Panagora Asset Management Inc. Sells 527,194 Shares of Medtronic plc (NYSE:MDT)

Panagora Asset Management Inc. lowered its holdings in Medtronic plc (NYSE:MDT) by 48.8% in the third quarter, Holdings Channel reports. The firm owned 554,039 shares of the medical technology company’s stock after selling 527,194 shares during the quarter. Panagora Asset Management Inc.’s holdings in Medtronic were worth $69,449,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Mascoma Wealth Management LLC bought a new position in Medtronic in the third quarter valued at $34,000. Selective Wealth Management Inc. grew its position in Medtronic by 459.2% in the third quarter. Selective Wealth Management Inc. now owns 274 shares of the medical technology company’s stock valued at $34,000 after purchasing an additional 225 shares in the last quarter. Itau Unibanco Holding S.A. bought a new position in shares of Medtronic in the 2nd quarter valued at about $39,000. Destiny Wealth Partners LLC bought a new position in shares of Medtronic in the 3rd quarter valued at about $45,000. Finally, Financial Management Professionals Inc. grew its position in shares of Medtronic by 117.7% in the 3rd quarter. Financial Management Professionals Inc. now owns 381 shares of the medical technology company’s stock valued at $48,000 after acquiring an additional 206 shares during the period. 79.03% of the stock is owned by institutional investors and hedge funds.

MDT has been the subject of a number of analyst reports. Truist decreased their price objective on shares of Medtronic from $148.00 to $142.00 and set a “buy” rating for the company in a research report on Wednesday, November 24th. Citigroup decreased their price objective on shares of Medtronic from $153.00 to $146.00 and set a “buy” rating for the company in a research report on Wednesday, November 24th. Needham & Company LLC decreased their price objective on shares of Medtronic from $145.00 to $131.00 and set a “buy” rating for the company in a research report on Thursday, December 16th. Oppenheimer decreased their price objective on shares of Medtronic from $145.00 to $136.00 and set an “outperform” rating for the company in a research report on Friday, December 17th. Finally, Morgan Stanley downgraded shares of Medtronic from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $145.00 to $120.00 in a report on Friday, January 7th. Nine analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Buy” and a consensus target price of $134.57.

MDT traded down $1.30 during trading on Friday, reaching $107.48. 107,684 shares of the company’s stock were exchanged, compared to its average volume of 7,863,832. Medtronic plc has a one year low of $98.38 and a one year high of $135.89. The company has a current ratio of 2.91, a quick ratio of 2.36 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $144.51 billion, a PE ratio of 31.35, a price-to-earnings-growth ratio of 2.87 and a beta of 0.79. The firm has a fifty day moving average price of $110.12 and a two-hundred day moving average price of $121.57.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 23rd. The medical technology company reported $1.32 EPS for the quarter, beating the Zacks’ consensus estimate of $1.29 by $0.03. Medtronic had a net margin of 14.80% and a return on equity of 14.52%. The company had revenue of $7.85 billion for the quarter, compared to analyst estimates of $7.98 billion. During the same period in the prior year, the firm posted $1.02 EPS. The company’s quarterly revenue was up 3.2% on a year-over-year basis. Sell-side analysts expect that Medtronic plc will post 5.69 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 14th. Stockholders of record on Wednesday, December 22nd will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Tuesday, December 21st. Medtronic’s dividend payout ratio is currently 72.62%.

In other news, EVP Robert John White sold 7,218 shares of the stock in a transaction dated Thursday, December 23rd. The shares were sold at an average price of $102.04, for a total value of $736,524.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Karen L. Parkhill sold 682 shares of the stock in a transaction dated Monday, December 6th. The shares were sold at an average price of $110.00, for a total transaction of $75,020.00. The disclosure for this sale can be found here. 0.47% of the stock is owned by insiders.

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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