Advantus Capital Management Inc Lowers Position in Medtronic PLC (MDT)
Advantus Capital Management Inc trimmed its holdings in Medtronic PLC (NYSE:MDT) by 1.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 136,579 shares of the medical technology company’s stock after selling 1,566 shares during the period. Advantus Capital Management Inc owned 10,082.68% of Medtronic worth $10,622,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Parkside Financial Bank & Trust lifted its holdings in Medtronic by 22.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock valued at $102,000 after purchasing an additional 210 shares in the last quarter. BDO Wealth Advisors LLC purchased a new position in Medtronic in the 2nd quarter valued at about $103,000. Motco lifted its holdings in Medtronic by 8.7% in the 2nd quarter. Motco now owns 1,239 shares of the medical technology company’s stock valued at $110,000 after purchasing an additional 99 shares in the last quarter. Farmers National Bank purchased a new position in Medtronic in the 1st quarter valued at about $121,000. Finally, Israel Discount Bank of New York purchased a new position in Medtronic in the 1st quarter valued at about $117,000. 81.86% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Bryan C. Hanson sold 16,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $79.02, for a total value of $1,264,320.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.31% of the company’s stock.
Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.08. The business had revenue of $7.05 billion for the quarter, compared to analyst estimates of $7.05 billion. Medtronic had a net margin of 16.93% and a return on equity of 12.63%. The company’s revenue was down 4.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.12 EPS. research analysts anticipate that Medtronic PLC will post 4.77 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Investors of record on Friday, December 29th will be issued a $0.46 dividend. The ex-dividend date is Thursday, December 28th. This represents a $1.84 annualized dividend and a yield of 2.20%. Medtronic’s payout ratio is 50.41%.
A number of research analysts have issued reports on MDT shares. BidaskClub lowered shares of Medtronic from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. Royal Bank of Canada reduced their target price on shares of Medtronic from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Monday, October 9th. Zacks Investment Research upgraded shares of Medtronic from a “sell” rating to a “hold” rating in a report on Wednesday, September 6th. BMO Capital Markets restated an “outperform” rating and issued a $92.00 target price (down from $94.00) on shares of Medtronic in a report on Wednesday, August 23rd. Finally, Barclays reduced their target price on shares of Medtronic from $94.00 to $92.00 and set an “overweight” rating on the stock in a report on Wednesday, August 23rd. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and fourteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $88.57.
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Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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