Robeco Institutional Asset Management B.V. reduced its position in shares of Medtronic plc (NYSE:MDT) by 54.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 626,400 shares of the medical technology company’s stock after selling 740,337 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in Medtronic were worth $65,095,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently bought and sold shares of MDT. Evolution Wealth Advisors LLC raised its position in shares of Medtronic by 403.7% during the 2nd quarter. Evolution Wealth Advisors LLC now owns 272 shares of the medical technology company’s stock valued at $25,000 after acquiring an additional 218 shares in the last quarter. Price Wealth LLC increased its position in Medtronic by 73.2% in the second quarter. Price Wealth LLC now owns 291 shares of the medical technology company’s stock worth $27,000 after buying an additional 123 shares during the period. JFS Wealth Advisors LLC increased its position in Medtronic by 64.6% in the second quarter. JFS Wealth Advisors LLC now owns 311 shares of the medical technology company’s stock worth $29,000 after buying an additional 122 shares during the period. Coastal Capital Group Inc. increased its position in Medtronic by 137.0% in the third quarter. Coastal Capital Group Inc. now owns 282 shares of the medical technology company’s stock worth $29,000 after buying an additional 163 shares during the period. Finally, Crewe Advisors LLC acquired a new stake in Medtronic in the third quarter worth $31,000. 79.90% of the stock is currently owned by institutional investors and hedge funds.
In other news, SVP Bradley E. Lerman sold 20,714 shares of the firm’s stock in a transaction dated Thursday, October 8th. The stock was sold at an average price of $110.00, for a total transaction of $2,278,540.00. Following the completion of the sale, the senior vice president now directly owns 74,242 shares of the company’s stock, valued at approximately $8,166,620. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Karen L. Parkhill sold 702 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $107.78, for a total value of $75,661.56. Following the sale, the chief financial officer now directly owns 87,366 shares of the company’s stock, valued at $9,416,307.48. The disclosure for this sale can be found here. Insiders have sold a total of 41,326 shares of company stock valued at $4,441,498 over the last 90 days. Corporate insiders own 0.52% of the company’s stock.
Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 25th. The medical technology company reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.41. Medtronic had a return on equity of 10.47% and a net margin of 15.80%. The firm had revenue of $6.51 billion during the quarter, compared to analyst estimates of $5.48 billion. During the same period last year, the company posted $1.26 EPS. The business’s quarterly revenue was down 13.2% compared to the same quarter last year. Equities analysts forecast that Medtronic plc will post 3.93 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Friday, September 25th were given a dividend of $0.58 per share. The ex-dividend date was Thursday, September 24th. This represents a $2.32 dividend on an annualized basis and a yield of 2.31%. Medtronic’s payout ratio is presently 50.54%.
Several equities research analysts have weighed in on MDT shares. Piper Sandler reaffirmed a “buy” rating and issued a $120.00 target price on shares of Medtronic in a research report on Tuesday, August 11th. Sanford C. Bernstein raised Medtronic from a “market perform” rating to an “outperform” rating in a research report on Thursday, October 8th. BTIG Research raised their price target on Medtronic from $102.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, August 26th. Jefferies Financial Group raised their price target on Medtronic from $120.00 to $138.00 and gave the company a “buy” rating in a report on Thursday, October 15th. Finally, Cowen reissued a “buy” rating and set a $110.00 price target on shares of Medtronic in a report on Tuesday, August 18th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $116.69.
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.
Featured Story: How Short Selling Works
Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic plc (NYSE:MDT).
Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.