Perceptive Advisors LLC Sells 938,898 Shares of Medtronic plc (NYSE:MDT)

Perceptive Advisors LLC trimmed its holdings in Medtronic plc (NYSE:MDT) by 65.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 490,665 shares of the medical technology company’s stock after selling 938,898 shares during the quarter. Perceptive Advisors LLC’s holdings in Medtronic were worth $38,620,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic in the first quarter worth about $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic during the 2nd quarter worth approximately $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic during the 1st quarter valued at approximately $33,000. Riverview Trust Co bought a new stake in Medtronic in the first quarter worth $39,000. Finally, Fortis Group Advisors LLC raised its stake in Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Oppenheimer lifted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Citigroup reduced their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Stifel Nicolaus upped their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Wells Fargo & Company boosted their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Finally, Robert W. Baird raised their price target on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus target price of $92.92.

Medtronic Trading Down 0.1 %

Shares of NYSE MDT opened at $89.32 on Monday. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The firm has a market cap of $114.53 billion, a PE ratio of 32.48, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The business has a fifty day simple moving average of $85.79 and a two-hundred day simple moving average of $83.11. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the previous year, the company posted $1.20 earnings per share. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. Analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

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.