 price target on shares of Medtronic in a research report on Wednesday, August 21st. Raymond James boosted their price target on Medtronic from $105.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, August 21st. Finally, Royal Bank of Canada set a $110.00 price target on Medtronic and gave the company a “buy” rating in a research report on Friday, August 16th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $113.84.

Shares of NYSE MDT traded up $0.80 on Tuesday, hitting $108.37. The company had a trading volume of 1,567,947 shares, compared to its average volume of 4,243,728. Medtronic PLC has a 12-month low of $81.66 and a 12-month high of $112.05. The business has a 50 day moving average of $108.24 and a two-hundred day moving average of $98.32. 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 firm has a market capitalization of $144.34 billion, a P/E ratio of 20.76, a PEG ratio of 2.64 and a beta of 0.64.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.08. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The company had revenue of $7.49 billion during the quarter, compared to the consensus estimate of $7.40 billion. During the same quarter in the prior year, the business earned $1.17 earnings per share. The company’s revenue was up 1.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Medtronic PLC will post 5.56 earnings per share 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 given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.99%. The ex-dividend date is Thursday, September 26th. Medtronic’s payout ratio is 41.38%.

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.

Read More: What are earnings reports?

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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