Nicholas Hoffman & Company LLC. Decreases Stake in Medtronic plc (NYSE:MDT)

Nicholas Hoffman & Company LLC. reduced its stake in shares of Medtronic plc (NYSE:MDT) by 49.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,628 shares of the medical technology company’s stock after selling 4,494 shares during the period. Nicholas Hoffman & Company LLC.’s holdings in Medtronic were worth $574,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Lazard Asset Management LLC boosted its position in shares of Medtronic by 0.6% in the 1st quarter. Lazard Asset Management LLC now owns 24,188,177 shares of the medical technology company’s stock worth $2,857,346,000 after buying an additional 151,977 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Medtronic by 6.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 21,957,284 shares of the medical technology company’s stock valued at $2,593,814,000 after purchasing an additional 1,417,008 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Medtronic by 1.9% in the 1st quarter. Geode Capital Management LLC now owns 21,431,672 shares of the medical technology company’s stock valued at $2,524,680,000 after purchasing an additional 401,564 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in Medtronic by 26.5% in the 1st quarter. Nuveen Asset Management LLC now owns 13,070,609 shares of the medical technology company’s stock valued at $1,544,031,000 after purchasing an additional 2,735,614 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in Medtronic by 4.0% in the 1st quarter. Morgan Stanley now owns 12,019,251 shares of the medical technology company’s stock valued at $1,419,834,000 after purchasing an additional 458,766 shares in the last quarter. Institutional investors own 79.59% of the company’s stock.

MDT has been the subject of several research analyst reports. Citigroup reiterated a “focus list” rating and set a $153.00 target price (up from $143.00) on shares of Medtronic in a research note on Wednesday, August 25th. Piper Sandler restated an “overweight” rating and set a $152.00 price objective (up from $140.00) on shares of Medtronic in a research note on Tuesday, August 24th. Truist Securities raised their price objective on Medtronic from $138.00 to $148.00 and gave the stock a “buy” rating in a research note on Wednesday, August 25th. BTIG Research cut Medtronic from a “buy” rating to a “neutral” rating in a research note on Monday, August 9th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Medtronic from $134.00 to $149.00 and gave the stock a “buy” rating in a research note on Friday, May 28th. Five analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $144.18.

In other Medtronic news, EVP Sean Salmon sold 28,419 shares of the firm’s stock in a transaction dated Wednesday, August 25th. The stock was sold at an average price of $134.08, for a total transaction of $3,810,419.52. Following the completion of the sale, the executive vice president now directly owns 54,458 shares in the company, valued at approximately $7,301,728.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Geoffrey Martha sold 11,500 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders have sold 106,390 shares of company stock worth $14,140,470 in the last 90 days. 0.47% of the stock is owned by company insiders.

NYSE MDT opened at $130.58 on Wednesday. Medtronic plc has a 1 year low of $98.94 and a 1 year high of $135.89. The business’s fifty day moving average is $129.86 and its two-hundred day moving average is $125.79. The stock has a market capitalization of $175.49 billion, a P/E ratio of 45.66, a P/E/G ratio of 2.62 and a beta of 0.80. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.34 and a current ratio of 2.89.

Medtronic (NYSE:MDT) last announced its earnings results on Monday, August 23rd. The medical technology company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.09. The company had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.88 billion. Medtronic had a return on equity of 13.85% and a net margin of 12.29%. Medtronic’s revenue for the quarter was up 22.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.62 earnings per share. On average, research analysts forecast that Medtronic plc will post 5.7 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Friday, September 24th will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 1.93%. The ex-dividend date is Thursday, September 23rd.

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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