Point72 Asset Management L.P. reduced its position in shares of Medtronic PLC (NYSE:MDT) by 64.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 741,199 shares of the medical technology company’s stock after selling 1,347,826 shares during the period. Point72 Asset Management L.P. owned 0.05% of Medtronic worth $59,459,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. increased its position in shares of Medtronic by 2.6% during the fourth quarter. Daiwa Securities Group Inc. now owns 43,160 shares of the medical technology company’s stock valued at $3,485,000 after acquiring an additional 1,084 shares during the last quarter. Barrett Asset Management LLC increased its position in shares of Medtronic by 856.0% during the fourth quarter. Barrett Asset Management LLC now owns 1,826 shares of the medical technology company’s stock valued at $147,000 after acquiring an additional 1,635 shares during the last quarter. Gradient Investments LLC increased its position in shares of Medtronic by 9.9% during the fourth quarter. Gradient Investments LLC now owns 91,739 shares of the medical technology company’s stock valued at $7,408,000 after acquiring an additional 8,274 shares during the last quarter. Wealthstreet Investment Advisors LLC acquired a new stake in shares of Medtronic during the fourth quarter valued at about $266,000. Finally, NuWave Investment Management LLC acquired a new stake in shares of Medtronic during the fourth quarter valued at about $1,123,000. Hedge funds and other institutional investors own 80.34% of the company’s stock.
In related news, SVP Bradley E. Lerman sold 8,910 shares of Medtronic stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $86.82, for a total value of $773,566.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Richard Kuntz sold 11,500 shares of Medtronic stock in a transaction that occurred on Friday, June 8th. The stock was sold at an average price of $87.13, for a total transaction of $1,001,995.00. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.
Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 24th. The medical technology company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Medtronic had a net margin of 10.36% and a return on equity of 12.84%. The company had revenue of $8.14 billion during the quarter, compared to the consensus estimate of $8 billion. During the same quarter in the previous year, the firm earned $1.33 earnings per share. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. equities research analysts anticipate that Medtronic PLC will post 5.12 earnings per share for the current year.
MDT has been the subject of a number of recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 14th. Oppenheimer reiterated a “buy” rating and set a $94.00 price target on shares of Medtronic in a research report on Tuesday, February 20th. TheStreet cut shares of Medtronic from a “b” rating to a “c+” rating in a research report on Tuesday, February 20th. Citigroup reiterated a “buy” rating and set a $93.00 price target (down from $100.00) on shares of Medtronic in a research report on Thursday, February 22nd. Finally, Morgan Stanley dropped their price target on shares of Medtronic from $95.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, March 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $92.82.
Medtronic plc manufactures and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. The company's Cardiac and Vascular Group segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; diagnostics and monitoring devices; mechanical circulatory support, TYRX, and AF products; and remote monitoring and patient-centered software.
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