Ballentine Partners LLC Has $1.18 Million Position in Medtronic plc (NYSE:MDT)

Ballentine Partners LLC decreased its stake in Medtronic plc (NYSE:MDT) by 10.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,072 shares of the medical technology company’s stock after selling 1,483 shares during the period. Ballentine Partners LLC’s holdings in Medtronic were worth $1,177,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Chemung Canal Trust Co. increased its holdings in shares of 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 worth $4,175,000 after purchasing an additional 44,846 shares during the period. Manning & Napier Advisors LLC acquired a new position in Medtronic in the 2nd quarter valued at approximately $25,643,000. SageView Advisory Group LLC grew its holdings in shares of Medtronic by 130.3% during the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after purchasing an additional 9,523 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Medtronic by 10.0% during the first quarter. Daiwa Securities Group Inc. now owns 135,268 shares of the medical technology company’s stock valued at $11,789,000 after purchasing an additional 12,250 shares during the period. Finally, Burns J W & Co. Inc. NY raised its stake in shares of Medtronic by 17.4% in the first quarter. Burns J W & Co. Inc. NY now owns 3,276 shares of the medical technology company’s stock valued at $286,000 after purchasing an additional 486 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MDT. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday. Wells Fargo & Company raised their price target on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and upped their price objective for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Barclays raised their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eight 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 MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.36.

Medtronic Stock Performance

Shares of Medtronic stock opened at $90.59 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The firm has a 50 day simple moving average of $89.18 and a 200 day simple moving average of $83.79. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.68. The firm has a market cap of $116.18 billion, a P/E ratio of 30.60, a P/E/G ratio of 2.60 and a beta of 0.84.

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

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given 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 is 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.