Medtronic plc. (MDT) Position Reduced by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its stake in Medtronic plc. (NYSE:MDT) by 7.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 614,791 shares of the medical technology company’s stock after selling 51,800 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Medtronic were worth $49,644,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MDT. Moors & Cabot Inc. increased its holdings in Medtronic by 0.4% in the second quarter. Moors & Cabot Inc. now owns 43,227 shares of the medical technology company’s stock valued at $3,842,000 after purchasing an additional 178 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Medtronic by 8.1% in the second quarter. Arrowstreet Capital Limited Partnership now owns 3,723,483 shares of the medical technology company’s stock valued at $330,459,000 after purchasing an additional 278,491 shares during the last quarter. Westside Investment Management Inc. increased its holdings in shares of Medtronic by 1.5% in the second quarter. Westside Investment Management Inc. now owns 13,681 shares of the medical technology company’s stock worth $1,193,000 after acquiring an additional 205 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Medtronic by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 5,714,437 shares of the medical technology company’s stock worth $507,156,000 after acquiring an additional 25,366 shares in the last quarter. Finally, IHT Wealth Management LLC increased its holdings in shares of Medtronic by 36.1% in the second quarter. IHT Wealth Management LLC now owns 3,343 shares of the medical technology company’s stock worth $779,000 after acquiring an additional 886 shares in the last quarter. Institutional investors and hedge funds own 81.19% of the company’s stock.
In related news, Director James T. Lenehan sold 1,306 shares of the stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $83.56, for a total transaction of $109,129.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Richard Kuntz sold 78,526 shares of the stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $86.21, for a total value of $6,769,726.46. Following the transaction, the vice president now directly owns 149,761 shares of the company’s stock, valued at $12,910,895.81. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 130,469 shares of company stock valued at $11,016,054. 0.31% of the stock is owned by corporate insiders.
Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.01. The business had revenue of $7.37 billion during the quarter, compared to the consensus estimate of $7.20 billion. Medtronic had a return on equity of 12.65% and a net margin of 9.44%. Medtronic’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period last year, the company earned $1.12 earnings per share. analysts anticipate that Medtronic plc. will post 4.75 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 23rd will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, March 22nd. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.30%. Medtronic’s payout ratio is presently 90.64%.
Several brokerages have issued reports on MDT. Oppenheimer restated a “buy” rating on shares of Medtronic in a report on Tuesday. Citigroup restated a “buy” rating and issued a $93.00 price target (down from $100.00) on shares of Medtronic in a report on Thursday, February 22nd. TheStreet downgraded Medtronic from a “b” rating to a “c+” rating in a report on Tuesday, February 20th. Royal Bank of Canada restated an “outperform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, February 14th. Finally, Morgan Stanley increased their price target on Medtronic from $91.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $91.50.
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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