NS Partners Ltd Sells 112,841 Shares of Medtronic PLC (NYSE:MDT)

NS Partners Ltd reduced its holdings in Medtronic PLC (NYSE:MDT) by 55.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 89,133 shares of the medical technology company’s stock after selling 112,841 shares during the period. NS Partners Ltd’s holdings in Medtronic were worth $8,038,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Norges Bank bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $1,648,853,000. Investec Asset Management LTD bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $494,986,000. Amundi Pioneer Asset Management Inc. increased its position in shares of Medtronic by 23.2% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 8,968,638 shares of the medical technology company’s stock valued at $1,017,493,000 after purchasing an additional 1,690,287 shares during the period. Geode Capital Management LLC increased its position in shares of Medtronic by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 19,687,292 shares of the medical technology company’s stock valued at $2,229,034,000 after purchasing an additional 1,225,925 shares during the period. Finally, Point72 Asset Management L.P. increased its position in shares of Medtronic by 13,069.0% during the fourth quarter. Point72 Asset Management L.P. now owns 1,106,199 shares of the medical technology company’s stock valued at $125,498,000 after purchasing an additional 1,097,799 shares during the period. 81.14% of the stock is currently owned by institutional investors.

NYSE:MDT traded down $0.15 during mid-day trading on Wednesday, hitting $97.10. The company had a trading volume of 7,507,138 shares, compared to its average volume of 6,590,773. Medtronic PLC has a fifty-two week low of $72.13 and a fifty-two week high of $122.15. The business’s fifty day moving average is $97.56 and its two-hundred day moving average is $105.21. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.72 and a current ratio of 2.13. The firm has a market cap of $130.14 billion, a P/E ratio of 27.48, a P/E/G ratio of 3.58 and a beta of 0.68.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Thursday, May 21st. The medical technology company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($0.70). Medtronic had a return on equity of 12.17% and a net margin of 16.56%. The business had revenue of $6 billion during the quarter, compared to the consensus estimate of $6.10 billion. During the same quarter last year, the company earned $1.54 earnings per share. The firm’s revenue was down 26.4% compared to the same quarter last year. Equities analysts forecast that Medtronic PLC will post 3.51 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be issued a $0.58 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.54. This represents a $2.32 annualized dividend and a dividend yield of 2.39%. The ex-dividend date is Thursday, June 25th. Medtronic’s dividend payout ratio is 47.06%.

MDT has been the topic of a number of research reports. DZ Bank cut Medtronic from a “buy” rating to a “hold” rating and set a $92.00 price objective on the stock. in a research report on Thursday, May 14th. Morgan Stanley lowered their price objective on Medtronic from $112.00 to $106.00 and set an “equal weight” rating on the stock in a research report on Friday, May 22nd. Goldman Sachs Group assumed coverage on Medtronic in a research report on Wednesday, February 12th. They issued a “sell” rating and a $118.00 price target on the stock. Wells Fargo & Co lowered their price target on Medtronic from $130.00 to $108.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 22nd. Finally, SunTrust Banks lowered their price target on Medtronic from $130.00 to $105.00 in a research report on Wednesday, May 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. Medtronic currently has a consensus rating of “Buy” and a consensus target price of $114.53.

In other Medtronic news, SVP Carol A. Surface sold 2,000 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $97.72, for a total value of $195,440.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.28% of the stock is owned by corporate insiders.

Medtronic Company 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.

Further Reading: Technical Analysis

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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