Bailard Inc. Cuts Stock Holdings in Medtronic PLC (NYSE:MDT)

Bailard Inc. reduced its stake in Medtronic PLC (NYSE:MDT) by 0.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 64,781 shares of the medical technology company’s stock after selling 366 shares during the period. Bailard Inc.’s holdings in Medtronic were worth $7,037,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Robecosam AG boosted its holdings in shares of Medtronic by 389.2% in the 3rd quarter. Robecosam AG now owns 65,791 shares of the medical technology company’s stock worth $7,061,000 after buying an additional 52,341 shares during the last quarter. Tuttle Tactical Management purchased a new position in shares of Medtronic in the 3rd quarter worth about $1,200,000. Alpha Cubed Investments LLC boosted its holdings in shares of Medtronic by 18.6% in the 3rd quarter. Alpha Cubed Investments LLC now owns 2,682 shares of the medical technology company’s stock worth $291,000 after buying an additional 420 shares during the last quarter. Brookstone Capital Management boosted its holdings in shares of Medtronic by 31.1% in the 3rd quarter. Brookstone Capital Management now owns 3,117 shares of the medical technology company’s stock worth $339,000 after buying an additional 740 shares during the last quarter. Finally, Chemung Canal Trust Co. boosted its holdings in shares of Medtronic by 11.1% in the 3rd quarter. Chemung Canal Trust Co. now owns 72,432 shares of the medical technology company’s stock worth $7,868,000 after buying an additional 7,230 shares during the last quarter. 81.09% of the stock is currently owned by institutional investors.

In other news, SVP Richard Kuntz sold 3,438 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $101.12, for a total transaction of $347,650.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Bradley E. Lerman sold 6,599 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $102.02, for a total value of $673,229.98. Following the sale, the senior vice president now owns 105,960 shares in the company, valued at $10,810,039.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 118,339 shares of company stock worth $12,619,053. Company insiders own 0.28% of the company’s stock.

A number of equities analysts recently weighed in on MDT shares. Northland Securities reissued a “hold” rating and issued a $100.00 price target on shares of Medtronic in a report on Wednesday, August 21st. Needham & Company LLC reissued a “buy” rating and issued a $133.00 price target on shares of Medtronic in a report on Wednesday, August 28th. Deutsche Bank boosted their price objective on Medtronic from $100.00 to $111.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Barclays boosted their price objective on Medtronic from $110.00 to $117.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada set a $110.00 price objective on Medtronic and gave the company a “buy” rating in a research note on Friday, August 16th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $113.84.

Shares of Medtronic stock opened at $108.12 on Friday. Medtronic PLC has a 52-week low of $81.66 and a 52-week high of $112.05. The stock’s 50-day simple moving average is $108.35 and its 200 day simple moving average is $98.68. The stock has a market capitalization of $145.58 billion, a P/E ratio of 20.71, a P/E/G ratio of 2.67 and a beta of 0.64. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.20 and a current ratio of 2.67.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the Zacks’ 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 business had revenue of $7.49 billion for the quarter, compared to analysts’ expectations of $7.40 billion. During the same period in the previous year, the business posted $1.17 EPS. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. Equities research analysts forecast that Medtronic PLC will post 5.56 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Friday, September 27th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.00%. The ex-dividend date of this dividend was Thursday, September 26th. Medtronic’s dividend payout ratio is presently 41.38%.

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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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