DAVENPORT & Co LLC Sells 33,468 Shares of Medtronic plc (NYSE:MDT)

DAVENPORT & Co LLC reduced its stake in Medtronic plc (NYSE:MDT - Free Report) by 3.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,061,662 shares of the medical technology company's stock after selling 33,468 shares during the quarter. DAVENPORT & Co LLC owned about 0.08% of Medtronic worth $84,729,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Copley Financial Group Inc. acquired a new position in shares of Medtronic in the 3rd quarter worth approximately $694,000. Olstein Capital Management L.P. lifted its holdings in Medtronic by 19.2% in the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company's stock valued at $7,833,000 after buying an additional 14,000 shares during the period. Franklin Street Advisors Inc. NC boosted its position in Medtronic by 32.6% during the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company's stock valued at $5,873,000 after acquiring an additional 18,057 shares during the last quarter. Y Intercept Hong Kong Ltd grew its holdings in Medtronic by 322.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company's stock worth $6,626,000 after acquiring an additional 56,178 shares during the period. Finally, Czech National Bank grew its holdings in Medtronic by 6.4% during the 4th quarter. Czech National Bank now owns 278,065 shares of the medical technology company's stock worth $22,212,000 after acquiring an additional 16,786 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the sale, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.20% of the company's stock.

Medtronic Stock Up 0.5 %

Shares of NYSE:MDT traded up $0.46 during mid-day trading on Tuesday, hitting $90.99. 5,193,094 shares of the company traded hands, compared to its average volume of 7,546,100. The stock has a 50-day moving average price of $84.47 and a two-hundred day moving average price of $86.16. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $93.08. The stock has a market cap of $116.67 billion, a P/E ratio of 27.82, a P/E/G ratio of 2.57 and a beta of 0.84. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.01. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.25 EPS. On average, equities research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.08%. Medtronic's dividend payout ratio (DPR) is 85.63%.

Wall Street Analyst Weigh In

Several brokerages recently commented on MDT. Wells Fargo & Company cut their target price on Medtronic from $106.00 to $98.00 and set an "overweight" rating on the stock in a research report on Wednesday, November 20th. Royal Bank of Canada upgraded Medtronic from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Robert W. Baird lowered their price objective on shares of Medtronic from $96.00 to $93.00 and set a "neutral" rating for the company in a research note on Wednesday, November 20th. JPMorgan Chase & Co. dropped their target price on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a research report on Friday, November 15th. Finally, Barclays lifted their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $95.00.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.