Putnam Investments LLC Has $22.07 Million Position in Medtronic plc (NYSE:MDT)

Putnam Investments LLC reduced its position in shares of Medtronic plc (NYSE:MDT) by 32.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 273,731 shares of the medical technology company’s stock after selling 132,802 shares during the period. Putnam Investments LLC’s holdings in Medtronic were worth $22,068,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in MDT. Moneta Group Investment Advisors LLC lifted its holdings in Medtronic by 127,655.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock worth $1,100,544,000 after purchasing an additional 14,149,287 shares during the last quarter. Norges Bank acquired a new stake in Medtronic during the 4th quarter worth approximately $1,062,316,000. Bank of New York Mellon Corp increased its stake in Medtronic by 33.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock worth $1,564,508,000 after acquiring an additional 4,816,172 shares during the period. Providence Capital Advisors LLC increased its stake in Medtronic by 9,401.6% during the 1st quarter. Providence Capital Advisors LLC now owns 4,522,782 shares of the medical technology company’s stock worth $56,100,000 after acquiring an additional 4,475,182 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in Medtronic by 29.0% during the 1st quarter. Ameriprise Financial Inc. now owns 15,322,448 shares of the medical technology company’s stock worth $1,235,191,000 after acquiring an additional 3,443,262 shares during the period. 80.75% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MDT has been the topic of a number of recent research reports. Sanford C. Bernstein lowered their price objective on Medtronic from $100.00 to $99.00 in a research note on Friday, May 26th. Stifel Nicolaus raised their price objective on Medtronic from $92.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, August 22nd. Mizuho raised their price objective on Medtronic from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, August 23rd. Robert W. Baird assumed coverage on Medtronic in a research note on Tuesday, July 18th. They set a “neutral” rating and a $90.00 price objective on the stock. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $89.00 price target on shares of Medtronic in a research note on Wednesday, August 23rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $91.67.

Medtronic Trading Up 0.8 %

NYSE MDT opened at $81.96 on Friday. The company has a quick ratio of 1.79, a current ratio of 2.42 and a debt-to-equity ratio of 0.48. Medtronic plc has a twelve month low of $75.76 and a twelve month high of $92.02. The company has a market cap of $109.05 billion, a price-to-earnings ratio of 30.24, a price-to-earnings-growth ratio of 2.81 and a beta of 0.71. The business’s fifty day moving average is $84.33 and its 200 day moving average is $84.35.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.09. Medtronic had a return on equity of 13.81% and a net margin of 11.47%. The company had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.57 billion. During the same quarter last year, the business posted $1.13 EPS. Medtronic’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, sell-side analysts expect that Medtronic plc will post 5.12 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 22nd will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Thursday, September 21st. Medtronic’s payout ratio is presently 101.85%.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 1,000 shares of Medtronic stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $83.38, for a total transaction of $83,380.00. Following the transaction, the executive vice president now directly owns 33,573 shares of the company’s stock, valued at approximately $2,799,316.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Gregory L. Smith sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $83.84, for a total value of $838,400.00. Following the transaction, the executive vice president now directly owns 46,723 shares of the company’s stock, valued at approximately $3,917,256.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Brett A. Wall sold 1,000 shares of the business’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $83.38, for a total value of $83,380.00. Following the completion of the transaction, the executive vice president now directly owns 33,573 shares in the company, valued at $2,799,316.74. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,866 shares of company stock valued at $1,688,839. 0.30% of the stock is currently owned by company insiders.

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.