Manning & Napier Advisors LLC Cuts Stake in Medtronic plc (NYSE:MDT)

Manning & Napier Advisors LLC trimmed its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 9.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 289,117 shares of the medical technology company's stock after selling 30,170 shares during the period. Manning & Napier Advisors LLC's holdings in Medtronic were worth $23,095,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. State Street Corp lifted its position in shares of Medtronic by 0.9% in the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company's stock valued at $5,509,155,000 after acquiring an additional 520,027 shares in the last quarter. Pzena Investment Management LLC lifted its holdings in Medtronic by 3.3% in the 3rd quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company's stock worth $772,727,000 after purchasing an additional 275,870 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Medtronic by 436.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company's stock worth $661,125,000 after purchasing an additional 5,975,110 shares in the last quarter. Raymond James & Associates grew its holdings in Medtronic by 2.3% during the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company's stock valued at $575,460,000 after buying an additional 145,504 shares in the last quarter. Finally, Fisher Asset Management LLC grew its holdings in Medtronic by 11.5% during the 3rd quarter. Fisher Asset Management LLC now owns 5,893,720 shares of the medical technology company's stock valued at $530,612,000 after buying an additional 609,391 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MDT. Barclays upped their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 26th. Robert W. Baird dropped their price objective on shares of Medtronic from $96.00 to $93.00 and set a "neutral" rating for the company in a report on Wednesday, November 20th. JPMorgan Chase & Co. cut their price objective on Medtronic from $99.00 to $96.00 and set a "neutral" rating for the company in a research report on Friday, November 15th. Royal Bank of Canada upgraded Medtronic from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $95.00.

Insider Buying and Selling

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 completion of the sale, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is owned by corporate insiders.

Medtronic Trading Down 1.4 %

NYSE MDT traded down $1.26 on Friday, hitting $90.74. 7,214,570 shares of the stock were exchanged, compared to its average volume of 7,136,039. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $93.08. The firm has a market capitalization of $116.35 billion, a P/E ratio of 27.75, a P/E/G ratio of 2.59 and a beta of 0.83. The stock has a fifty day moving average price of $84.38 and a two-hundred day moving average price of $86.00.

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

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.09%. Medtronic's payout ratio is 85.63%.

Medtronic Company Profile

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.