Manning & Napier Advisors LLC Has $23.10 Million Stake in Medtronic plc (NYSE:MDT)

Manning & Napier Advisors LLC cut its position in Medtronic plc (NYSE:MDT) by 9.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 289,117 shares of the medical technology company’s stock after selling 30,170 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Medtronic were worth $23,095,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in MDT. Swedbank AB lifted its stake in Medtronic by 4.4% during the fourth quarter. Swedbank AB now owns 580,421 shares of the medical technology company’s stock worth $46,364,000 after purchasing an additional 24,642 shares during the last quarter. Strategic Blueprint LLC lifted its stake in Medtronic by 5.1% during the fourth quarter. Strategic Blueprint LLC now owns 8,594 shares of the medical technology company’s stock worth $687,000 after purchasing an additional 414 shares during the last quarter. McKinley Carter Wealth Services Inc. lifted its stake in Medtronic by 0.7% during the fourth quarter. McKinley Carter Wealth Services Inc. now owns 19,677 shares of the medical technology company’s stock worth $1,572,000 after purchasing an additional 129 shares during the last quarter. Nvest Financial LLC boosted its stake in Medtronic by 5.3% in the fourth quarter. Nvest Financial LLC now owns 10,588 shares of the medical technology company’s stock valued at $846,000 after buying an additional 536 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its stake in Medtronic by 9.6% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 859,530 shares of the medical technology company’s stock valued at $68,659,000 after buying an additional 74,963 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares in the company, valued at $3,273,330.28. This represents a 19.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Medtronic Trading Up 0.9 %

MDT stock traded up $0.82 during midday trading on Wednesday, hitting $92.80. The stock had a trading volume of 662,582 shares, compared to its average volume of 7,641,220. The firm has a market cap of $119.00 billion, a P/E ratio of 28.42, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08. The business has a fifty day moving average price of $83.99 and a two-hundred day moving average price of $85.83.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the prior year, the business earned $1.25 EPS. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, sell-side analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is currently 85.63%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MDT shares. Citigroup raised their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Barclays lifted their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. lowered their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Robert W. Baird lowered their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $95.00.

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.