NorthCoast Asset Management LLC Lowers Holdings in Medtronic plc (NYSE:MDT)

NorthCoast Asset Management LLC lowered its position in Medtronic plc (NYSE:MDT) by 7.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 141,364 shares of the medical technology company’s stock after selling 11,855 shares during the quarter. NorthCoast Asset Management LLC’s holdings in Medtronic were worth $16,749,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Homrich & Berg grew its position in shares of Medtronic by 15.1% during the 1st quarter. Homrich & Berg now owns 25,184 shares of the medical technology company’s stock worth $2,975,000 after buying an additional 3,305 shares in the last quarter. Voloridge Investment Management LLC bought a new position in Medtronic during the 1st quarter worth about $56,958,000. Point72 Asset Management L.P. increased its position in Medtronic by 4,073.2% during the 1st quarter. Point72 Asset Management L.P. now owns 437,100 shares of the medical technology company’s stock valued at $51,635,000 after purchasing an additional 426,626 shares during the period. Farr Miller & Washington LLC DC raised its holdings in shares of Medtronic by 3.3% in the 1st quarter. Farr Miller & Washington LLC DC now owns 237,249 shares of the medical technology company’s stock valued at $28,026,000 after purchasing an additional 7,546 shares in the last quarter. Finally, Verition Fund Management LLC lifted its position in shares of Medtronic by 51.9% in the 1st quarter. Verition Fund Management LLC now owns 8,377 shares of the medical technology company’s stock worth $990,000 after purchasing an additional 2,862 shares during the period. Institutional investors own 79.47% of the company’s stock.

In related news, CEO Geoffrey Martha sold 11,500 shares of the company’s stock in a transaction dated Monday, June 28th. The shares were sold at an average price of $125.29, for a total value of $1,440,835.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Brett A. Wall sold 2,473 shares of the firm’s stock in a transaction dated Tuesday, June 1st. The stock was sold at an average price of $128.07, for a total transaction of $316,717.11. The disclosure for this sale can be found here. In the last quarter, insiders have sold 49,349 shares of company stock worth $6,236,241. 0.52% of the stock is currently owned by company insiders.

A number of equities analysts recently commented on MDT shares. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Medtronic from $134.00 to $149.00 and gave the stock a “buy” rating in a research note on Friday, May 28th. Citigroup reiterated a “buy” rating and issued a $143.00 target price (up previously from $133.00) on shares of Medtronic in a research note on Friday, May 28th. Atlantic Securities started coverage on shares of Medtronic in a research report on Thursday, April 15th. They set an “overweight” rating and a $153.00 price target for the company. Argus lifted their price objective on shares of Medtronic from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, June 3rd. Finally, SVB Leerink increased their target price on shares of Medtronic from $129.00 to $138.00 and gave the company a “market perform” rating in a research report on Friday, May 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nineteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $133.33.

MDT traded down $0.24 on Thursday, hitting $126.81. 43,180 shares of the company’s stock were exchanged, compared to its average volume of 3,607,242. Medtronic plc has a fifty-two week low of $94.64 and a fifty-two week high of $132.30. The company has a market capitalization of $170.42 billion, a PE ratio of 47.76, a price-to-earnings-growth ratio of 2.48 and a beta of 0.80. The firm’s 50-day simple moving average is $125.55. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.14 and a current ratio of 2.65.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Wednesday, May 26th. The medical technology company reported $1.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.42 by $0.08. Medtronic had a net margin of 11.98% and a return on equity of 11.82%. The firm had revenue of $8.19 billion for the quarter, compared to the consensus estimate of $8.13 billion. During the same period last year, the firm posted $0.58 earnings per share. The company’s revenue for the quarter was up 36.5% on a year-over-year basis. As a group, equities research analysts forecast that Medtronic plc will post 5.68 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 16th. Investors of record on Friday, June 25th were issued a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend was Thursday, June 24th. This is a boost from Medtronic’s previous quarterly dividend of $0.58.

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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