Pointe Capital Management LLC Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

Pointe Capital Management LLC reduced its position in shares of Medtronic plc (NYSE:MDT) by 56.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 2,601 shares of the medical technology company’s stock after selling 3,336 shares during the period. Pointe Capital Management LLC’s holdings in Medtronic were worth $234,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Capital Research Global Investors raised its holdings in Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares in the last quarter. Pzena Investment Management LLC increased its holdings in Medtronic by 8.3% in the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after buying an additional 637,931 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Medtronic by 7.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after buying an additional 515,751 shares in the last quarter. Longview Partners Guernsey LTD increased its holdings in Medtronic by 2.3% in the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock valued at $578,245,000 after buying an additional 147,737 shares in the last quarter. Finally, Raymond James & Associates increased its holdings in Medtronic by 2.3% in the third quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock valued at $575,460,000 after buying an additional 145,504 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MDT has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Oppenheimer increased their target price on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Citigroup raised their price objective 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. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $95.36.

Medtronic Trading Down 0.4 %

NYSE MDT traded down $0.40 during mid-day trading on Friday, reaching $90.59. 3,446,977 shares of the stock were exchanged, compared to its average volume of 6,215,464. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.68. The business’s fifty day simple moving average is $89.30 and its 200 day simple moving average is $83.84. The stock has a market capitalization of $116.18 billion, a PE ratio of 30.60, a PEG ratio of 2.60 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter last year, the business earned $1.20 earnings per share. Medtronic’s revenue was up 3.4% compared to the same quarter last year. On average, research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.09%. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

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.