Medtronic plc (NYSE:MDT) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in Medtronic plc (NYSE:MDT) by 1.3% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 19,924,109 shares of the medical technology company’s stock after selling 260,916 shares during the quarter. Bank of New York Mellon Corp’s holdings in Medtronic were worth $1,591,538,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of MDT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Medtronic by 436.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after acquiring an additional 5,975,110 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Medtronic by 2,043.4% in the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after purchasing an additional 2,476,935 shares during the period. Bank of Montreal Can boosted its stake in shares of Medtronic by 65.0% in the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock valued at $406,122,000 after purchasing an additional 1,790,483 shares during the period. Janus Henderson Group PLC grew its holdings in Medtronic by 58.4% during the 3rd quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock valued at $346,705,000 after purchasing an additional 1,420,263 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC increased its stake in Medtronic by 5,124.5% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,035,708 shares of the medical technology company’s stock worth $93,245,000 after buying an additional 1,015,884 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Up 0.4 %

MDT stock opened at $90.27 on Tuesday. The firm has a fifty day moving average price of $86.26 and a two-hundred day moving average price of $87.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08. The firm has a market cap of $115.76 billion, a price-to-earnings ratio of 27.44, a PEG ratio of 2.22 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Research analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is 85.11%.

Insider Activity at Medtronic

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

Analyst Ratings Changes

A number of equities analysts have weighed in on MDT shares. Wells Fargo & Company decreased their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. UBS Group increased their price target on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird upped their target price on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average target price of $95.00.

About Medtronic

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.