Envestnet Asset Management Inc. Trims Stock Position in Medtronic plc (NYSE:MDT)

Envestnet Asset Management Inc. decreased its position in Medtronic plc (NYSE:MDT) by 1.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,357,657 shares of the medical technology company’s stock after selling 50,568 shares during the period. Envestnet Asset Management Inc. owned 0.34% of Medtronic worth $342,991,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Chemung Canal Trust Co. increased its position in Medtronic by 1,467.5% during the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after purchasing an additional 44,846 shares during the period. Manning & Napier Advisors LLC bought a new position in Medtronic in the second quarter worth approximately $25,643,000. TD Asset Management Inc lifted its holdings in Medtronic by 4.3% during the fourth quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock worth $85,199,000 after buying an additional 42,988 shares during the period. SageView Advisory Group LLC boosted its position in Medtronic by 130.3% during the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after acquiring an additional 9,523 shares in the last quarter. Finally, Camden National Bank raised its position in shares of Medtronic by 98.7% in the 4th quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock worth $9,890,000 after acquiring an additional 59,625 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

MDT opened at $90.00 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49. The firm has a 50 day moving average of $83.60 and a two-hundred day moving average of $82.80. The firm has a market capitalization of $115.42 billion, a PE ratio of 32.73, a P/E/G ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.20 earnings per share. On average, analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is presently 101.82%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MDT. Citigroup dropped their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, August 21st. Wells Fargo & Company increased their target price on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. The Goldman Sachs Group initiated coverage on Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. Finally, Barclays raised their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $92.92.

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.