Point72 Asset Management L.P. Grows Stock Position in Medtronic plc (NYSE:MDT)

Point72 Asset Management L.P. lifted its stake in Medtronic plc (NYSE:MDT) by 4,073.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 437,100 shares of the medical technology company’s stock after buying an additional 426,626 shares during the period. Point72 Asset Management L.P.’s holdings in Medtronic were worth $51,635,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Lazard Asset Management LLC grew its stake in shares of Medtronic by 0.6% in the first quarter. Lazard Asset Management LLC now owns 24,188,177 shares of the medical technology company’s stock worth $2,857,346,000 after purchasing an additional 151,977 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Medtronic by 6.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 21,957,284 shares of the medical technology company’s stock worth $2,593,814,000 after purchasing an additional 1,417,008 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Medtronic by 1.9% in the first quarter. Geode Capital Management LLC now owns 21,431,672 shares of the medical technology company’s stock worth $2,524,680,000 after purchasing an additional 401,564 shares during the last quarter. Norges Bank bought a new stake in shares of Medtronic in the fourth quarter worth about $1,733,123,000. Finally, Nuveen Asset Management LLC grew its stake in shares of Medtronic by 26.5% in the first quarter. Nuveen Asset Management LLC now owns 13,070,609 shares of the medical technology company’s stock worth $1,544,031,000 after purchasing an additional 2,735,614 shares during the last quarter. Hedge funds and other institutional investors own 79.47% of the company’s stock.

Several analysts recently issued reports on MDT shares. William Blair reissued a “market perform” rating on shares of Medtronic in a research note on Thursday, May 27th. lifted their price objective on Medtronic from $133.00 to $143.00 and gave the company a “buy” rating in a research report on Friday, May 28th. SVB Leerink lifted their price objective on Medtronic from $129.00 to $138.00 and gave the company a “market perform” rating in a research report on Friday, May 28th. Oppenheimer lifted their price objective on Medtronic from $134.00 to $147.00 and gave the company an “outperform” rating in a research report on Friday, May 28th. Finally, Citigroup reaffirmed a “buy” rating and set a $143.00 price objective (up from $133.00) on shares of Medtronic in a research report on Friday, May 28th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nineteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $133.33.

In other news, CEO Geoffrey Martha sold 11,500 shares of the stock in a transaction on Monday, June 28th. The stock was sold at an average price of $125.29, for a total transaction of $1,440,835.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Karen L. Parkhill sold 605 shares of the firm’s stock in a transaction on Tuesday, June 15th. The stock was sold at an average price of $124.47, for a total value of $75,304.35. The disclosure for this sale can be found here. Insiders have sold a total of 49,349 shares of company stock worth $6,236,241 over the last three months. Insiders own 0.52% of the company’s stock.

MDT stock opened at $127.05 on Thursday. The company has a market cap of $170.74 billion, a PE ratio of 47.76, a PEG ratio of 2.48 and a beta of 0.80. Medtronic plc has a 12-month low of $94.64 and a 12-month high of $132.30. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.65 and a quick ratio of 2.14. The company has a 50 day simple moving average of $125.55.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Wednesday, May 26th. The medical technology company reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.08. The business had revenue of $8.19 billion for the quarter, compared to analysts’ expectations of $8.13 billion. Medtronic had a return on equity of 11.82% and a net margin of 11.98%. The firm’s quarterly revenue was up 36.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.58 EPS. As a group, analysts predict that Medtronic plc will post 5.68 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, July 16th. Stockholders of record on Friday, June 25th were issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 1.98%. This is a boost from Medtronic’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Thursday, June 24th.

Medtronic Profile

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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