Longview Partners Guernsey LTD Sells 222,292 Shares of Medtronic plc (NYSE:MDT)

Longview Partners Guernsey LTD cut its stake in shares of Medtronic plc (NYSE:MDT) by 3.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,632,958 shares of the medical technology company’s stock after selling 222,292 shares during the quarter. Medtronic accounts for about 4.5% of Longview Partners Guernsey LTD’s portfolio, making the stock its 14th largest position. Longview Partners Guernsey LTD owned about 0.49% of Medtronic worth $823,349,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Epoch Investment Partners Inc. grew its holdings in Medtronic by 29.0% during the 2nd quarter. Epoch Investment Partners Inc. now owns 1,320,952 shares of the medical technology company’s stock worth $163,970,000 after acquiring an additional 297,071 shares during the last quarter. Integral Health Asset Management LLC grew its holdings in Medtronic by 220.0% during the 2nd quarter. Integral Health Asset Management LLC now owns 160,000 shares of the medical technology company’s stock worth $19,860,000 after acquiring an additional 110,000 shares during the last quarter. Covington Capital Management grew its holdings in Medtronic by 5.4% during the 2nd quarter. Covington Capital Management now owns 16,132 shares of the medical technology company’s stock worth $2,002,000 after acquiring an additional 824 shares during the last quarter. TrinityPoint Wealth LLC grew its holdings in Medtronic by 3.1% during the 2nd quarter. TrinityPoint Wealth LLC now owns 23,353 shares of the medical technology company’s stock worth $2,899,000 after acquiring an additional 692 shares during the last quarter. Finally, Parisi Gray Wealth Management bought a new stake in Medtronic during the 2nd quarter worth approximately $60,000. 79.59% of the stock is currently owned by institutional investors.

MDT traded up $1.91 during trading on Thursday, hitting $124.48. 81,242 shares of the company’s stock were exchanged, compared to its average volume of 4,334,343. The company has a quick ratio of 2.34, a current ratio of 2.89 and a debt-to-equity ratio of 0.50. The business’s 50 day moving average is $129.46 and its two-hundred day moving average is $127.14. Medtronic plc has a fifty-two week low of $98.94 and a fifty-two week high of $135.89. The stock has a market cap of $167.29 billion, a P/E ratio of 43.40, a PEG ratio of 2.62 and a beta of 0.80.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Monday, August 23rd. The medical technology company reported $1.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.32 by $0.09. Medtronic had a net margin of 12.29% and a return on equity of 13.85%. The firm had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $7.88 billion. During the same quarter in the prior year, the company posted $0.62 earnings per share. The business’s revenue was up 22.7% on a year-over-year basis. On average, sell-side analysts forecast that Medtronic plc will post 5.7 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Friday, September 24th will be issued a dividend of $0.63 per share. The ex-dividend date is Thursday, September 23rd. This represents a $2.52 annualized dividend and a yield of 2.02%.

A number of equities research analysts have weighed in on the stock. Raymond James boosted their target price on shares of Medtronic from $135.00 to $142.00 and gave the stock an “outperform” rating in a report on Wednesday, August 25th. Argus upped their price objective on shares of Medtronic from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, August 27th. Piper Sandler reaffirmed an “overweight” rating and issued a $152.00 price objective (up from $140.00) on shares of Medtronic in a research note on Tuesday, August 24th. Truist Securities upped their price objective on shares of Medtronic from $138.00 to $148.00 and gave the company a “buy” rating in a research note on Wednesday, August 25th. Finally, Stifel Nicolaus upped their price objective on shares of Medtronic from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, August 25th. Five research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $144.18.

In related news, SVP Bradley E. Lerman sold 4,000 shares of the stock in a transaction dated Monday, August 2nd. The shares were sold at an average price of $131.52, for a total transaction of $526,080.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Geoffrey Martha sold 11,581 shares of the stock in a transaction dated Wednesday, August 25th. The shares were sold at an average price of $132.67, for a total transaction of $1,536,451.27. Following the transaction, the chief executive officer now owns 97,317 shares of the company’s stock, valued at approximately $12,911,046.39. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 143,922 shares of company stock worth $18,906,460. Corporate insiders own 0.47% of the company’s stock.

Medtronic Company 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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