Murphy Pohlad Asset Management LLC Sells 1,766 Shares of Medtronic plc (NYSE:MDT)

Murphy Pohlad Asset Management LLC reduced its position in Medtronic plc (NYSE:MDT) by 2.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 68,284 shares of the medical technology company’s stock after selling 1,766 shares during the quarter. Medtronic comprises approximately 2.6% of Murphy Pohlad Asset Management LLC’s investment portfolio, making the stock its 4th largest position. Murphy Pohlad Asset Management LLC’s holdings in Medtronic were worth $6,148,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in MDT. M&G Plc acquired a new stake in shares of Medtronic in the first quarter valued at approximately $259,160,000. Capital Research Global Investors boosted its stake 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 buying an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Medtronic by 1,195.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after buying an additional 1,695,800 shares in the last quarter. International Assets Investment Management LLC increased its stake in shares of Medtronic by 8,908.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after acquiring an additional 1,284,002 shares during the last quarter. Finally, Troy Asset Management Ltd purchased a new position in shares of Medtronic during the 2nd quarter worth $85,440,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on MDT. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Wells Fargo & Company increased their price target on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Barclays lifted their price target on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Finally, Stifel Nicolaus raised their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Price Performance

MDT stock opened at $90.07 on Friday. The business’s fifty day moving average price is $89.64 and its 200 day moving average price is $84.13. Medtronic plc has a 12-month low of $69.32 and a 12-month high of $92.68. The company has a market capitalization of $115.51 billion, a PE ratio of 30.43, a P/E/G ratio of 2.59 and a beta of 0.84. 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 (NYSE:MDT) last issued its quarterly 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 business had revenue of $7.97 billion for 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 business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 earnings per share. On average, sell-side analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s dividend payout ratio (DPR) is 94.59%.

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.