Medtronic plc (NYSE:MDT) Shares Sold by US Bancorp DE

US Bancorp DE trimmed its position in Medtronic plc (NYSE:MDT - Free Report) by 1.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,485,583 shares of the medical technology company's stock after selling 21,803 shares during the quarter. US Bancorp DE owned about 0.12% of Medtronic worth $133,748,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Manning & Napier Advisors LLC purchased a new stake in shares of Medtronic during the 2nd quarter worth about $25,643,000. SageView Advisory Group LLC raised its position in shares of Medtronic by 130.3% during the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company's stock worth $1,467,000 after purchasing an additional 9,523 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Medtronic by 10.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 135,268 shares of the medical technology company's stock worth $11,789,000 after purchasing an additional 12,250 shares during the last quarter. Empowered Funds LLC raised its position in shares of Medtronic by 174.9% during the 1st quarter. Empowered Funds LLC now owns 74,903 shares of the medical technology company's stock worth $6,528,000 after purchasing an additional 47,657 shares during the last quarter. Finally, National Bank of Canada FI raised its holdings in Medtronic by 13.6% in the 1st quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company's stock valued at $21,642,000 after acquiring an additional 31,195 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT stock traded down $1.25 during trading on Thursday, reaching $89.25. 6,955,558 shares of the company were exchanged, compared to its average volume of 6,210,445. The company has a market cap of $114.45 billion, a P/E ratio of 30.33, a PEG ratio of 2.60 and a beta of 0.84. Medtronic plc has a 52-week low of $69.32 and a 52-week high of $92.68. The stock's 50 day moving average price is $89.58 and its 200 day moving average price is $84.03. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the previous year, the firm earned $1.20 earnings per share. The firm's revenue was up 3.4% on a year-over-year basis. As a group, analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.14%. The ex-dividend date was Friday, September 27th. Medtronic's dividend payout ratio (DPR) is 94.59%.

Analysts Set New Price Targets

A number of analysts have commented on MDT shares. Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a report on Tuesday, October 1st. Stifel Nicolaus increased their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a "hold" rating in a report on Wednesday, August 21st. Oppenheimer increased their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a "market perform" rating in a report on Wednesday, August 21st. Wells Fargo & Company increased their price objective on shares of Medtronic from $105.00 to $106.00 and gave the company an "overweight" rating in a report on Wednesday, August 21st. Finally, Daiwa America upgraded shares of Medtronic to a "strong-buy" rating in a report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Medtronic has a consensus rating of "Hold" and an average target price of $95.36.

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.