iSAM Funds UK Ltd Reduces Stock Position in Medtronic plc (NYSE:MDT)

iSAM Funds UK Ltd lowered its position in shares of Medtronic plc (NYSE:MDT) by 26.7% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,802 shares of the medical technology company’s stock after selling 6,480 shares during the period. Medtronic comprises about 0.9% of iSAM Funds UK Ltd’s investment portfolio, making the stock its 16th biggest holding. iSAM Funds UK Ltd’s holdings in Medtronic were worth $1,603,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Olstein Capital Management L.P. boosted its position in Medtronic by 19.2% during the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after buying an additional 14,000 shares during the period. Ferguson Wellman Capital Management Inc. bought a new position in shares of Medtronic in the 3rd quarter worth about $9,486,000. Harvest Portfolios Group Inc. increased its stake in shares of Medtronic by 6.5% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock worth $62,042,000 after acquiring an additional 42,112 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Medtronic by 6.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock worth $29,019,000 after acquiring an additional 21,995 shares in the last quarter. Finally, Arkadios Wealth Advisors increased its stake in shares of Medtronic by 22.6% in the 3rd quarter. Arkadios Wealth Advisors now owns 60,725 shares of the medical technology company’s stock worth $5,467,000 after acquiring an additional 11,178 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of NYSE MDT opened at $83.99 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The company has a market cap of $107.70 billion, a P/E ratio of 25.69, a P/E/G ratio of 2.42 and a beta of 0.82. The firm’s fifty day moving average is $88.35 and its two-hundred day moving average is $85.00. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.25 EPS. As a group, analysts anticipate that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.33%. Medtronic’s dividend payout ratio is currently 85.63%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Barclays increased their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Citigroup increased their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Monday, November 18th. JPMorgan Chase & Co. cut their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Finally, Robert W. Baird dropped their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $95.27.

Medtronic Profile

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.