Medtronic PLC (NYSE:MDT) Stake Lessened by Oxbow Advisors LLC

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Oxbow Advisors LLC cut its stake in Medtronic PLC (NYSE:MDT) by 3.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,492 shares of the medical technology company’s stock after selling 590 shares during the period. Oxbow Advisors LLC’s holdings in Medtronic were worth $1,606,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Cornerstone Advisors Inc. boosted its holdings in Medtronic by 8.1% during the second quarter. Cornerstone Advisors Inc. now owns 1,621 shares of the medical technology company’s stock worth $158,000 after buying an additional 122 shares in the last quarter. Patriot Financial Group Insurance Agency LLC boosted its holdings in Medtronic by 3.1% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 4,129 shares of the medical technology company’s stock worth $376,000 after buying an additional 126 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in Medtronic by 9.8% during the first quarter. Parkside Financial Bank & Trust now owns 1,432 shares of the medical technology company’s stock worth $131,000 after buying an additional 128 shares in the last quarter. PFG Advisors boosted its holdings in Medtronic by 2.3% during the second quarter. PFG Advisors now owns 5,859 shares of the medical technology company’s stock worth $601,000 after buying an additional 130 shares in the last quarter. Finally, Merit Financial Group LLC boosted its holdings in Medtronic by 3.4% during the first quarter. Merit Financial Group LLC now owns 4,182 shares of the medical technology company’s stock worth $380,000 after buying an additional 136 shares in the last quarter. Institutional investors and hedge funds own 80.62% of the company’s stock.

In other Medtronic news, SVP Bradley E. Lerman sold 6,599 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $102.02, for a total value of $673,229.98. Following the completion of the sale, the senior vice president now owns 105,960 shares in the company, valued at approximately $10,810,039.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Bradley E. Lerman sold 4,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $100.31, for a total transaction of $401,240.00. Following the completion of the sale, the senior vice president now owns 52,906 shares of the company’s stock, valued at approximately $5,307,000.86. The disclosure for this sale can be found here. In the last quarter, insiders sold 86,701 shares of company stock valued at $8,491,824. Insiders own 0.28% of the company’s stock.

MDT stock traded up $0.84 during midday trading on Tuesday, reaching $107.73. The company had a trading volume of 272,615 shares, compared to its average volume of 5,029,513. Medtronic PLC has a 1 year low of $81.66 and a 1 year high of $109.70. The company has a current ratio of 2.67, a quick ratio of 2.20 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $142.23 billion, a P/E ratio of 20.59, a PEG ratio of 2.61 and a beta of 0.67. The company has a 50 day moving average of $102.14 and a two-hundred day moving average of $94.33.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.08. Medtronic had a net margin of 14.41% and a return on equity of 14.36%. The company had revenue of $7.49 billion during the quarter, compared to the consensus estimate of $7.40 billion. During the same quarter in the prior year, the firm earned $1.17 EPS. The company’s revenue was up 1.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Medtronic PLC will post 5.56 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Friday, September 27th will be given a $0.54 dividend. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $2.16 dividend on an annualized basis and a yield of 2.01%. Medtronic’s payout ratio is 41.38%.

A number of brokerages recently weighed in on MDT. Wells Fargo & Co raised their target price on shares of Medtronic from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. Morgan Stanley raised their target price on shares of Medtronic from $105.00 to $111.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 21st. BTIG Research raised their target price on shares of Medtronic to $120.00 and gave the stock a “buy” rating in a report on Wednesday, August 21st. Northland Securities restated a “hold” rating and set a $100.00 target price on shares of Medtronic in a report on Wednesday, August 21st. Finally, Cowen restated an “outperform” rating and issued a $111.00 price target (up previously from $99.00) on shares of Medtronic in a research report on Wednesday, August 14th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $113.55.

Medtronic 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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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