Whittier Trust Co. of Nevada Inc. Lowers Position in Medtronic plc (NYSE:MDT)

Whittier Trust Co. of Nevada Inc. trimmed its position in shares of Medtronic plc (NYSE:MDT) by 2.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,118 shares of the medical technology company’s stock after selling 294 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Medtronic were worth $1,091,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of MDT. M&G Plc bought a new stake in shares of Medtronic during the 1st quarter worth $259,160,000. Capital Research Global Investors boosted its stake in Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after acquiring an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Medtronic by 1,195.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after acquiring an additional 1,695,800 shares during the period. Troy Asset Management Ltd purchased a new stake in shares of Medtronic during the 2nd quarter worth approximately $85,440,000. Finally, 1832 Asset Management L.P. raised its holdings in shares of Medtronic by 26.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock worth $386,908,000 after purchasing an additional 1,041,863 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of Medtronic stock opened at $91.12 on Wednesday. The business’s 50-day moving average price is $88.83 and its 200-day moving average price is $83.67. The firm has a market capitalization of $116.84 billion, a PE ratio of 33.13, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.25. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate 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 period last year, the firm posted $1.20 earnings per share. The business’s revenue was up 3.4% compared to the same quarter last year. Sell-side analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.07%. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

Wall Street Analyst Weigh In

MDT has been the subject of several research reports. Wells Fargo & Company increased their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Stifel Nicolaus lifted their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Oppenheimer upped 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. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Barclays upped their price target on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus 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.