Manning & Napier Advisors LLC Lowers Stock Holdings in Medtronic plc (NYSE:MDT)

Manning & Napier Advisors LLC trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 9.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 289,117 shares of the medical technology company’s stock after selling 30,170 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Medtronic were worth $23,095,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Fortitude Family Office LLC bought a new stake in Medtronic during the third quarter valued at approximately $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic during the third quarter valued at approximately $27,000. Darwin Wealth Management LLC purchased a new stake in Medtronic during the 3rd quarter valued at $27,000. J. Stern & Co. LLP purchased a new position in Medtronic during the 3rd quarter valued at about $30,000. Finally, Kieckhefer Group LLC bought a new position in Medtronic during the 4th quarter valued at approximately $40,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of Medtronic stock traded up $0.82 during trading hours on Wednesday, reaching $92.80. 662,582 shares of the stock traded hands, compared to its average volume of 7,641,220. The company has a 50 day moving average price of $83.99 and a 200 day moving average price of $85.83. The firm has a market capitalization of $119.00 billion, a price-to-earnings ratio of 28.42, a P/E/G ratio of 2.49 and a beta of 0.83. Medtronic plc has a one year low of $75.96 and a one year high of $93.08. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same period last year, the firm earned $1.25 EPS. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, equities research analysts expect that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.02%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Wells Fargo & Company dropped their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Barclays upped their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Robert W. Baird reduced their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Profile

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.