King Luther Capital Management Corp reduced its position in Medtronic PLC (NYSE:MDT) by 27.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 678,271 shares of the medical technology company’s stock after selling 253,861 shares during the period. King Luther Capital Management Corp’s holdings in Medtronic were worth $54,411,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. We Are One Seven LLC bought a new stake in Medtronic in the 4th quarter worth approximately $104,000. BB&T Investment Services Inc. grew its position in Medtronic by 147.6% in the 4th quarter. BB&T Investment Services Inc. now owns 1,518 shares of the medical technology company’s stock worth $126,000 after purchasing an additional 905 shares during the period. Barrett Asset Management LLC grew its position in Medtronic by 856.0% in the 4th quarter. Barrett Asset Management LLC now owns 1,826 shares of the medical technology company’s stock worth $147,000 after purchasing an additional 1,635 shares during the period. Proficio Capital Partners LLC grew its position in Medtronic by 51.2% in the 4th quarter. Proficio Capital Partners LLC now owns 2,201 shares of the medical technology company’s stock worth $178,000 after purchasing an additional 745 shares during the period. Finally, Bedel Financial Consulting Inc. bought a new stake in Medtronic in the 1st quarter worth approximately $193,000. Institutional investors own 81.79% of the company’s stock.
A number of research firms have commented on MDT. Oppenheimer set a $94.00 target price on shares of Medtronic and gave the stock a “buy” rating in a research report on Friday, January 19th. Morgan Stanley lifted their target price on shares of Medtronic from $91.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Monday, February 5th. Citigroup reaffirmed a “buy” rating and issued a $93.00 target price (down previously from $100.00) on shares of Medtronic in a research report on Thursday, February 22nd. TheStreet downgraded shares of Medtronic from a “b” rating to a “c+” rating in a research report on Tuesday, February 20th. Finally, Piper Jaffray began coverage on shares of Medtronic in a research report on Friday, April 27th. They issued an “overweight” rating and a $90.00 target price for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $91.39.
Shares of MDT stock opened at $84.64 on Friday. Medtronic PLC has a 1 year low of $76.41 and a 1 year high of $89.72. The company has a quick ratio of 2.09, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. The firm has a market cap of $115.36 billion, a PE ratio of 18.15, a price-to-earnings-growth ratio of 2.34 and a beta of 0.94.
Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.01. The firm had revenue of $7.37 billion during the quarter, compared to the consensus estimate of $7.20 billion. Medtronic had a net margin of 9.44% and a return on equity of 12.65%. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.12 EPS. sell-side analysts forecast that Medtronic PLC will post 4.74 earnings per share for the current fiscal year.
In related news, SVP Carol A. Surface sold 24,479 shares of the company’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $78.18, for a total value of $1,913,768.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director James T. Lenehan sold 1,306 shares of the company’s stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $83.56, for a total transaction of $109,129.36. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.
Medtronic plc manufactures and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. The company's Cardiac and Vascular Group segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; diagnostics and monitoring devices; mechanical circulatory support, TYRX, and AF products; and remote monitoring and patient-centered software.
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