Two Sigma Advisers LP Acquires 1,255,988 Shares of Medtronic PLC (NYSE:MDT)

Two Sigma Advisers LP raised its holdings in shares of Medtronic PLC (NYSE:MDT) by 393.8% during the second quarter, HoldingsChannel reports. The fund owned 1,574,920 shares of the medical technology company’s stock after purchasing an additional 1,255,988 shares during the quarter. Two Sigma Advisers LP’s holdings in Medtronic were worth $144,420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the business. Schonfeld Strategic Advisors LLC grew its position in shares of Medtronic by 137.7% during the 2nd quarter. Schonfeld Strategic Advisors LLC now owns 112,680 shares of the medical technology company’s stock valued at $10,334,000 after purchasing an additional 65,273 shares in the last quarter. FinTrust Capital Advisors LLC grew its position in shares of Medtronic by 143.0% during the 2nd quarter. FinTrust Capital Advisors LLC now owns 22,070 shares of the medical technology company’s stock valued at $2,024,000 after purchasing an additional 12,987 shares in the last quarter. Advisor OS LLC purchased a new position in shares of Medtronic during the 2nd quarter valued at $478,000. Neuberger Berman Group LLC grew its position in Medtronic by 1.6% in the second quarter. Neuberger Berman Group LLC now owns 4,076,731 shares of the medical technology company’s stock worth $373,720,000 after acquiring an additional 63,583 shares in the last quarter. Finally, Handelsbanken Fonder AB purchased a new position in Medtronic in the second quarter worth $28,415,000. 79.90% of the stock is currently owned by institutional investors and hedge funds.

Several research analysts recently issued reports on the stock. Citigroup upped their target price on shares of Medtronic from $108.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, August 26th. SVB Leerink upped their price target on shares of Medtronic from $105.00 to $110.00 and gave the company a “market perform” rating in a research report on Wednesday, August 26th. Wolfe Research assumed coverage on shares of Medtronic in a research report on Friday, September 11th. They set a “peer perform” rating and a $115.00 price target for the company. Piper Sandler restated a “buy” rating and set a $120.00 price target on shares of Medtronic in a research report on Tuesday, August 11th. Finally, Needham & Company LLC upped their price target on shares of Medtronic from $113.00 to $124.00 and gave the company a “buy” rating in a research report on Tuesday, August 25th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $115.75.

In other Medtronic news, CFO Karen L. Parkhill sold 702 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $107.78, for a total value of $75,661.56. Following the transaction, the chief financial officer now directly owns 87,366 shares in the company, valued at $9,416,307.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Hoedt Rob Ten sold 9,563 shares of the stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $105.05, for a total transaction of $1,004,593.15. Following the completion of the transaction, the executive vice president now owns 53,060 shares in the company, valued at $5,573,953. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.

MDT stock traded down $0.08 on Wednesday, hitting $107.49. The company had a trading volume of 3,685,569 shares, compared to its average volume of 6,011,681. Medtronic PLC has a 12-month low of $72.13 and a 12-month high of $122.15. The company has a current ratio of 1.87, a quick ratio of 1.53 and a debt-to-equity ratio of 0.45. The stock’s 50-day simple moving average is $102.15 and its 200 day simple moving average is $96.42. The stock has a market cap of $144.49 billion, a price-to-earnings ratio of 32.87, a P/E/G ratio of 3.41 and a beta of 0.68.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 25th. The medical technology company reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.41. Medtronic had a net margin of 15.80% and a return on equity of 10.47%. The company had revenue of $6.51 billion for the quarter, compared to analysts’ expectations of $5.48 billion. During the same quarter last year, the company posted $1.26 earnings per share. The firm’s quarterly revenue was down 13.2% on a year-over-year basis. Research analysts forecast that Medtronic PLC will post 3.96 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, September 25th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Thursday, September 24th. Medtronic’s dividend payout ratio is currently 50.54%.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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