Van ECK Associates Corp Sells 2,261,138 Shares of Medtronic plc (NYSE:MDT)

Van ECK Associates Corp lowered its holdings in shares of Medtronic plc (NYSE:MDT) by 49.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,310,707 shares of the medical technology company’s stock after selling 2,261,138 shares during the period. Van ECK Associates Corp owned approximately 0.18% of Medtronic worth $181,875,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. LifeSteps Financial Inc. bought a new stake in shares of Medtronic in the 1st quarter valued at $27,000. MeadowBrook Investment Advisors LLC bought a new stake in Medtronic in the fourth quarter valued at $27,000. Lynx Investment Advisory acquired a new position in shares of Medtronic during the second quarter valued at about $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic during the 1st quarter worth about $33,000. Finally, Riverview Trust Co acquired a new stake in shares of Medtronic in the 1st quarter valued at about $39,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

Shares of MDT traded up $0.39 on Friday, reaching $88.58. 7,940,126 shares of the company’s stock traded hands, compared to its average volume of 6,288,698. The stock’s 50 day simple moving average is $81.32 and its two-hundred day simple moving average is $82.44. The stock has a market cap of $113.58 billion, a PE ratio of 32.21, a PEG ratio of 2.35 and a beta of 0.82. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $90.13. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47.

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, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same period last year, the firm posted $1.20 EPS. On average, analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Insider Activity

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MDT. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Robert W. Baird boosted their price target on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, August 21st. Finally, The Goldman Sachs Group initiated coverage on shares of Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price for the company. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target 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.