Thornburg Investment Management Inc. Sells 85,900 Shares of Medtronic PLC (MDT)

Share on StockTwits

Thornburg Investment Management Inc. decreased its holdings in Medtronic PLC (NYSE:MDT) by 13.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 565,406 shares of the medical technology company’s stock after selling 85,900 shares during the period. Thornburg Investment Management Inc.’s holdings in Medtronic were worth $55,619,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Chicago Partners Investment Group LLC grew its holdings in shares of Medtronic by 24.4% during the second quarter. Chicago Partners Investment Group LLC now owns 2,699 shares of the medical technology company’s stock valued at $231,000 after buying an additional 530 shares during the last quarter. Duncker Streett & Co. Inc. boosted its holdings in Medtronic by 3.0% in the third quarter. Duncker Streett & Co. Inc. now owns 18,383 shares of the medical technology company’s stock valued at $1,808,000 after purchasing an additional 544 shares during the last quarter. Telemus Capital LLC boosted its holdings in Medtronic by 4.9% in the third quarter. Telemus Capital LLC now owns 11,590 shares of the medical technology company’s stock valued at $1,140,000 after purchasing an additional 544 shares during the last quarter. Strategic Financial Services Inc boosted its holdings in Medtronic by 1.0% in the second quarter. Strategic Financial Services Inc now owns 57,707 shares of the medical technology company’s stock valued at $4,940,000 after purchasing an additional 554 shares during the last quarter. Finally, SNS Financial Group LLC boosted its holdings in Medtronic by 7.1% in the third quarter. SNS Financial Group LLC now owns 8,439 shares of the medical technology company’s stock valued at $830,000 after purchasing an additional 560 shares during the last quarter. 80.00% of the stock is owned by institutional investors.

Several equities research analysts have commented on MDT shares. Morgan Stanley upped their price target on shares of Medtronic from $95.00 to $105.00 and gave the company an “equal weight” rating in a report on Wednesday, August 22nd. Zacks Investment Research lowered shares of Medtronic from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Needham & Company LLC raised shares of Medtronic from a “buy” rating to a “strong-buy” rating and upped their price target for the company from $103.00 to $119.00 in a report on Monday, August 13th. Argus upped their price target on shares of Medtronic from $95.00 to $108.00 and gave the company a “buy” rating in a report on Monday, August 27th. Finally, Wells Fargo & Co upped their price target on shares of Medtronic from $95.00 to $101.00 and gave the company a “market perform” rating in a report on Wednesday, August 22nd. Seven research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Medtronic presently has an average rating of “Buy” and a consensus price target of $102.58.

Shares of MDT traded up $0.48 during mid-day trading on Wednesday, hitting $93.00. 418,815 shares of the company were exchanged, compared to its average volume of 5,365,412. Medtronic PLC has a 1-year low of $76.41 and a 1-year high of $100.15. The company has a quick ratio of 2.06, a current ratio of 2.46 and a debt-to-equity ratio of 0.47. The company has a market cap of $123.46 billion, a PE ratio of 19.50, a price-to-earnings-growth ratio of 2.43 and a beta of 0.94.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 21st. The medical technology company reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.06. Medtronic had a net margin of 10.56% and a return on equity of 12.98%. The firm had revenue of $7.38 billion during the quarter, compared to the consensus estimate of $7.24 billion. During the same quarter in the prior year, the firm earned $1.12 EPS. The company’s revenue for the quarter was down .1% on a year-over-year basis. As a group, sell-side analysts expect that Medtronic PLC will post 5.12 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, October 19th. Investors of record on Friday, September 28th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $2.00 annualized dividend and a dividend yield of 2.15%. Medtronic’s dividend payout ratio (DPR) is presently 41.93%.

In other Medtronic news, Director Richard H. Anderson acquired 2,600 shares of the business’s stock in a transaction on Thursday, August 23rd. The stock was bought at an average price of $95.88 per share, for a total transaction of $249,288.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Geoffrey Martha sold 49,799 shares of the stock in a transaction dated Monday, September 24th. The shares were sold at an average price of $97.93, for a total transaction of $4,876,816.07. Following the completion of the sale, the executive vice president now owns 87,872 shares of the company’s stock, valued at approximately $8,605,304.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 268,678 shares of company stock valued at $25,818,353. Insiders own 0.28% of the company’s stock.

TRADEMARK VIOLATION WARNING: This news story was reported by Week Herald and is the sole property of of Week Herald. If you are accessing this news story on another website, it was illegally copied and reposted in violation of US and international trademark & copyright laws. The original version of this news story can be viewed at https://weekherald.com/2018/11/07/thornburg-investment-management-inc-sells-85900-shares-of-medtronic-plc-mdt.html.

About Medtronic

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.

See Also: How to calculate compound interest

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).

Institutional Ownership by Quarter for Medtronic (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.

Leave a Reply