Polar Capital LLP Lowers Stake in Medtronic PLC (MDT)

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Polar Capital LLP trimmed its position in shares of Medtronic PLC (NYSE:MDT) by 13.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,249,080 shares of the medical technology company’s stock after selling 197,086 shares during the period. Medtronic accounts for 1.2% of Polar Capital LLP’s holdings, making the stock its 16th biggest position. Polar Capital LLP’s holdings in Medtronic were worth $113,616,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the company. Tributary Capital Management LLC bought a new stake in Medtronic during the fourth quarter worth $27,000. Highwater Wealth Management LLC bought a new stake in Medtronic during the fourth quarter worth $39,000. IMS Capital Management bought a new stake in Medtronic during the third quarter worth $41,000. Contravisory Investment Management Inc. grew its holdings in Medtronic by 220.0% during the fourth quarter. Contravisory Investment Management Inc. now owns 480 shares of the medical technology company’s stock worth $44,000 after buying an additional 330 shares in the last quarter. Finally, Karp Capital Management Corp bought a new stake in Medtronic during the fourth quarter worth $46,000. 80.59% of the stock is currently owned by institutional investors.

Shares of NYSE:MDT opened at $90.39 on Friday. The firm has a market capitalization of $121.23 billion, a price-to-earnings ratio of 18.95, a price-to-earnings-growth ratio of 2.22 and a beta of 0.82. The company has a quick ratio of 1.92, a current ratio of 2.36 and a debt-to-equity ratio of 0.47. Medtronic PLC has a 1 year low of $76.41 and a 1 year high of $100.15.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 19th. The medical technology company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. The firm had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.53 billion. Medtronic had a return on equity of 13.85% and a net margin of 16.10%. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.17 EPS. On average, equities analysts forecast that Medtronic PLC will post 5.15 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 22nd will be paid a $0.50 dividend. The ex-dividend date is Thursday, March 21st. This represents a $2.00 dividend on an annualized basis and a yield of 2.21%. Medtronic’s dividend payout ratio (DPR) is presently 41.93%.

Several brokerages recently issued reports on MDT. Northland Securities reiterated a “hold” rating and set a $84.00 price target on shares of Medtronic in a report on Monday, March 18th. Citigroup upped their price target on Medtronic from $95.00 to $101.00 and gave the stock a “neutral” rating in a report on Monday, February 25th. Barclays reiterated a “buy” rating and set a $104.00 price target on shares of Medtronic in a report on Wednesday, February 20th. Oppenheimer set a $104.00 price target on Medtronic and gave the stock a “buy” rating in a report on Wednesday, February 20th. Finally, Needham & Company LLC reiterated a “strong-buy” rating and set a $117.00 price target (down previously from $120.00) on shares of Medtronic in a report on Monday, February 4th. Ten investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $103.43.

In other news, CFO Karen L. Parkhill purchased 3,000 shares of the business’s stock in a transaction dated Wednesday, January 9th. The stock was bought at an average price of $83.87 per share, for a total transaction of $251,610.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Omar Ishrak purchased 12,000 shares of the business’s stock in a transaction dated Wednesday, January 9th. The shares were purchased at an average price of $84.05 per share, with a total value of $1,008,600.00. The disclosure for this purchase can be found here. 0.28% of the stock is owned by corporate insiders.

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About Medtronic

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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