Redpoint Investment Management Pty Ltd Sells 486 Shares of Medtronic PLC (NYSE:MDT)

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Redpoint Investment Management Pty Ltd lowered its position in shares of Medtronic PLC (NYSE:MDT) by 0.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 94,870 shares of the medical technology company’s stock after selling 486 shares during the quarter. Redpoint Investment Management Pty Ltd’s holdings in Medtronic were worth $10,305,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MDT. Vanguard Group Inc. boosted its stake in shares of Medtronic by 0.6% during the 2nd quarter. Vanguard Group Inc. now owns 112,334,285 shares of the medical technology company’s stock worth $10,940,236,000 after acquiring an additional 640,083 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Medtronic by 0.4% during the 2nd quarter. BlackRock Inc. now owns 107,191,111 shares of the medical technology company’s stock worth $10,439,341,000 after acquiring an additional 413,027 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Medtronic by 2.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 22,211,176 shares of the medical technology company’s stock worth $2,163,147,000 after acquiring an additional 516,915 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Medtronic by 9.4% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,499,865 shares of the medical technology company’s stock worth $1,412,142,000 after acquiring an additional 1,251,830 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Medtronic by 4.6% during the 2nd quarter. Wells Fargo & Company MN now owns 14,350,496 shares of the medical technology company’s stock worth $1,397,595,000 after acquiring an additional 635,871 shares in the last quarter. Hedge funds and other institutional investors own 80.61% of the company’s stock.

Several equities research analysts have recently weighed in on MDT shares. Oppenheimer raised their price objective on Medtronic from $118.00 to $123.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Morgan Stanley increased their target price on Medtronic from $105.00 to $111.00 and gave the company an “equal weight” rating in a report on Wednesday, August 21st. Wells Fargo & Co increased their target price on Medtronic from $110.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, August 21st. Royal Bank of Canada increased their target price on Medtronic from $118.00 to $122.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Finally, Deutsche Bank increased their target price on Medtronic from $118.00 to $123.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $117.35.

NYSE MDT traded up $0.95 during trading on Wednesday, hitting $111.94. 2,992,860 shares of the company traded hands, compared to its average volume of 5,068,668. The company has a market capitalization of $149.45 billion, a P/E ratio of 21.44, a PEG ratio of 2.70 and a beta of 0.60. The business has a fifty day simple moving average of $108.89 and a 200 day simple moving average of $103.47. Medtronic PLC has a 12 month low of $81.66 and a 12 month high of $114.46. The company has a current ratio of 2.77, a quick ratio of 2.28 and a debt-to-equity ratio of 0.49.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.28 by $0.03. The company had revenue of $7.71 billion for the quarter, compared to the consensus estimate of $7.66 billion. Medtronic had a return on equity of 14.52% and a net margin of 15.11%. The firm’s revenue was up 3.0% compared to the same quarter last year. During the same period last year, the business posted $1.22 earnings per share. Equities research analysts predict that Medtronic PLC will post 5.6 EPS for the current fiscal year.

In related news, EVP Hooman Hakami sold 82,877 shares of Medtronic stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $107.31, for a total transaction of $8,893,530.87. Following the sale, the executive vice president now directly owns 30,761 shares of the company’s stock, valued at $3,300,962.91. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Michael J. Coyle sold 2,102 shares of Medtronic stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $109.77, for a total value of $230,736.54. Following the sale, the executive vice president now directly owns 189,162 shares in the company, valued at $20,764,312.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 210,735 shares of company stock worth $22,901,472. 0.28% of the stock is currently owned by company insiders.

Medtronic Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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