Pacifica Partners Inc. Reduces Stake in Medtronic plc (NYSE:MDT)

Pacifica Partners Inc. lessened its stake in shares of Medtronic plc (NYSE:MDT) by 11.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,999 shares of the medical technology company’s stock after selling 250 shares during the quarter. Pacifica Partners Inc.’s holdings in Medtronic were worth $180,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Capital Research Global Investors grew its holdings in Medtronic by 7.1% during the 1st 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 buying an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC boosted its holdings in shares of Medtronic by 8.3% during the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock worth $653,854,000 after purchasing an additional 637,931 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Medtronic by 7.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after purchasing an additional 515,751 shares during the last quarter. Longview Partners Guernsey LTD boosted its holdings in shares of Medtronic by 2.3% during the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after purchasing an additional 147,737 shares during the last quarter. Finally, Raymond James & Associates boosted its holdings in shares of Medtronic by 5.7% during the second quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock worth $491,651,000 after purchasing an additional 336,618 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Down 1.4 %

Shares of NYSE:MDT opened at $87.04 on Tuesday. The company has a market cap of $111.61 billion, a P/E ratio of 31.65, a P/E/G ratio of 2.56 and a beta of 0.84. The stock’s 50-day moving average is $86.77 and its 200-day moving average is $83.28. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. 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) last released its earnings results 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. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the company earned $1.20 earnings per share. Equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Wells Fargo & Company lifted their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, August 21st. Oppenheimer lifted their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Finally, Stifel Nicolaus lifted their target price on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus price target of $94.21.

Medtronic 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.