Ballentine Partners LLC Sells 1,483 Shares of Medtronic plc (NYSE:MDT)

Ballentine Partners LLC cut its stake in Medtronic plc (NYSE:MDT) by 10.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Capital Research Global Investors raised its position in Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after buying an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC raised its holdings in shares of 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 purchasing an additional 637,931 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of 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 worth $560,494,000 after purchasing an additional 515,751 shares in the last quarter. Longview Partners Guernsey LTD boosted its holdings in Medtronic by 2.3% during the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after purchasing an additional 147,737 shares during the last quarter. Finally, Raymond James & Associates grew its position 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 purchasing an additional 145,504 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock opened at $90.59 on Friday. The company has a market capitalization of $116.18 billion, a price-to-earnings 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 plc has a 52 week low of $68.84 and a 52 week high of $92.68. The company has a 50-day simple moving average of $89.18 and a 200 day simple moving average of $83.79.

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

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a dividend of $0.70 per share. 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 payout ratio is presently 94.59%.

Analyst Upgrades and Downgrades

MDT has been the topic of several analyst reports. Wells Fargo & Company boosted their price target on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Citigroup increased their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Finally, Oppenheimer boosted their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.36.

Medtronic Company 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.