King Luther Capital Management Corp Has $30.99 Million Stake in Medtronic PLC (MDT)

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King Luther Capital Management Corp lessened its position in shares of Medtronic PLC (NYSE:MDT) by 0.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 340,741 shares of the medical technology company’s stock after selling 2,992 shares during the quarter. King Luther Capital Management Corp’s holdings in Medtronic were worth $30,994,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in MDT. MML Investors Services LLC boosted its holdings in shares of Medtronic by 33.8% during the 3rd quarter. MML Investors Services LLC now owns 77,141 shares of the medical technology company’s stock worth $7,588,000 after buying an additional 19,488 shares in the last quarter. Twin Capital Management Inc. bought a new position in shares of Medtronic during the 3rd quarter worth approximately $1,157,000. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of Medtronic by 61.7% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 13,818 shares of the medical technology company’s stock worth $1,359,000 after buying an additional 5,270 shares in the last quarter. Chartwell Investment Partners LLC boosted its holdings in shares of Medtronic by 16.1% during the 3rd quarter. Chartwell Investment Partners LLC now owns 53,850 shares of the medical technology company’s stock worth $5,297,000 after buying an additional 7,474 shares in the last quarter. Finally, Mitchell Capital Management Co. boosted its holdings in shares of Medtronic by 10.1% during the 3rd quarter. Mitchell Capital Management Co. now owns 10,475 shares of the medical technology company’s stock worth $1,030,000 after buying an additional 959 shares in the last quarter. 80.59% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have issued reports on MDT shares. Citigroup cut Medtronic from a “buy” rating to a “neutral” rating and cut their price target for the stock from $109.00 to $96.00 in a report on Wednesday, January 2nd. ValuEngine cut Medtronic from a “buy” rating to a “hold” rating in a report on Monday, January 7th. JPMorgan Chase & Co. upgraded Medtronic from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $100.00 to $109.00 in a report on Wednesday, December 19th. Morgan Stanley increased their price target on Medtronic from $98.00 to $102.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 2nd. Finally, Deutsche Bank initiated coverage on Medtronic in a research report on Wednesday, January 2nd. They set a “buy” rating and a $99.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Medtronic currently has an average rating of “Buy” and a consensus target price of $104.32.

In related news, CEO Omar Ishrak purchased 12,000 shares of the stock in a transaction that occurred on Wednesday, January 9th. The stock was acquired at an average cost of $84.05 per share, with a total value of $1,008,600.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Karen L. Parkhill purchased 3,000 shares of the stock in a transaction that occurred on Wednesday, January 9th. The stock was bought at an average cost of $83.87 per share, with a total value of $251,610.00. The disclosure for this purchase can be found here. Corporate insiders own 0.28% of the company’s stock.

Shares of NYSE:MDT opened at $93.79 on Friday. The company has a current ratio of 2.36, a quick ratio of 1.92 and a debt-to-equity ratio of 0.47. Medtronic PLC has a twelve month low of $76.41 and a twelve month high of $100.15. The company has a market cap of $125.79 billion, a PE ratio of 19.66, a PEG ratio of 2.40 and a beta of 0.82.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 19th. The medical technology company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. The business had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.53 billion. Medtronic had a return on equity of 13.85% and a net margin of 16.10%. Medtronic’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.17 EPS. Equities analysts predict that Medtronic PLC will post 5.15 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 22nd will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date is Thursday, March 21st. Medtronic’s payout ratio is currently 41.93%.

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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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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